Canada is a place of infinite promise. We like the people, and if one ever had to emigrate, this would be the destination, not the U.S.A. The hills, lakes and forests make it a place of peace and repose of the mind, such as one never finds in the U.S.A.

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.

I feel no shame at being found still owning a share when the bottom of the market comes…I would go much further than that. I should say that it is from time to time the duty of a serious investor to accept the depreciation of his holdings with equanimity and without reproaching himself. … An investor…should be aiming primarily at long-period results, and should be solely judged by these.

The considerations upon which expectations of prospective yields are based are partly existing facts which we can assume to be known more or less for certain, and partly future events which can only be forecasted with more or less confidence.

There is no intrinsic reason for the scarcity of capital.

Everything is always decided for reasons other than the real merits of the case

A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him.