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

By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.

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

When the facts change, I change my mind. What do you do, sir?

The market can stay irrational longer than you can stay solvent.

It is better to be roughly right than precisely wrong.