It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.
Something of great importance now past is inferior to something of little importance now present, in that the latter is a reality, and related to the former as something to nothing.
History with its flickering lamp stumbles along the trail of the past, trying to reconstruct its scenes, to revive its echoes, and kindle with pale gleams the passion of former days.
If you've got a good enough business, if you have a monopoly newspaper, if you have a network television station - I'm talking of the past - you know, your idiot nephew could run it. And if you've got a really good business, it doesn't make any difference.
There are no accidents in my philosophy. Every effect must have its cause. The past is the cause of the present, and the present will be the cause of the future. All these are links in the endless chain stretching from the finite to the infinite.
Socrates said, our only knowledge was
"To know that nothing could be known;" a pleasant
Science enough, which levels to an ass
Each Man of Wisdom, future, past, or present.
Newton, (that Proverb of the Mind,) alas!
Declared, with all his grand discoveries recent,
That he himself felt only "like a youth
Picking up shells by the great Ocean-Truth."
Sometimes we let our thoughts of tomorrow take up too much of today. Daydreaming of the past and longing for the future may provide comfort but will not take the place of living in the present. This is the day of our opportunity, and we must grasp it
But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
Arguments from authority carry little weight – authorities have made mistakes in the past. They will do so again in the future. Perhaps a better way to say it is that in science there are no authorities; at most, there are experts.
But Greece and her foundations are Built below the tide of war, Based on the crystalline sea Of thought and its eternity; Her citizens, imperial spirits, Rule the present from the past, On all this world of men inherits Their seal is set.