“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.”
A Treatise on Money, Volume II (1930), pp. 360–61
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John Maynard Keynes 122
British economist 1883–1946Related quotes

Written by Henry Stuber as part of a biographical sketch of Franklin appended to a 1793 edition of Franklin's autobiography and sometimes reprinted with it in the 19th century. It is frequently misattributed to Franklin himself.
Misattributed

The Tragic Sense of Life (1913), Conclusion : Don Quixote in the Contemporary European Tragi-Comedy

An Old Man's Thoughts on Many Things, Of Education I

Rules for the Direction of the Mind in Key Philosophical Writings (1997), pp. 29-30 http://books.google.com/books?id=jjWPe-9NPoEC&pg=PA29

Source: Guide for the Perplexed (c. 1190), Part III, Ch.21
Context: He fully knows His unchangeable essence, and has thus a knowledge of all that results from any of His acts. If we were to try to understand in what manner this is done, it would be the same as if we tried to be the same as God, and to make our knowledge identical with His knowledge. Those who seek the truth, and admit what is true, must believe that nothing is hidden from God; that everything is revealed to His knowledge, which is identical with His essence; that this kind of knowledge cannot be comprehended by us; for if we knew its method, we would possess that intellect by which such knowledge could be acquired.... Note this well, for I think that this is an excellent idea, and leads to correct views; no error will be found in it; no dialectical argument; it does not lead to any absurd conclusion, nor to ascribing any defect to God. These sublime and profound themes admit of no proof whatever... In all questions that cannot be demonstrated, we must adopt the method which we have adopted in this question about God's Omniscience. Note it.

Mario Bunge, Philosophy in Crisis: The Need for Reconstruction, 2001, p. 20.
2000s

Source: The Age of Missing Information (1992), p. 9