Quotes from James Grant

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

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

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.

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?

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