The power to become habituated to his surroundings is a marked characteristic of mankind.

The old saying holds. Owe your banker �1000 and you are at his mercy; owe him �1 million and the position is reversed.

Too large a proportion of recent "mathematical" economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols.

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.

I feel no shame at being found still owning a share when the bottom of the market comes…I would go much further than that. I should say that it is from time to time the duty of a serious investor to accept the depreciation of his holdings with equanimity and without reproaching himself. … An investor…should be aiming primarily at long-period results, and should be solely judged by these.

What an extraordinary episode in the economic progress of man that age was which came to an end in August, 1914!

In the long run we are all dead.