The expected never happens; it is the unexpected always.

The glory of the nation you love is a desirable end, — but generally to be obtained at your neighbor's expense.

An investor who proposes to ignore near-term market fluctuations needs greater resources for safety and must not operate on so large a scale, if at all, with borrowed money.

Successful investing is anticipating the anticipations of others.

It is not the ownership of the instruments of production which it is important for the State to assume. If the State is able to determine the aggregate amount of resources devoted to augmenting the instruments and the basic rate of reward to those who own them, it will have accomplished all that is necessary. Moreover, the necessary measures of socialization can be introduced gradually and without a break in the general traditions of society.

It is better that a man should tyrannize over his bank balance than over his fellow-citizens.

Economics is a very dangerous science.