International Man: Investors tend to chase whatever is most fashionable at the moment. Where do you see important investment opportunities developing today that most people are overlooking because they aren't exciting or widely discussed yet?

Doug Casey: I've specialized in resource stocks for most of my investing life. They've treated me very well, although they're highly cyclical and ultra-volatile. In the roughly five great resource bull markets starting in 1971, the average gold stock went up 10-1. Some went up 100-1. And, purely by accident, I owned one that rose 1000-1. I'm not talking about in the course of a lifetime, but in about five years.

Then, when a bear market inevitably hits, most collapse at least 90%, with many going to zero—or close to it. Few legitimate investors even acknowledge their existence because their market caps are so small. Most aren't even microcaps. They're nanocaps. Some are picocaps. Because resource stocks are so small and so volatile, few pay attention to them, despite the fact that gold has risen more than a hundred times over the last 50 years.