Trader Quotes

If you were half as funny as you think you are, you'd be twice as funny as you really are.

Tomorrow owes you the sum of your yesterdays. No more than that. And no less.

Everyone thinks that courage is about facing death without flinching. But almost anyone can do that. Almost anyone can hold their breath and not scream for as long as it takes to die. True courage is about facing life without flinching. I don't mean the times when the right path is hard, but glorious at the end. I'm talking about enduring the boredom, the messiness, and the inconvenience of doing what is right.

I still believe in the Holy Trinity, except now it's Target, Trader Joe's, and IKEA.

When you fear to fail, you fear something that has not happened yet. You predict your own failure, and by inaction, lock yourself into it.

Look forward, not back. Correct your course and go on. You can't undo yesterday's journey.

Street traders were doing good business selling a paper toy which represented a pig, but if you put the paper together and unfolded it in a certain way it turned into Hitler’s face.

That is the challenge Companion. To take what has happened to you and learn from it. Nothing is quite so destructive as pity, especially self-pity. No event in life is so terrible that one cannot rise above it.

Under the spreading chestnut tree I sold you and you sold me--

Look inside yourself for the answers - you're the only one who knows what's best for you. Everybody else is only guessing.

Do you not see how strange and wonderful that is? That all history balances on an affair of the human heart?

I never confuse the cost of something with its value

Love isn't just about feeling sure of the other person, knowing what he would give up for you. It's knowing with certainty what you are willing to surrender for his sake. Make no mistake; each partner gives up something. Individual dreams are surrendered for a shared one.

For the weakest has but to try his strength to find it, and then he shall be strong.

I do love Trader Joe’s,” I said, smiling at the bag. “Nothing like a grocery store that makes you have to visit another grocery store right after.

You mean that this is a matter of patriotism and traders aren't patriotic?" "Notoriously not. Pioneers never are.

It doesn't seem to matter what we think...The prince will come up here and look at us as if we're barrels in a trader's wagon. And if I'm salt pork and he doesn't care for salt pork, then there's nothing I can do.

One must plan for the future and anticipate the future without fearing the future.

One does not need the size of a dragon to have the soul of a dragon.

Strangers had small interest in hurting you. That was always done best by your own family and friends.

I saw a werewolf drinking a pina colada at Trader Vic's. His hair was perfect.

Trading doesn't just reveal your character, it also builds it if you stay in the game long enough.

You're not who he expected you to be; that doesn't mean you aren't somebody. Nor are you perfect. Stop using every mistake you make as an excuse to fail completely.

Somehow," she said coldly, "you have confused profitable and not profitable for right and wrong. I, however, have not.

Fighting and scars are part of a trader's overhead. But fighting is only useful when there's money at the end, and if I can get it without, so much the sweeter.

The wise man takes the shortest path to peace with himself.’ Acceptance of what is, that is the shortest path.

Too many folk, women and men, love the person they wish to be, as if by loving that person, or being loved by that person, they could attain the importance they long for.

I've heard it said that there are men who read in books to convince themselves there is a God. I know not but man may so deform his works in the settlements, as to leave that which is so clear in the wilderness a matter of doubt among traders and priests.

An Individualist is a man who lives for his own sake and by his own mind; he neither sacrifices himself to others nor sacrifices others to himself; he deals with men as a trader - not as a looter; as a producer - not as a Attila.

Finding oneself and one's path is like waking up on a foggy day. Be patient, and presently the fog will clear and that which has always been there can be seen. The path is already there to follow

Well, you know this world isn't perfect.' 'No, you're wrong. This world IS perfect, people just come along and mess it up sometimes.

When you borrow trouble against what might be, you neglect the moment you have now to enjoy. The man who worries about what will next be happening to him loses this moment in dread of the next, and poisons the next with pre-judgment.

Innocent?” He was incensed at her suggestion he was somehow responsible for this mess. “I’ve done nothing wrong, I intend nothing wrong. I am innocent!” “Half the evil in this world occurs while decent people stand by and do nothing wrong. It’s not enough to refrain from evil, Trell. People have to attempt to do right, even if they believe they cannot succeed.” “Even when it’s stupid to try?” he asked with savage sarcasm. “Especially then,” she replied sweetly. “That’s how it’s done, Trell. You break your heart against this stony world. You fling yourself at it, on the side of good, and you do not ask the cost. That’s how you do it.

