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.

We will not have any more crashes in our time.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done

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.

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

Markets can remain irrational longer than you can remain solvent.

One blames politicians, not for inconsistency but for obstinacy. They are the interpreters, not the masters, of our fate. It is their job, in fact, to register the fact accompli.