The avoidance of taxes is the only intellectual pursuit that still carries any reward.

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.

I am trying to re-shape and improve my central position.

Ideas, knowledge, art, hospitality, travel - these are things which should in their nature be international. But let goods be homespun whenever it is reasonably and conveniently possible and above all let finance be primarily national.

Americans are apt to be unduly interested in discovering what average opinion believes average opinion to be.

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.

Most men love money and security more, and creation and construction less, as they get older.