I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.
What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn't be taking it to those who are willing to and are capable of doing so.
None of this means, however, that a business or stock is an intelligent purchase simply because it is unpopular; a contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling. Unfortunately, Bertrand Russell's observation about life in general applies with unusual force in the financial world: "Most men would rather die than think. Many do."
Acting without design, occupying oneself without making a business of it, finding the great in what is small and the many in the few, repaying injury with kindness, effecting difficult things while they are easy, and managing great things in their beginnings; this is the method of Tao.
Preaching has always been the business of the Asiatics. The Western people are grand in organisation, social institutions, armies, governments, etc.; but when it comes to preaching religion, they cannot come near the Asiatic, whose business it has been all the time, and he knows it, and he does not use too much machinery.