Pride is the recognition of the fact that you are your own highest value and, like all of man’s values, it has to be earned. His own happiness is man’s only moral purpose, but only his own virtue can achieve it…Life is the reward of virtue- and happiness is the goal and the reward of life. Happiness is a state of non-contradictory joy- a joy without penalty or guilt, a joy that does not clash with any of your values and does not work for your won destruction, not the joy of escaping from your mind, but using your mind’s fullest power. Happiness is possible only to a rational man, the man who desires nothing but rational goals, seek nothing but rational values and finds his joy in nothing bu rational actions. The symbol of all relationships among such men, the moral symbol of respect for human beings, is the trade…A trader is a man who earns what he gets and does not give or take the undeserved.

What you are born to be, you will be, whether it be priest or sailor. So step up and be it. Let them do nothing to you. Be the one who shapes yourself. Be who you are, and eventually all will have to recognize who you are, whether they are willing to admit it or not.

My father had always told me that seabirds were the souls of lost traders. To turn them away or not give them a place to land or nest was bad luck.

Do you do this because you live such short lives? Tell yourselves wild tales of what might happen tomorrow, and feel all the feelings of events that will never happen? Perhaps to make up for the pasts you cannot recall, you invent futures that will not exist.

Many will rant and rave against the garment fate has woven for them, but they pick it up and don it all the same, and most wear it to the end of their days. You... you would rather go naked into the storm.

Only my pain is more silent than my anger.

Open your eyes. This horrible mess is your life. There is no sense in waiting for it to get better. Stop putting it off and live it.

The winner is just the loser who never gave up!

It is the nature of humans that we tend to pass our pain along. As if we could get rid of it by inflicting an equal hurt on someone else.

A manner of speaking becomes a manner of thinking.

As long as you believe it is impossible, you close your mind to understanding it.

Silent," the carved wizardwood on his wrist breathed. "Silent as a blinded ship, floating hull-up in the sea. Silent as a scream underwater.

... finally realizing that life was to be lived, rather than hoarded against an unseen tomorrow.

Blessed is the mind too small for doubt.

People who are poor think like traders, but the dynamics are quite different. Unlike traders, the poor are not indifferent to the differences between gaining and giving up. Their problem is that all their choices are between losses. Money that is spent on one good is the loss of another good that could have been purchased instead. For the poor, costs are losses.

Warren Buffett is one of the best learning machines on this earth. The turtles which outrun the hares are learning machines. If you stop learning in this world, the world rushes right by you.

Sooner or later you'll hear what your heart has always been telling you: stop trying to be who you think you should be - become who you are.

Why can't people love one another and still remain free?" Althea demanded suddenly. Amber paused to rub her eyes, then tug thoughtfully at her earring. "One can love that way," she conceded regretfully. "But the price on that kind of love may be the highest of all." She strung her words together as carefully as she strung her beads. "To love another person like that, you have to admit that his life is as important as yours. Harder still, you have to admit to yourself that perhaps he has needs you cannot fill, and that you have tasks that will take you far away from him. It costs loneliness and longing and doubt and...

We don’t talk about it. There’s never so much as a knowing look. We sit here in silence, eating our lunch. But I know we are all here for the same reason. We’re all searching for a piece of home, or a piece of ourselves. We look for a taste of it in the food we order and the ingredients we buy. Then we separate. We bring the haul back to our dorm rooms or our suburban kitchens, and we re-create the dish that couldn’t be made without our journey. What we’re looking for isn’t available at a Trader Joe’s. H Mart is where your people gather under one odorous roof, full of faith that they’ll find something they can’t find anywhere else.

Instead, we must focus on our hopes. If we cannot anchor ourselves in a belief that we will succeed, we have already been defeated.

Don't go mooning after the stars, when the wide sea is all around you. It's a sky of its own, you know.

Refuse the anxiety. When you borrow trouble against what might be, you neglect the moment you have now to enjoy. The man who worries about what will next be happening to him loses this moment in dread of the next, and poisons the next with pre-judgment.

