It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.

It is investment, i.e. the increased production of material wealth in the shape of capital goods, which alone increases national wealth.

Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes a bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill done.

The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.

The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.

This siren, this goat-footed bard, this half human visitor to our age the hag-ridden and enchanted woods of Celtic antiquity. One catches in his company that flavour of final purposelessness, inner responsibility, existence outside or away from our Saxon good and evil, mixed with cunning, remorselessness, love of power.

Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement.