Bill Gates has interesting conversation partners, and it is great to have some of these recorded and made available. Warren Buffett goes on to say "cash is crap", see http://www.thegatesnotes.com/Conversations/specialfeature.aspx?ID=83 posted on the Gates Notes site.
For most people however, other investments may be too risky or too illiquid as a contingency fund, and cash does have justifiable utility for this purpose. Beyond this fund however, investors looking to diversify, investments in commodities (the run on oil in 2008-2009) represent very high volatility and low returns, particularly as the the market most likely has already factored in the bullish outlook for commodities. The price at which retail investors purchase commodities end up being already inflated.
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