I work for a Government I despise for ends I think criminal.

I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago.

They offer me neither food nor drink - intellectual nor spiritual consolation... [Conservatism] leads nowhere; it satisfies no ideal; it conforms to no intellectual standard, it is not safe, or calculated to preserve from the spoilers that degree of civilization which we have already attained.

The old saying holds. Owe your banker �1000 and you are at his mercy; owe him �1 million and the position is reversed.

Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market.

To suggest social action for the public good to the city London is like discussing The Origin of Species to a Bishop sixty years ago.

To suppose that safety-first consists in having a small gamble in a large number of different companies where I have no information to reach a good judgment, as compared with a substantial stake in a company where one's information is adequate, strikes me as a travesty of investment policy.