WIST Quotations

Roosevelt, Franklin Delano -- Speech (1932-05-22), Commencement, Oglethorpe University, Atlanta, Georgia

Dave — Wed, 30 Jul 2025 20:46:27 +0000

I believe that the recent course of our history has demonstrated that, while we may utilize their expert knowledge of certain problems and the special facilities with which they are familiar, we cannot allow our economic life to be controlled by that small group of men whose chief outlook upon the social welfare is tinctured by the fact that they can make huge profits from the lending of money and the marketing of securities — an outlook which deserves the adjectives “selfish” and “opportunist.”

Franklin Delano Roosevelt (1882–1945) American lawyer, politician, statesman, US President (1933–1945)
Speech (1932-05-22), Commencement, Oglethorpe University, Atlanta, Georgia
(Source)

Twain, Mark -- Following the Equator, ch. 56, epigraph (1897)

Dave — Mon, 26 Feb 2024 21:30:37 +0000

There are two times in a man’s life when he should not speculate: when he can’t afford it, and when he can.

Mark Twain (1835-1910) American writer [pseud. of Samuel Clemens]
Following the Equator, ch. 56, epigraph (1897)
(Source)

Goodman, George -- Supermoney, Part 3, ch. 2 (1972)

Dave — Tue, 27 Apr 2021 17:18:47 +0000

We are all at a wonderful ball where the champagne sparkles in every glass and soft laughter falls upon the summer air. We know, by the rules, that at some moment the Black Horsemen will come shattering through the great terrace doors, wreaking vengeance and scattering the survivors. Those who leave early are saved, but the ball is so splendid no one wants to leave while there is still time, so that everyone keeps asking, “What time is it? What time is it?” but none of the clocks have any hands.

George Goodman (1930-2014) American author, economics broadcast commentator [pseud. Adam Smith]
Supermoney, Part 3, ch. 2 (1972)
(Source)

An explanation he gave to a "mass-circulation magazine" about the stock bubble in 1968. He later incorporated a variation of the story in a republication of his 1968 The Money Game:

We are all at a wonderful party, and by the rules of the game we know that at some point in time the Black Horsemen will burst through the great terrace doors to cut down the revelers; those who leave early may be saved, but the music and wines are so seductive that we do not want to leave, but we do ask, "What time is it? What time is it?" Only none of the clocks have any hands.

Keynes, John Maynard -- (Attributed)

Dave — Tue, 11 Apr 2017 20:23:10 +0000

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."

Keynes, John Maynard -- A Treatise on Money, Vol. 2 (1930)

Dave — Wed, 07 Dec 2016 04:11:38 +0000

The ignorance of even the best-informed investor about the more remote future is much greater than his knowledge, and he cannot but be influenced to a degree which would seem wildly disproportionate to anyone who really knew the future, and be forced to seek a clue mainly here to trends further ahead. But if this is true of the best-informed, the vast majority of those who are concerned with the buying and selling of securities know almost nothing whatever about what they are doing. They do not possess even the rudiments of what is required for a valid judgement, and are the prey of hopes and fears easily aroused by transient events and as easily dispelled.

John Maynard Keynes (1883-1946) English economist
A Treatise on Money, Vol. 2 (1930)

~Proverbs and Sayings -- American proverb (Wall Street)

Dave — Thu, 17 Apr 2014 20:34:06 +0000

No one was ever ruined by taking a profit.

Proverbs, Sayings, and Adages
American proverb (Wall Street)

Roosevelt, Franklin Delano -- Speech (1936-10-31), Madison Square Garden, New York City

Dave — Fri, 26 Aug 2011 12:32:25 +0000

We had to struggle with the old enemies of peace — business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering.
They had begun to consider the Government of the United States as a mere appendage to their own affairs. We know now that Government by organized money is just as dangerous as Government by organized mob.
Never before in all our history have these forces been so united against one candidate as they stand today. They are unanimous in their hate for me — and I welcome their hatred.

Franklin Delano Roosevelt (1882–1945) American lawyer, politician, statesman, US President (1933–1945)
Speech (1936-10-31), Madison Square Garden, New York City
(Source)

Document images.