It is not fit the public trusts should be lodged in the hands of any, till they are first proved and found fit for the business they are to be entrusted with.
Writing checks to the IRS that include strings of zeros does not bother me ... Overall, we feel extraordinarily lucky to have been dealt a hand in life that enables us to write large checks to the government rather than one requiring the government to regularly write checks to us-say, because we are disabled or unemployed.
There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.
You cannot do a goal. Long-term planning and goal-setting must therefore be complemented by short-term planning. This kind of planning requires specifying activities. You can do an activity. Activities are steps along the way to a goal. Let's say you desire security. Putting $10.00 in the bank or talking to your stockbroker about your investment plans are activities that will move you toward your goal.
A person who is too nice an observer of the business of the crowd, like one who is too curious in observing the labor of bees, will often be stung for his curiosity.
At the risk of repetition let me say again that my plea is not for immunity to, but for the most unsparing exposure of, the politician who betrays his trust, of the big business man who makes or spends his fortune in illegitimate or corrupt ways. There should be a resolute effort to hunt every such man out of the position he has disgraced. Expose the crime, and hunt down the criminal; but remember that even in the case of crime, if it is attacked in sensational, lurid, and untruthful fashion, the attack may do more damage to the public mind than the crime itself.
In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.