The Markets Are Moved By

To Suggest Social Action For The Public Good To The City London Is Like Discussing The Origin Of Species To A Bishop Sixty Years Ago.

There Is Nothing So Disastrous As A Rational Investment Policy In An Irrational World.

It Is Investment, I.e. The Increased Production Of Material Wealth In The Shape Of Capital Goods, Which Alone Increases National Wealth.

There Is No Harm In Being Sometimes Wrong - Especially If One Is Promptly Found Out.

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.