The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.

...By combining a popular hatred of the class of entrepreneurs with the blow already given to social security by the violent and arbitrary disturbance of contract,... governments are fast rendering impossible a continuance of the social and economic order of the nineteenth century.

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.

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

But my lord, when we addressed this issue a few years ago, didn't you argue the other side?" He said, "That's true, but when I get more evidence I sometimes change my mind. What do you do?

Everything is always decided for reasons other than the real merits of the case

Americans are apt to be unduly interested in discovering what average opinion believes average opinion to be.