As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one's risk by spreading too much between enterprises about which one knows little and has no reason for special confidence. . . . One's knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence.

I was suffering from my chronic delusion that one good share is safer than ten bad ones, and I am always forgetting that hardly anyone else shares this particular delusion.

Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.

Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done

Most men love money and security more, and creation and construction less, as they get older.

I conceive, therefore, that a somewhat comprehensive socialisation of investment will prove the means of securing an approximation to full employment.