The Markets Are Moved By Animal Spirits,

It Would Be Foolish, In Forming Our Expectations, To Attach Great Weight To Matters Which Are Very Uncertain.

They Offer Me Neither Food Nor Drink - Intellectual Nor Spiritual Consolation... [conservatism] Leads Nowhere; It Satisfies No Ideal; It Conforms To No Intellectual Standard, It Is Not Safe, Or Calculated To Preserve From The Spoilers That Degree Of Civilization Which We Have Already Attained.

The Immense Accumulations Of Fixed Capital Which, To The Great Benefit Of Mankind, Were Built Up During The Half Century Before The War, Could Never Have Come About In A Society Where Wealth Was Divided Equitably.

The Central Principle Of Investment Is To Go Contrary To The General Opinion, On The Grounds That If Everyone Agreed About Its Merits, The Investment Is Inevitably Too Dear And Therefore Unattractive.

The Avoidance Of Taxes Is The Only Intellectual Pursuit That Still Carries Any Reward.