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.
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.
In [the soul] one part naturally rules, and the other is subject, and the virtue of the ruler we maintain to be different from that of the subject; the one being the virtue of the rational, and the other of the irrational part. Now, it is obvious that the same principle applies generally, and therefore almost all things rule and are ruled according to nature.
Because of lack of moral principle, human life becomes worthless. Moral principle, truthfulness, is a key factor. If we lose that, then there is no future.
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?
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.
[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.
...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.