I conceive, therefore, that a somewhat comprehensive socialisation of investment will prove the means of securing an approximation to full employment.

It is the duty of the long-term investor to endure great losses with equanimity.

One's knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence.

The boom, not the slump, is the right time for austerity at the Treasury.

The considerations upon which expectations of prospective yields are based are partly existing facts which we can assume to be known more or less for certain, and partly future events which can only be forecasted with more or less confidence.

Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.