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HOW I'D INVEST $100,000 RIGHT NOW: I’d put it in good-quality stocks in a portfolio large enough to diversify, or, for the average investor, an index fund. Stocks have traditionally gone up if we see inflation coming. We’re not seeing much inflation yet, but we’ve been printing an awful lot of money; in the United States, they’ve printed $7 trillion since 2008. I’ve never seen the two not meet. BEST INVESTMENT: The sin stocks—tobacco. We’ve owned Philip Morris (PM) and R.J. Reynolds (RAI) for many years. These stocks collapsed in the early 2000s because the companies were losing court cases. But we studied this carefully, and it looked like the Supreme Court was swinging the other way. When it put a lid on punitive damages, the stocks took off.
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