When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exulted some of the most distasteful of human qualities into the highest virtues.

It is ideas, not vested interests, which are dangerous for good or evil.

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

There is nothing so disastrous as a rational investment policy in an irrational world.

The businessman is only tolerable so long as his gains can be held to bear some relation to what, roughly and in some sense, his activities have contributed to society.

In this autumn of 1919, in which I write, we are at the dead season of our fortunes.

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