If some institution wants to sell you a billion dollars worth of mortgages, they might have to sell 100 million in the market, and then you'll buy the other 900 million on the same terms. Now, the very fact that this has been authorized or will be authorized, I hope, will firm up the market to some degree. And that's fine. But you don't want to have artificial prices being paid.
The degree of sympathy we feel regarding another's fiasco is directly proportional to how easy or difficult it is for us to imagine ourselves, under like circumstances, making a similar mistake.
Investors should remember that their scorecard is not computed using Olympic-diving methods: Degree-of-difficulty doesn't count. If you are right about a business whose value is largely dependent on a single key factor that is both easy to understand and enduring, the payoff is the same as if you had correctly analyzed an investment alternative characterized by many constantly shifting and complex variables.
Unpleasant, even dangerous, qualities can be found in every nation and every individual: it is cruel to demand that the Jew be an exception. In him, these qualities may even be dangerous and revolting to an unusual degree; and perhaps the young stock-exchange Jew is altogether the most disgusting invention of mankind.
The fact that seasoned politicians can say such ridiculous things - and get away with it - illustrates the degree to which the new dogma... has swept through the left-of-centre governing classes.
Although man is not armed by nature nor is naturally swiftest in flight, yet he has something better by far—reason. For by the possession of this function he exceeds the beasts to such a degree that he subdues. … You see, therefore, how much the gift of reason surpasses mere physical equipment.
Gradually we come to admit that Shakespeare understands a greater extent and variety of human life than Dante; but that Dante understands deeper degrees of degradation and higher degrees of exaltation.