There are some with whom we may study in common, but we shall find them unable to go along with us to principles. Perhaps we may go on with them to principles, but we shall find them unable to get established in those along with us. Or if we may get so established along with them, we shall find them unable to weigh occurring events along with us.
[the virtues] cannot exist without Prudence. A proof of this is that everyone, even at the present day, in defining Virtue, after saying what disposition it is [i.e. moral virtue] and specifying the things with which it is concerned, adds that it is a disposition determined by the right principle; and the right principle is the principle determined by Prudence.
Capitalism justified itself and was adopted as an economic principle on the express ground that it provides selfish motives for doing good, and that human beings will do nothing except for selfish motives
My interest in science was always essentially limited to the study of principles.... That I have published so little is due to this same circumstance, as the great need to grasp principles has caused me to spend most of my time on fruitless pursuits.
But, surprise - none of these blockbuster events made the slightest dent in Ben Graham's investment principles. Nor did
they render unsound the negotiated purchases of fine businesses at sensible prices. Imagine the cost to us, then, if we had let a fear of unknowns cause us to defer or alter the deployment of capital. Indeed, we have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.