Nothing can preserve the integrity of contact between individuals, except a discretionary authority in the state to revise what has become intolerable. The powers of uninterrupted usury are too great. If the accretions of vested interests were to grow without mitigation for many generations, half the population would be no better than slaves to the other half.

Men will not always die quietly.

The old saying holds. Owe your banker �1000 and you are at his mercy; owe him �1 million and the position is reversed.

Chess is a cure for headaches.

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.

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.

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.