Everything is always decided for reasons other than the real merits of the case

A study of the history of opinion is a necessary preliminary to the emancipation of the mind.

Should government refrain from regulation (taxation), the worthlessness of the money becomes apparent and the fraud can no longer be concealed.

I think that Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself is in many ways extremely objectionable.

There is nothing so disastrous as a rational investment policy in an irrational world.

It is the duty of the long-term investor to endure great losses with equanimity.

The considerations upon which expectations of prospective yields are based are partly existing facts which we can assume to be known more or less for certain, and partly future events which can only be forecasted with more or less confidence.