The vanishing, volatile froth of the present which any shadow will alter, any thought blow away, any event annihilate, is every moment converted into the adamantine.
Optimism is a good characteristic, but if carried to an excess, it becomes foolishness. We are prone to speak of the resources of this country as inexhaustible; this is not so.
But the nearer the dawn the darker the night, And by going wrong all things come right. Things have been mended that were worse, and the the worse, the nearer they are to mend.
Progress is Providence without God. That is, it is a theory that everything has always perpetually gone right by accident. It is a sort of atheistic optimism, based on an everlasting coincidence far more miraculous than a miracle.
The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.
History demonstrates that participants in financial markets are susceptible to waves of optimism. Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.