It is contrary to our principles to multiply organizations, since, in all conscience, there are enough of them. And when organizations are created they need individuals to look after them.
Nature herself, as has been often said, requires that we should be able, not only to work well, but to use leisure well; for, as I must repeat once again, the first principle of all action is leisure. Both are required, but leisure is better than occupation and is its end.
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.
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.
As human beings we are all the same. We have this marvelous intelligence, which sometimes creates problems for us, but when influenced by warm-heartedness can be very constructive. In this context we need to appreciate the value of having moral principles.
It is clear, then, that wisdom is knowledge having to do with certain principles and causes. But now, since it is this knowledge that we are seeking, we must consider the following point: of what kind of principles and of what kind of causes is wisdom the knowledge?
Because of lack of moral principle, human life becomes worthless. Moral principle, truthfulness, is a key factor. If we lose that, then there is no future.
Once you become aware of your own body and its movements, you will be surprised that you are not your body. This is something of a basic principle, that if you can watch something then you are not it. You are the watcher, not the watched. You are the observer, not the observed. How can you be both?
The machines that are first invented to perform any particular movement are always the most complex, and succeeding artists generally discover that, with fewer wheels, with fewer principles of motion, than had originally been employed, the same effects may be more easily produced. The first systems, in the same manner, are always the most complex.