Seven Cities was an ancient civilization, steeped in the power of antiquity, where Ascendants once walked on every trader track, every footpath, every lost road between forgotten places. It was said the sands hoarded power within their sussurating currents, that every stone had soaked up sorcery like blood, and that beneath every city lay the ruins of countless other cities, older cities, cities that went back to the First Empire itself. It was said each city rose on the backs of ghosts, the substance of spirits thick like layers of crushed bone; that each city forever wept beneath the streets, forever laughed, shouted, hawked wares and bartered and prayed and drew first breaths that brought life and the last breaths that announced death. Beneath the streets there were dreams, wisdom, foolishness, fears, rage, grief, lust and love and bitter hatred.

A Skalan trader tried to tell me the streets of his cities were paved with gold," Alec went on. "I didn't believe him, though. He was the one who tried to buy me from father. I was only eight or nine. I could never figure out what he wanted me for." "Really?" Seregil lifted a noncommittal eyebrow.

What does he know of the half-starved wretches toiling from dawn till dark on the plantations? of mothers shrieking for their children, torn from their arms by slave traders? of young girls dragged down into moral filth? of pools of blood around the whipping post? of hounds trained to tear human flesh?

It doesn't work that way. Silencing memories does not make them stop existing. Events cannot be undone by forgetting them.

Tomorrow's leaders will not lead dictating from the front, nor pushing from the back. They will lead from the centre - from the heart

Perhaps the most chaotic of Divisions Ke Hui Feng 第一 Ψ visited was Recycling. First, it was mammoth, so big most of her tour was spent aboard a drone. Thousands of Dazhong used the 401 thoroughfares from both east and west, the 427 from the south and the 400 from the north to bring their loads of recyclables from the MASS to the enormous MEG Recycling Centre. The roadways might be in ruins outside the MEG boundaries, jagged fragments of pavement between cavernous potholes and trails made by traders, but within the MEG the wide lanes had been cleared and covered with recycled rubber. They were smooth and divided, one lane in—one lane out, between hundred-metre high foamstone walls on either side. No one from the MASS would ever get into the MEG illegally; at least, that was how it seemed. Only those with proper credentials could enter the massive gates: MASS traders, or trading companies, who specialized as middlemen between the gatherers and the Recycling Centre. Not far outside the gates the MASS traders had rebuilt ancient warehouses in which they received goods, stored, and sorted them, then brought them, usually by land freighters, down the ingress roads to meet MEG approved Di sān overseers and, of course, decontaminated Dazhong who further sorted the goods.

That’s how it’s done, Trell. You break your heart against this stony world. You fling yourself at it, on the side of good, and you do not ask the cost. That’s how you do it.

Money is just something you need in case you do not die tomorrow. Let this is a reminder for you not to obsess over profits and losses. In whatever you do, strive for enjoyment, focus, contentment, humility, openness... Paradoxically (and as an unintended consequence) your trading performance will improve significantly.

I’m not studying the heroes who lead navies—and armies—and win wars. I’m studying ordinary people who you wouldn’t expect to be heroic, but who, when there’s a crisis, show extraordinary bravery and self-sacrifice. Like Jenna Geidel, who gave her life vaccinating people during the Pandemic. And the fishermen and retired boat owners and weekend sailors who rescued the British Army from Dunkirk. And Wells Crowther, the twenty-four-year-old equities trader who worked in the World Trade Center. When it was hit by terrorists, he could have gotten out, but instead he went back and saved ten people, and died. I’m going to observe six different sets of heroes in six different situations to try to determine what qualities they have in common.

We aren't fated to survive, then at least let us fight it to the end. Let it be fate that extinguishes us, not our own lack of heart.

Being wrong is acceptable, but staying wrong is totally unacceptable.

No being gets to decide what his life is 'supposed to be.' ” She lifted her eyes and her gaze stabbed him. “Be a man. Discover where you are now, and go on from there, making the best of things. Accept your life, and you might survive it. If you hold back from it, insisting this is not your life, not where you are meant to be, life will pass you by. You may not die from such foolishness, but you might as well be dead for all the good your life will do you or anyone else.

Good habits are the basic tools that will determine whether you are a tortoise or hare in life!

