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— Gustave de Molinari"Political economy has disapproved equally of monopoly and communism in the various branches of human activity, wherever it has found them. Is it not then strange and unreasonable that it accepts them in the security industry?"
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If the government is to try and ban private consumption of alcohol and tobacco, it must surely ban such activities as hang-gliding, skiing, rock-climbing and so on. Where should it stop? Rugby? American Football? Ice Hockey? Insofar as the government has information not generally available about the merits or demerits of the items we ingest or the activities we engage in, let it give us the information. But let it leave us free to choose what chances we want to take with our own lives.
— Milton Friedman
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Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market.
— John Maynard Keynes
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