We will not have any more crashes in our time.
The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is generally understood. Indeed, the world is ruled by little else.
A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady.
Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes a bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill done.
I know of only three people who really understand money. A professor at another university. One of my students. And a rather junior clerk at the Bank of England.
Most men love money and security more, and creation and construction less, as they get older.
I do not know which makes a man more conservative - to know nothing but the present, or nothing but the past.
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.
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.
In the long run we are all dead.
Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.
A study of the history of opinion is a necessary preliminary to the emancipation of the mind.
When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.
The study of economics does not seem to require any specialised gifts of an unusually high order.
Newton was a judaic monotheist of the school of Maimonides
Everything is always decided for reasons other than the real merits of the case
It is generally agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of Stock Exchanges.
The love of money as a possession...will be recognised for what it is, a somewhat disgusting morbidity.
It would not be foolish to contemplate the possibility of a far greater progress still.
Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement.
It has been pointed out already that no knowledge of probabilities, less in degree than certainty, helps us to know what conclusions are true, and that there is no direct relation between the truth of a proposition and its probability. Probability begins and ends with probability.
Once we allow ourselves to be disobedient to the test of an accountant's profit, we have begun to change our civilization.
If human nature felt no temptation to take a chance there might not be much investment merely as a result of cold calculation.
It is ideas, not vested interests, which are dangerous for good or evil.
Canada is a place of infinite promise. We like the people, and if one ever had to emigrate, this would be the destination, not the U.S.A. The hills, lakes and forests make it a place of peace and repose of the mind, such as one never finds in the U.S.A.
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