Nothing did more to spur the boom in stocks than the decision made by the New York Federal Reserve bank, in the spring of 1927, to cut the rediscount rate. Benjamin Strong, Governor of the bank, was chief advocate of this unwise measure, which was taken largely at the behest of Montagu Norman of the Bank of England....At the time of the Banks action I warned of its consequences....I felt that sooner or later the market had to break.

Buy straw hats in the wintertime. Summer will surely come.

I never lost money by turning a profit.

Never play tips from "insiders." They can't see the forest for the trees.

The essence of any plan for financing old age is saving-to put aside some part of today's earnings for the future. Anything that saps the value of savings-and inflation is the worst single threat-is the enemy of the aged and of those who expect to grow old.

Never answer a critic, unless he's right.

None of us can be free of conflict and woe. Even the greatest men have had to accept disappointments as their daily bread. ... The art of living lies less in eliminating our troubles than in growing with them.