Successful Investing Is Anticipating The Anticipations Of

Long Run Is A Misleading Guide To Current Affairs. In The Long Run We Are All Dead.

Newton Was Not The First Of The Age Of Reason. He Was The Last Of The Magicians, The Last Of The Babylonians And Sumerians, The Last Great Mind That Looked Out On The Visible And Intellectual World With The Same Eyes As Those Who Began To Build Our Intellectual Inheritance Rather Less Than 10,000 Years Ago.

It Economics Is A Method Rather Than A Doctrine, An Apparatus Of The Mind, A Technique Of Thinking Which Helps Its Possessor To Draw Correct Conclusions.

Investment Based On Genuine Long-term Expectations Is So Difficult Today As To Be Scarcely Practicable.

Practical Men Who Believe Themselves To Be Quite Exempt From Any Intellectual Influence, Are Usually The Slaves Of Some Defunct Economist. Madmen In Authority, Who Hear Voices In The Air, Are Distilling Their Frenzy From Some Academic Scribbler Of A Few Years Back