Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back

It is the duty of the long-term investor to endure great losses with equanimity.

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.

The expected never happens; it is the unexpected always.

The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is generally understood. Indeed, the world is ruled by little else.

Markets can remain irrational longer than you can remain solvent.

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