Generally, we have translated greater output in the few hours of work per week over the last century. And that's a good trend of the future. But we do have to have a system that, as output of goods and services keeps increasing per capita, that it takes care of the people who are willing to work and really are not getting by very well with a family on a 40-hour week.

The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.

I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.

Forecasts usually tell us more of the forecaster than of the forecast

We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.

Equities will do well over time - you just have to avoid getting excited when other people are getting excited.

We have long felt that the only value of stock forecasters is to make fortune-tellers look good.