Successful investing is anticipating the anticipations of others.

A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady.

Nothing mattered except states of mind, chiefly our own.

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

I think that Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself is in many ways extremely objectionable.

It is investment, i.e. the increased production of material wealth in the shape of capital goods, which alone increases national wealth.

The Class war will find me on the side of the educated bourgeoisie.