Markets can remain irrational a lot longer than you and I can remain solvent.
John Maynard Keynes (1883-1946) English economist
(Attributed)
Generally credited to Keynes, but the earliest reference found is by financial analyst A. Gary Shilling, "Scoreboard," Forbes (15 Feb 1993). More discussion here.
Sometimes given as "Markets can remain irrational longer than you can remain solvent" or "Markets can stay irrational longer than you can stay solvent."
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There are two kinds of Friends in our Society, and two kinds of people in the world: there are therefore people, and there are however people. Therefore people say, “There are children going to bed hungry in our community, Therefore …” and they proceed to devise and define the ways in which they can meet the need in their community. However people make the same beginning statement, “There are children going to bed hungry in our community,” but they follow that statement with, “However …” and they explain why nothing can be done about it.
Henry Joel Cadbury (1883-1974) American biblical scholar, Quaker historian, writer, activist
(Attributed)
Quoted in Synthesis (8 May 1994).
How convenient does it prove to be a rational animal, that knows how to find or invent a plausible pretext for whatever it has an inclination so to do.
Benjamin Franklin (1706-1790) American statesman, scientist, philosopher, aphorist
The Life of Benjamin Franklin (1791)
(Source)
Often paraphrased: "Man is a rational animal. He can think up a reason for anything he wants to believe." Sometimes attributed to Anatole France.
