But, surprise - none of these blockbuster events made the slightest dent in Ben Graham's investment principles. Nor did
they render unsound the negotiated purchases of fine businesses at sensible prices. Imagine the cost to us, then, if we had let a fear of unknowns cause us to defer or alter the deployment of capital. Indeed, we have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.
Rhythm and melody enter into the soul of the well-instructed youth and produce there a certain mental harmony hardly obtainable in any other way. . . . thus music, too, is concerned with the principles of love in their application to harmony and rhythm.
Nature herself, as has been often said, requires that we should be able, not only to work well, but to use leisure well; for, as I must repeat once again, the first principle of all action is leisure. Both are required, but leisure is better than occupation and is its end.
The one great principle of the English law is, to make business for itself. There is no other principle distinctly, certainly, and consistently maintained through all its narrow turnings.
Though the principles of the banking trade may appear somewhat abstruse, the practice is capable of being reduced to strict rules. To depart upon any occasion from those rules, is consequence of some flattering speculation of extraordinary gain, is almost always extremely dangerous, and frequently fatal to the banking company which attempts it.
The fourfold root of the principle of sufficent reason is "Anything perceived has a cause. All conclusions have premises. All effects have causes. All actions have motives.