There is more pleasure to building castles in the air than on the ground.

Can build castles in the air.

Castles in the air — they are so easy to take refuge in. And so easy to build, too.

Wouldn't it be fun if all the castles in the air which we make could come true and we could live in them?

The castle-in-the-air theory of investing concentrates on psychic values. John Maynard Keynes, a famous economist and successful investor, enunciated the theory most lucidly in 1936. It was his opinion that professional investors prefer to devote their energies not to estimating intrinsic values, but rather to analyzing how the crowd of investors is likely to behave in the future and how during periods of optimism they tend to build their hopes into castles in the air. The successful investor tries to beat the gun by estimating what investment situations are most susceptible to public castle-building and then buying before the crowd.

If you can show people how to build castles, make sure you do not neglect building and nurturing your own.

Neurotics build castles in the air, psychotics live in them. My mother cleans them.

As they captured each territory, William and his men secured their camps with simple earth and timber defenses characteristic of northern Europe (...). These wooden structures have disintegrated, but sometimes their earthen mounds survive as rolling hills or picturesque elements in the landscape. Timber castles were especially useful to a warrior king like William the Conqueror who moved rapidly to bring new territories under control. The earth and timber castles could be built quickly, since the newly moved earth did not have to support great weight. Such structures were also relatively cheap because they required no specialized masons and expensive stone. Since the timber building tradition was widespread both in the British Isles and on the continent, the carpenters knew the building techniques. These castles were essentially towers and stockades; they provided garrison headquarters as well as residences.

You are lucky to be one of those people who wishes to build sand castles with words, who is willing to create a place where your imagination can wander. We build this place with the sand of memories; these castles are our memories and inventiveness made tangible. So part of us believes that when the tide starts coming in, we won't really have lost anything, because actually only a symbol of it was there in the sand. Another part of us thinks we'll figure out a way to divert the ocean. This is what separates artists from ordinary people: the belief, deep in our hearts, that if we build our castles well enough, somehow the ocean won't wash them away. I think this is a wonderful kind of person to be.

History, in this instance, does teach a lesson: Although the castle-in-the-air theory can well explain such speculative binges, outguessing the reactions of a fickle crowd is a most dangerous game. “In crowds it is stupidity and not mother-wit that is accumulated,” Gustave Le Bon noted in his 1895 classic on crowd psychology. It would appear that not many have read the book. Skyrocketing markets that depend on purely psychic support have invariably succumbed to the financial law of gravitation. Unsustainable prices may persist for years, but eventually they reverse themselves. Such reversals come with the suddenness of an earthquake; and the bigger the binge, the greater the resulting hangover. Few of the reckless builders of castles in the air have been nimble enough to anticipate these reversals and to escape when everything came tumbling down.

How many folks, in country and in town, Neglect their principal affair; And let, for want of due repair, A real house fall down, To build a castle in the air?[1]

You know what’s better than building things up in your imagination? Building things up in real life.

Castles in the air cost a vast deal to keep up.

There are others who are rich only in wishes; they build beautiful air-castles and conceive that doing so is enough for happiness.