We get twitted now and then on how we made this country. Well, we took the whole business, of course. It's not just that corner that we took from Mexico. When we got it all together, we got a very shapely country-the best continental cut in all the world, between the two oceans and in the right temperature zone.
The self-styled practical man of affairs who pooh-poohs philosophy as a lot of windy notions is himself a pragmatist or a positivist, and a bad one at that, since he has given no thought to his position.
I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.
None of this means, however, that a business or stock is an intelligent purchase simply because it is unpopular; a contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling. Unfortunately, Bertrand Russell's observation about life in general applies with unusual force in the financial world: "Most men would rather die than think. Many do."
Physicians attend to the business of physicians, and workmen handle the tools of workmen.
[Lat., Quod medicorum est
Promittunt medici, tractant fabrilia fabri.]
A branding program should be designed to differentiate your cow from all the other cattle on the range. Even if all the cattle on the range look pretty much alike.
At the risk of repetition let me say again that my plea is not for immunity to, but for the most unsparing exposure of, the politician who betrays his trust, of the big business man who makes or spends his fortune in illegitimate or corrupt ways. There should be a resolute effort to hunt every such man out of the position he has disgraced. Expose the crime, and hunt down the criminal; but remember that even in the case of crime, if it is attacked in sensational, lurid, and untruthful fashion, the attack may do more damage to the public mind than the crime itself.
In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.
It is not fit the public trusts should be lodged in the hands of any, till they are first proved and found fit for the business they are to be entrusted with.