James Grant Quotes

Successful investing is about having people agree with you ... later.

[C]apitalism without financial failure is not capitalism at all, but a kind of socialism for the rich.

Progress is cumulative in science and engineering, but cyclical in finance.

In almost every walk of life, people buy more at lower prices; in the stock market they seem to buy more at higher prices.

Every debt is ultimately paid, if not by the debtor, then eventually by the creditor.

I believe that there is an important kernel of truth in the idea that financial errors recur every other generation.

The Fed can change how things look, not how things are

Credit is money of the mind.

Nothing beats a little cash in a bear market, of course, and the oldest form of cash is gold.

It's about bums on seats. If nobody wants to listen to what you are doing, it kind of defeats the purpose really, doesn't it?

In general, markets know more than the people who write about them.

Debt is always repaid, either by the borrower or by the lender.

It is an axiom nowadays that no bank fails for lack of capital; unprofitable lending is always the underlying cause.

Hope sustains life, but misplaced hope prolongs recessions.

[T]he first bad bank loan was no doubt made around the time of the opening of the first bank.