Billionaire investor Seth Klarman touts gold, blasts crypto, and questions the Fed's resolve in a new interview. Here are the 7 best quotes.

In a rare interview with Harvard Business School, gold was trumpeted as a haven asset, cryptocurrencies were pointless and the Federal Reserve would back down from its inflation fight.

The billionaire investor and Baupost Group chief, widely seen as Warren Buffet's spiritual successor, championed the US dollar and warned that rising interest rates could spell trouble for funds that have taken too many risks in the past.

Here are Klarman's 7 best quotes, lightly edited for length and clarity:

This is the first thing. The cost of meat is up 10% or 20%, and the cost of driving a car is up 30% or 40%, according to the kitchen table. Massive increases are happening now. larman was talking about how inflation is hitting Americans.

There are two The market believes in an omnipotent Federal Reserve. These guys have no idea what they're doing. We are at the mercy of the experiment that may be going wrong, so God help us.

There are three. There have been at least five or six increases this year. It's difficult to think about whether the Fed will raise rates into a slowing economy. I think they'll stop at some point. The absence of last year'sStimulus would cause the US economy to cool.

There are four. Financial institutions are going to be tested by that. Someone has been hedged. They should not write derivatives. Who has stepped out to take more risks in their portfolios? larman said that rising interest rates could catch out reckless and overleveraged funds.

There are five. For a long time, the US has been the world's reserve currency. It's not likely to change in the near future. It's difficult to imagine people accepting Chinese currency or cryptocurrencies. There are too many unanswered questions.

There are six. I like gold. In a crisis, gold is valuable. God forbid a nuclear weapon is used, I think people are going to say, "How do I know what's worth anymore?" I don't want to not have money when I need it, so I'm going to make sure I have some gold. I think it's a good idea to have a small portion of your portfolio in gold.

There are seven. I can't see the purpose of the coin. It makes me feel like I'm at a tech festival. People need a lot of different Cryptocurrencies. I do not understand it. Nobody needs to own it. I think it could end up in tears. It was suggested that almost all of the coin could be worthless.

After another brutal week for stocks and a big rate hike by the Fed, are we close in on a market bottom?