Washington once advised his adopted grandson that where there is no occasion for expressing an opinion, it is best to be silent. For there is nothing more certain than that it is at all times more easy to make enemies than friends.

That strategy of buy and hold, which is the sound and sensible one for the individual, can have very dangerous and perverse effects for the market as a whole.

I have developed a very strong partiality for the dead: they don't talk back, they don't sue, and they don't have angry relatives.

The Great Inflation of the 1970s destroyed faith in paper assets, because if you held a bond, suddenly the bond was worth much less money than it was before.

Because of the love affair between the American public and the stock market, it is possible for entrepreneurs, technological visionaries and inventors of every sort to get financing.

There is a kind of fear, approaching a panic, that's spreading through the Baby Boom Generation, which has suddenly discovered that it will have to provide for its own retirement.

In waiting for the glorious moment of that first book contract, writers must have giant reservoirs of patience. Yet they must persevere because they don't know the destiny that is being worked out for them. They creep humbly along the ground, without the spacious aerial vision of their lives that would show them the destiny in store for them.