I feel no shame at being found still owning a share when the bottom of the market comes…I would go much further than that. I should say that it is from time to time the duty of a serious investor to accept the depreciation of his holdings with equanimity and without reproaching himself. … An investor…should be aiming primarily at long-period results, and should be solely judged by these.

It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.

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.

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

It is investment, i.e. the increased production of material wealth in the shape of capital goods, which alone increases national wealth.

How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeois and the intelligentsia who, with whatever faults, are the quality in life and surely carry the seeds of all human advancement?

The difficulty lies, not in the new ideas, but in escaping from the old ones.