In the long run we are all dead.

A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him.

Ideas shape the course of history.

I know of only three people who really understand money. A professor at another university. One of my students. And a rather junior clerk at the Bank of England.

It is ideas, not vested interests, which are dangerous for good or evil.

When I find new information I change my mind; What do you do?

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.