If You Owe Your Bank

If, However, A Government Refrains From Regulations And Allows Matters To Take Their Course, Essential Commodities Soon Attain A Level Of Price Out Of The Reach Of All But The Rich, The Worthlessness Of The Money Becomes Apparent, And The Fraud Upon The Public Can Be Concealed No Longer.

As Time Goes On, I Get More And More Convinced That The Right Method In Investment Is To Put Fairly Large Sums Into Enterprises Which One Thinks One Knows Something About And In The Management Of Which One Thoroughly Believes. It Is A Mistake To Think That One Limits One's Risk By Spreading Too Much Between Enterprises About Which One Knows Little And Has No Reason For Special Confidence. . . . 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.

I See, Therefore, The Rentier Aspect Of Capitalism As A Transitional Phase Which Will Disappear When It Has Done Its Work. And With The Disappearance Of Its Rentier Aspect Much Else In It Besides Will Suffer A Sea-change. It Will Be, Moreover, A Great Advantage Of The Order Of Events Which I Am Advocating, That The Euthanasia Of The Rentier, Of The Functionless Investor, Will Be Nothing Sudden, Merely A Gradual But Prolonged Continuance Of What We Have Seen Recently In Great Britain, And Will Need No Revolution.

It Is Better To Be Roughly Right Than Precisely Wrong.

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