If We Aim Deliberately At The Impoverishment

A Conventional Valuation Which Is Established As The Outcome Of The Mass Psychology Of A Large Number Of Ignorant Individuals Is Liable To Change Violently As The Result Of A Sudden Fluctuation Of Opinion Due To Factors Which Do Not Really Make Much Difference To The Prospective Yield; Since There Will Be No Strong Roots Of Conviction To Hold It Steady.

He Had One Illusion - France; And One Disillusion - Mankind, Including Frenchmen.

A Sound Banker, Alas, Is Not One Who Foresees Danger And Avoids It, But One Who, When He Is Ruined, Is Ruined In A Conventional And Orthodox Way Along With His Fellows, So That No One Can Really Blame Him. It Is Necessarily Part Of The Business Of A Banker To Maintain Appearances, And To Confess A Conventional Respectability, Which Is More Than Human. Life-long Practices Of This Kind Make Them The Most Romantic And The Least Realistic Of Men.

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.

Logic , Like Lyrical Poetry , Is No Employment For The Middle-aged