The glory of the nation you love is a desirable end, — but generally to be obtained at your neighbor's expense.

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

It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics.

Capitalism is the extraordinary belief that the nastiest of men, for the nastiest of reasons, will somehow work for the benefit of us all.

There is no intrinsic reason for the scarcity of capital.

In truth, the gold standard is already a barbarous relic.

To suppose that safety-first consists in having a small gamble in a large number of different companies where I have no information to reach a good judgment, as compared with a substantial stake in a company where one's information is adequate, strikes me as a travesty of investment policy.