Experience shows that what happens is always the thing against which one has not made provision in advance.
It is the duty of the long-term investor to endure great losses with equanimity.
Most men love money and security more, and creation and construction less, as they get older.
The day is not far off when the economic problem will take the back seat where it belongs, and the arena of the heart and the head will be occupied or reoccupied, by our real problems - the problems of life and of human relations, of creation and behavior and religion.
For at least another hundred years we must pretend to ourselves and to every one that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still.
Whenever you save five shillings you put a man out of work for a day.
The difficulty lies, not in the new ideas, but in escaping the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds.
It would be foolish, in forming our expectations, to attach great weight to matters which are very uncertain.
Everything is always decided for reasons other than the real merits of the case
If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.
It is the long term investor who will in practice come in for the most criticism. For it is the essence of his behaviour that he should be eccentric, unconventional and rash in the eyes of the average opinion. If he is successful, that will only confirm the general belief in his rashness; and if in the short run he is unsuccessful, which is very likely, he will not receive much mercy. Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.
Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.
... a speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware.
It's not bringing in the new ideas that's so hard; it's getting rid of the old ones.
Too large a proportion of recent "mathematical" economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols.
Should government refrain from regulation (taxation), the worthlessness of the money becomes apparent and the fraud can no longer be concealed.
It is a good thing to make mistakes so long as you're found out quickly.
The avoidance of taxes is the only intellectual pursuit that still carries any reward.
An investor who proposes to ignore near-term market fluctuations needs greater resources for safety and must not operate on so large a scale, if at all, with borrowed money.
There is no intrinsic reason for the scarcity of capital.
The businessman is only tolerable so long as his gains can be held to bear some relation to what, roughly and in some sense, his activities have contributed to society.
I think that Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself is in many ways extremely objectionable.
I'd rather be vaguely right than precisely wrong.
Perhaps it is historically true that no order of society ever perishes save by its own hand.
This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
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