We have a swarm of people in the stock market - not out of knowledge, not out of expectation, but out of basically a gambling instinct, the hope that prices will go up.

No hungry man who is also sober can be persuaded to use his last dollar for anything but food.

There is an old saying, or should be, that it is a wise economist who recognizes the scope of his own generalizations.

In economics it is a far, far wiser thing to be right than to be consistent

It's great to be with William Buckley, because you don't have to think. He takes a position and you automatically take the opposite one and you know you're right.

One of the best ways of avoiding necessary and even urgent tasks is to seem to be busily employed on things that are already done.

The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.