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.
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.
[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.
The only objects of practical reason are therefore those of good and evil. For by the former is meant an object necessarily desired according to a principle of reason; by the latter one necessarily shunned, also according to a principle of reason.
Law grows, and though the principles of law remain unchanged, yet (and it is one of the advantages of the common law) their application is to be changed with the changing circumstances of the times. Some persons may call this retrogression, I call it progression of human opinion.
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.
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.