The love of money as a possession-as distinguished from the love of money as a means to the enjoyments and realities of life-will be recognized for what it is, a somewhat disgusting morbidity, one of those semi-criminal, semi-pathological propensities which one hands over with a shudder to the specialists in mental disease

The markets are moved by animal spirits, and not by reason.

In this autumn of 1919, in which I write, we are at the dead season of our fortunes.

The spectacle of modern investment markets has sometimes moved me towards the conclusion that to make the purchase of an investment permanent and indissoluble, like marriage, except by reason of death or other grave cause, might be a useful remedy for our contemporary evils. For this would force the investor to direct his mind to the long-term prospects and to those only.

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

Newton was not the first of the age of reason, he was the last of the magicians.

Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.