I Should Have Drunk More Champagne.

... A Speculator Is One Who Runs Risks Of Which He Is Aware And An Investor Is One Who Runs Risks Of Which He Is Unaware.

The Markets Are Moved By Animal Spirits, And Not By Reason.

The Power To Become Habituated To His Surroundings Is A Marked Characteristic Of Mankind.

It Is The Long Term Investor Who Will In Practice Come In For The Most Criticism. For It Is The Essence Of His Behaviour That He Should Be Eccentric, Unconventional And Rash In The Eyes Of The Average Opinion. If He Is Successful, That Will Only Confirm The General Belief In His Rashness; And If In The Short Run He Is Unsuccessful, Which Is Very Likely, He Will Not Receive Much Mercy. Worldly Wisdom Teaches That It Is Better For Reputation To Fail Conventionally Than To Succeed Unconventionally.

Capitalism Is The Astounding Belief That The Most Wickedest Of Men Will Do The Most Wickedest Of Things For The Greatest Good Of Everyone.