A study of the history of opinion is a necessary preliminary to the emancipation of the mind.

If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.

It is a good thing to make mistakes so long as you're found out quickly.

... a speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware.

The book, as it stands, seems to me to be one of the most frightful muddles I have ever read, with scarcely a sound proposition in it beginning with page 45 [Hayek provided historical background up to page 45; after that came his theoretical model], and yet it remains a book of some interest, which is likely to leave its mark on the mind of the reader. It is an extraordinary example of how, starting with a mistake, a remorseless logician can end up in bedlam.

It is the long-term investor...who will in practice come in for the most criticism... For it is the essence of his behavior that he should be eccentric, unconventional, and rash in the eyes of average opinion

Like Odysseus, the President looked wiser when he was seated.