The power to become habituated to his surroundings and therefore to no longer be grateful for what is good in it is a marked characteristic of mankind and needs to be fought against if a person is to be happy.

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.

By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.

Long run is a misleading guide to current affairs. In the long run we are all dead.

There is nothing so disastrous as a rational investment policy in an irrational world.

He had one illusion - France; and one disillusion - mankind, including Frenchmen.