...virtue is not merely a state in conformity with the right principle, but one that implies the right principle; and the right principle in moral conduct is prudence.
Softness triumphs over hardness, feebleness over strength. What is more malleable is always superior over that which is immoveable. This is the principle of controlling things by going along with them, of mastery through adaptation.
A Louisiana politician can't afford to let his animosities carry him away, and still less his principles, although there is seldom difficulty in that department.
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.
Capitalism justified itself and was adopted as an economic principle on the express ground that it provides selfish motives for doing good, and that human beings will do nothing except for selfish motives
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.
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.
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.