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.
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.
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
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.