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.
The machines that are first invented to perform any particular movement are always the most complex, and succeeding artists generally discover that, with fewer wheels, with fewer principles of motion, than had originally been employed, the same effects may be more easily produced. The first systems, in the same manner, are always the most complex.
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.
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.
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.