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.

As time goes on, I get more and more convinced that the right method of investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes.

It is better to be roughly right than precisely wrong.

The master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher - in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light ofthe past for the purposes of the future

It would not be foolish to contemplate the possibility of a far greater progress still.

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.

In the long run we are all dead.