Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.
The business aspects of the Fourth of July is not perfect as it stands. See what it costs us every year with loss of life, the crippling of thousands with its fireworks, and the burning down of property. It is not only sacred to patriotism and universal freedom, but to the surgeon, the undertaker, the insurance offices - and they are working it for all it is worth.
And can it be that in a world so full and busy the loss of one creature makes a void so wide and deep that nothing but the width and depth of eternity can fill it up!
No diet will remove all the fat from your body because the brain is entirely fat. Without a brain, you might look good, but all you could do is run for public office.
We see then how far the monuments of wit and learning are more durable than the monuments of power, or of the hands. For have not the verses of Homer continued twenty-five hundred years or more, without the loss of a syllable or letter; during which time infinite palaces, temples, castles, cities have been decayed and demolished?
A society that feels life is the most precious thing [jars against] a society that prefers death over theft, over loss of pride, over inconvenience, and so much else.
O loss of sight, of thee I most complain! Blind among enemies, O worse than chains, dungeon or beggary, or decrepit age! Light, the prime work of God, to me is extinct, and all her various objects of delight annulled, which might in part my grief have eased. Inferior to the vilest now become of man or worm; the vilest here excel me, they creep, yet see; I, dark in light, exposed to daily fraud, contempt, abuse and wrong, within doors, or without, still as a fool, in power of others, never in my own; scarce half I seem to live, dead more than half.
Reason forbade me many things which,
Instinctively, my nature was attracted to;
And a perpetual loss I feel if, knowing,
I believe a falsehood or deny the truth.
I am out of step with present conditions. When the game is no longer played your way, it is only human to say the new approach is all wrong, bound to lead to trouble, and so on. On one point, however, I am clear. I will not abandon a previous approach whose logic I understand ( although I find it difficult to apply ) even though it may mean foregoing large, and apparently easy, profits to embrace an approach which I don't fully understand, have not practiced successfully, and which possibly could lead to substantial permanent loss of capital.
I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.
A man's power to connect his thought with its proper symbol, and so to utter it, depends on the simplicity of his character, that is, upon his love of truth, and his desire to communicate it without loss.