I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of "New Era" philosophy where trees really do grow to the sky.
The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.
It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.
To make a discovery is not necessarily the same as to understand a discovery. Not only Planck but also other physicists were intially at a loss as to what the proper context of the new postulate really was.
... I feel certain that his tale is true. Feeling that certainty, I befriend him. As long as that certainty shall last, I will befriend him. And if any consideration could shake me in this resolve, I should be so ashamed of myself for my meanness, that no man's good opinion - no, nor no woman's - so gained, could compensate me for the loss of my own.
One's own self or material goods, which has more worth?
Loss (of self) or possession (of goods), which is the greater evil?
He who loves most, spends most,
He who hoards much loses much
A Light exists in Spring
Not present on the Year
At any other period -
When March is scarcely here
A Color stands abroad
On Solitary Fields
That Science cannot overtake
But Human Nature feels.
It waits upon the Lawn,
It shows the furthest Tree
Upon the furthest Slope you know
It almost speaks to you.
Then as Horizons step
Or Noons report away
Without the Formula of sound
It passes and we stay -
A quality of loss
Affecting our Content
As Trade had suddenly encroached
Upon a Sacrament.