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?
Friendship with the upright, with the truthful and with the well informed is beneficial. Friendship with those who flatter, with those who are meek and who compromise with principles, and with those who talk cleverly is harmful.
Of course, we will face fear, experience ridicule, and meet opposition. Let us have the courage to defy the consensus, the courage to stand for principle. Courage, not compromise, brings the smile of God's approval.
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?
Again, the male is by nature superior, and the female inferior; and the one rules, and the other is ruled; this principle, of necessity, extends to all mankind.
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.