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.
For we do not think that we know a thing until we are acquainted with its primary conditions or first principles, and have carried our analysis as far as its simplest elements.
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.
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.
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.
The so-called Pythagoreans, who were the first to take up mathematics, not only advanced this subject, but saturated with it, they fancied that the principles of mathematics were the principles of all things.
Though the principles of the banking trade may appear somewhat abstruse, the practice is capable of being reduced to strict rules. To depart upon any occasion from those rules, is consequence of some flattering speculation of extraordinary gain, is almost always extremely dangerous, and frequently fatal to the banking company which attempts it.
In a crystal we have clear evidence of the existence of a formative life principle, and though we cannot understand the life of a crystal, it is nonetheless a living being