A Speculator Is A Man Who Observes

America Has Never Forgotten - And Never Will Forget - The Nobler Things That Brought Her Into Being And That Light Her Path...

Nothing Did More To Spur The Boom In Stocks Than The Decision Made By The New York Federal Reserve Bank, In The Spring Of 1927, To Cut The Rediscount Rate. Benjamin Strong, Governor Of The Bank, Was Chief Advocate Of This Unwise Measure, Which Was Taken Largely At The Behest Of Montagu Norman Of The Bank Of England....at The Time Of The Banks Action I Warned Of Its Consequences....i Felt That Sooner Or Later The Market Had To Break.

Approach Each New Problem Not With A View Of Finding What You Hope Will Be There, But To Get The Truth.

Unless Each Man Produces More Than He Receives, Increases His Output, There Will Be Less For Him Than All The Others.

Now Is Always The Hardest Time To Invest.