Mr. Market Is Your Servant, Not Your

“The Rich Invest In Time, The Poor Invest In Money.”

It Makes No Difference To A Widow With Her Savings In A 5 Percent Passbook Account Whether She Pays 100 Percent Income Tax On Her Interest Income During A Period Of Zero Inflation Or Pays No Income Tax During Years Of 5 Percent Inflation. Either Way, She Is 'taxed' In A Manner That Leaves Her No Real Income Whatsoever. Any Money She Spends Comes Right Out Of Capital. She Would Find Outrageous A 100 Percent Income Tax But Doesn't Seem To Notice That 5 Percent Inflation Is The Economic Equivalent.

A Lot Of People Disagree With Me On This, I Believe In Mark To Market.

If Horses Had Controlled Investment Decisions, There Would Have Been No Auto Industry.

The Nature Of Democracy Is Such That When There's - There'll Be Revulsion, Obviously, Towards - That's Never Going To Happen Again.