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

If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.

Successful investing is anticipating the anticipations of others.

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

It is generally agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of Stock Exchanges.

It is the long term investor who will in practice come in for the most criticism. For it is the essence of his behaviour that he should be eccentric, unconventional and rash in the eyes of the average opinion. If he is successful, that will only confirm the general belief in his rashness; and if in the short run he is unsuccessful, which is very likely, he will not receive much mercy. Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.

Experience shows that what happens is always the thing against which one has not made provision in advance.