First, he realized that the sea was blue and that there was an enormous quantity of it, and that it roared and roared-really all the banalities about the ocean that one could realize, but if any one had told him then that these things were banalities, he would have gaped in wonder.
In that, we agreed with Andrew Carnegie, who said that huge fortunes that flow in large part from society should in large part be returned to society. In my case, the ability to allocate capital would have had little utility unless I lived in a rich, populous country in which enormous quantities of marketable securities were traded and were sometimes ridiculously mispriced. And fortunately for me, that describes the U.S. in the second half of the last century.