it is not necessary to accept everything as true, one must only accept it as necessary.' 'A melancholy conclusion,' said K. 'It turns lying into a universal principle.
Thanks to my fortunate idea of introducing the relativity principle into physics, you (and others) now enormously overrate my scientific abilities, to the point where this makes me quite uncomfortable.
Gradually the conviction gained recognition that all knowledge about things is exclusively a working-over of the raw material furnished by the senses. ... Galileo and Hume first upheld this principle with full clarity and decisiveness.
Even matter called inorganic, believed to be dead, responds to irritants and gives unmistakable evidence of a living principle within. Everything that exists, organic or inorganic, animated or inert, is susceptible to stimulus from the outside.
The fourfold root of the principle of sufficent reason is "Anything perceived has a cause. All conclusions have premises. All effects have causes. All actions have motives.
When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.
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.
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?
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.
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.