... a speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware.

The boom, not the slump, is the right time for austerity at the Treasury.

Nor should the argument seem strange that taxation may be so high as to defeat its object, and that, given sufficient time to gather the fruits, a reduction of taxation will run a better chance than an increase of balancing the budget.

The power to become habituated to his surroundings is a marked characteristic of mankind.

Long run is a misleading guide to current affairs. In the long run we are all dead.

A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady.

The central principle of investment is to go contrary to the general opinion, on the grounds that if everyone agreed about its merits, the investment is inevitably too dear and therefore unattractive.