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.
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?
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.
Once you become aware of your own body and its movements, you will be surprised that you are not your body. This is something of a basic principle, that if you can watch something then you are not it. You are the watcher, not the watched. You are the observer, not the observed. How can you be both?
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.
[the virtues] cannot exist without Prudence. A proof of this is that everyone, even at the present day, in defining Virtue, after saying what disposition it is [i.e. moral virtue] and specifying the things with which it is concerned, adds that it is a disposition determined by the right principle; and the right principle is the principle determined by Prudence.
There is nothing so bad or so good that you will not find Englishmen doing it; but you will never find an Englishman in the wrong. He does everything on principle.