If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.

The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.

The expected never happens; it is the unexpected always.

If farming were to be organised like the stock market, a farmer would sell his farm in the morning when it was raining, only to buy it back in the afternoon when the sun came out.

Successful investing is anticipating the anticipations of others.

Education: the inculcation of the incomprehensible into the indifferent by the incompetent.

Experience shows that what happens is always the thing against which one has not made provision in advance.

The biggest problem is not to let people accept new ideas, but to let them forget the old ones.

It is a good thing to make mistakes so long as you're found out quickly.

The markets are moved by animal spirits, and not by reason.

Long run is a misleading guide to current affairs. In the long run we are all dead.

It is better to be roughly right than precisely wrong.

The boom, not the slump, is the right time for austerity at the Treasury.

When the facts change, I change my mind.

Markets can remain irrational longer than you can remain solvent.

The difficulty lies, not in the new ideas, but in escaping from the old ones.

Obviously I faced the possibility of not returning when first I considered going. Once faced and settled there really wasn't any good reason to refer to it.

Women must pay for everything. They do get more glory than men for comparable feats, but, they also get more notoriety when they crash.

There are two kinds of stones, as everyone knows, one of which rolls.