It is not enough for [the investor] to know all the factors that can possibly contribute to the determination of a future event. In order to anticipate correctly they must also anticipate correctly the quantity as it were of each factor's contribution and the instant at which its contribution will become effective.

The egalitarian doctrine is manifestly contrary to all the facts established by biology and by history. Only fanatical partisans of this theory can contend that what distinguishes the genius from the dullard is entirely the effect of postnatal influences.

Progressive taxation of income and profits means that precisely those parts of the income which people would have saved and invested are taxed away

Daily experience proves clearly to everybody but the most bigoted fanatics of socialism that governmental management is inefficient and wasteful.

Government force is derived from the sum of the physical force each citizen could exert which by one citizen himself would be ineffective, but when summed from the force of all the area's citizens indeed composes a power no citizen or group can withstand. That force is then rightly but justly to be used against those who violate the foundation pillars of freedom.

Almost all the fathers of socialism were members of the upper middle class or of the professions.

No people and no part of a people shall be held against its will in a political association that it does not want.