Here is what he said:
--His outlook for the stock market: U.S. outperformed vis a vis the European stock market and emerging stock markets which has resulted in US market relatively high vs. Europe and Emerging market stock markets
-- Italy, Portugal, France, Spain, Greece are all still at lows established in 2009./EU is undervalued and he has been buying European stock after long time. There is value in Europe
-- Problems in the EU are miles away from being solved but suddenly EU stock markets have started outperforming the U.S. in last couple of weeks.
-- In the U.S., the situation is very interesting with consumer staples like WMT, JNJ, KO, MCK, Kimberly Clark (KC), Altria (NYSE:MO) and PepsiCo (NYSE:PEP) making new highs as well as oil, which is at new highs or breaking out, so if these strong companies continue to rally and we have a rebound in the weaker sectors, U.S. stocks will continue to rally, so don't be overly bearish on the U.S. Buy weaker sectors. Consumer stocks are slightly overbought.
-- Global economy is worsening and that will lead to worsening earnings but there is lot of liquidity in the market which eventually will lead to inflation in some asset classes. Fundamentals for gold are still intact, so he will recommend to keep at least 25% of money in gold.
Here is the video: