When the final result is expected to be a compromise, it is often prudent to start from an extreme position.

It is the long-term investor...who will in practice come in for the most criticism... For it is the essence of his behavior that he should be eccentric, unconventional, and rash in the eyes of average opinion

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

Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as the result of animal spirits-a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.

I know of only three people who really understand money. A professor at another university. One of my students. And a rather junior clerk at the Bank of England.

Gold is a relic from a time when government's were less trustworthy in these matters (currency debasement) than they are now.

There is no harm in being sometimes wrong - especially if one is promptly found out.