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.
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.
I have mastered the principles of several religions. They have all shocked me by the violence which I should have to do to my reason to accept the dogmas of any one of them.
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.
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 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.