It is a good thing to make mistakes so long as you're found out quickly.

The master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher - in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light ofthe past for the purposes of the future

Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.

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

It is the duty of the long-term investor to endure great losses with equanimity.

The central principle of investment is to go contrary to the general opinion, on the grounds that if everyone agreed about its merits, the investment is inevitably too dear and therefore unattractive.

We will not have any more crashes in our time.