It Is Ideas, Not Vested Interests, Which

When My Information Changes, I Alter My Conclusions. What Do You Do, Sir?

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.

If Human Nature Felt No Temptation To Take A Chance There Might Not Be Much Investment Merely As A Result Of Cold Calculation.

It Is The Long Term Investor Who Will In Practice Come In For The Most Criticism. For It Is The Essence Of His Behaviour That He Should Be Eccentric, Unconventional And Rash In The Eyes Of The Average Opinion. If He Is Successful, That Will Only Confirm The General Belief In His Rashness; And If In The Short Run He Is Unsuccessful, Which Is Very Likely, He Will Not Receive Much Mercy. Worldly Wisdom Teaches That It Is Better For Reputation To Fail Conventionally Than To Succeed Unconventionally.

I Am Sure That The Power Of Vested Interests Is Vastly Exaggerated Compared With The Gradual Encroachment Of Ideas.