Men Will Not Always Die Quietly.

It Is Astonishing What Foolish Things One Can Temporarily Believe If One Thinks Too Long Alone, Particularly In Economics.

In This Autumn Of 1919, In Which I Write, We Are At The Dead Season Of Our Fortunes.

To Suppose That Safety-first Consists In Having A Small Gamble In A Large Number Of Different Companies Where I Have No Information To Reach A Good Judgment, As Compared With A Substantial Stake In A Company Where One's Information Is Adequate, Strikes Me As A Travesty Of Investment Policy.

The Markets Are Moved By Animal Spirits, And Not By Reason.

Nor Should The Argument Seem Strange That Taxation May Be So High As To Defeat Its Object, And That, Given Sufficient Time To Gather The Fruits, A Reduction Of Taxation Will Run A Better Chance Than An Increase Of Balancing The Budget.