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The key to selecting the winner isn't choosing the face you think is the most beautiful but rather the face other people will pick...
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Those, who are strongly wedded to what I shall call 'the classical theory', will fluctuate, I expect, between a belief that I am quite wrong and a belief that I am saying nothing new. It is for others to determine if either of these or the third alternative is right.
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The friends of gold will have to be extremely wise and moderate if they are to avoid a revolution.
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The Economic Problem...the problem of want and poverty and the economic struggle between classes and nations, is nothing but a frightful muddle, a transitory and unnecessary muddle.
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I know of only three people who really understand money. A professor at another university. One of my students. And a rather junior clerk at the Bank of England.
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It has been pointed out already that no knowledge of probabilities, less in degree than certainty, helps us to know what conclusions are true, and that there is no direct relation between the truth of a proposition and its probability. Probability begins and ends with probability.
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Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.
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There is nothing so disastrous as a rational investment policy in an irrational world.