When the facts change, I change my mind.
Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump; but in abolishing slumps and thus keeping us permanently in a quasi-boom.
The avoidance of taxes is the only intellectual pursuit that still carries any reward.
The importance of money flows from it being a link between the present and the future.
Words ought to be a little wild, for they are the assault of thoughts on the unthinking.
Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market.
If human nature felt no temptation to take a chance there might not be much investment merely as a result of cold calculation.
Ideas, knowledge, art, hospitality, travel - these are things which should in their nature be international. But let goods be homespun whenever it is reasonably and conveniently possible and above all let finance be primarily national.
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