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.

Information cannot serve as an effective substitute for thinking.

The terror created by weaponry has never stopped men from employing them.

Become more humble as the market goes your way.

A man can't retire his experience.

There is something about inside information which seems to paralyze a man's reasoning powers.

Creativity: Take the obvious, add a cupful of brains, a generous pinch of imagination, a bucketful of courage and daring, stir well and bring to a boil.