“Whenever you save five shillings you put a man out of work for a day.”

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.

Well, when I get new information, I rethink my position. What, sir, do you do with new information?

The destruction of the inducement to invest by an excessive liquidity-preference was the outstanding evil, the prime impediment to the growth of wealth, in the ancient and medieval worlds.

It would be foolish, in forming our expectations, to attach great weight to matters which are very uncertain.

By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

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.

It’s not bringing in the new ideas that’s so hard; it’s getting rid of the old ones.

Ideas, knowledge, art, hospitality, travel – these are things which should in their nature be international. But let goods be homespun whenever it is reasonably and conveniently possible and above all let finance be primarily national.

Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement.

Men will not always die quietly.

Once doubt begins it spreads rapidly.

The principle objectives in life are love, the creation and enjoyment if aesthetic experience, the pursuit of knowledge. Love comes a long way first.

The disruptive powers of excessive national fecundity may have played a greater part in bursting the bonds of convention than either the power of ideas or the errors of autocracy.

Most men love money and security more, and creation and construction less, as they get older.

The expected never happens; it is the unexpected always.

But whilst there may be intrinsic reasons for the scarcity of land, there are no intrinsic reasons for the scarcity of capital.