Kyle gave her a couple of little pats on the back to let her know that one, he wasn’t good at hugs, and two, this hug was going on far too long for a bad hugger to manage.

Even utopias need a tax clause. For example, we could start with a transactions tax to rein in the financial industry. Back in 1970, American stocks were still held for an average of five years; forty years later, it’s a mere five days.21 If we imposed a transactions tax – where you would have to pay a fee each time you buy or sell a stock – those high-frequency traders who contribute almost nothing of social value would no longer profit from split-second buying and selling of financial assets. In

Once she would have found him mysterious and alluring. She had grown wiser. Dangerous men were neither romantic nor exotic; they were men who could hurt you.

I can take all my pasts, keep them and determine my own future. I don't have to be what anyone made me, Brashen. I can be Paragon.

You are but a hard turd in the ass of my journey.

Do not pull back from the pain and imagine that makes you strong. Look at it, you dolt! It is trying to tell you what is wrong so you can fix it.

We were speaking of people living their dreams, and I said that few do, and even fewer enjoy the experience. For too many, when they get their dream, they discover it is not what they wanted. Or the dream is bigger than their abilities, and all ends in bitterness.

Michael Jordan didn’t become a great basketball player because he wanted to do product endorsements. Van Gogh didn’t become a great painter because he dreamed that one day his paintings would sell for $50 million.

Over the stern, I could see the clouds rolling over the sea towards us. Hungry. I closed my eyes and drew the humid air into my chest. I'd spent my childhood in the face of storms just like her, many of them angrier than this one. It was the reason only the most daring traders sailed the Narrows. And even though I could feel her power in every bone, every muscle, there was something deep inside of me that opened its eyes from sleep when I felt it. It was terrifying, but familiar. As beautiful as it was deadly.

What made it so galling to me, the outsider, was that of the large sums paid by the various mining companies, brokers and traders, only a tiny fraction ever reached the local economy. The vast bulk was lost in bribes demanded by corrupt officials at all levels. Lubumbashi’s cobalt bonanza brought home to me how money alone will not solve Africa’s problems. Until the Congo’s economy is underpinned by the rule of law and transparency, it will remain stagnant, chaotic and unproductive.

This terrible event – whatever it was – is over and done. Cling to it and let it shape you and you are doomed to live it forever. You are granting it power over you. Set it aside, and shape your future as you wish it to be, in spite of what happened to you. Then you have seized control of it.

You have a wild young heart. Right now, it is like a caged bird that batters itself against the bars. To struggle harder will only hurt you more. Wait, be patient. Your time will come to fly. And when it does, you must be strong, not bloodied and weary.

Warren Buffett chuckled and said to me "I hope it's not my bad habits" Good Habits once established are just as hard to break as bad habits and bad habits are easier to abandon today than tomorrow. So what are you going to do about it?

History cannot be explained deterministically and it cannot be predicted because it is chaotic. So many forces are at work and their interactions are so complex that extremely small variations in the strength of the forces and the way they interact produce huge differences in outcomes. Not only that, but history is what is called a ‘level two’ chaotic system. Chaotic systems come in two shapes. Level one chaos is chaos that does not react to predictions about it. The weather, for example, is a level one chaotic system. Though it is influenced by myriad factors, we can build computer models that take more and more of them into consideration, and produce better and better weather forecasts. Level two chaos is chaos that reacts to predictions about it, and therefore can never be predicted accurately. Markets, for example, are a level two chaotic system. What will happen if we develop a computer program that forecasts with 100 per cent accuracy the price of oil tomorrow? The price of oil will immediately react to the forecast, which would consequently fail to materialise. If the current price of oil is $90 a barrel, and the infallible computer program predicts that tomorrow it will be $100, traders will rush to buy oil so that they can profit from the predicted price rise. As a result, the price will shoot up to $100 a barrel today rather than tomorrow. Then what will happen tomorrow? Nobody knows.

Of course, the fact that a single biblical text can mean many things doesn’t mean it can mean anything. Slave traders justified the exploitation of black people by claiming the curse on Noah’s son Ham rendered all Africans subhuman. Many Puritans and pioneers appealed to the stories of Joshua’s conquest of Canaan to support attacks on indigenous populations. More recently, I’ve heard Christians shrug off sins committed by American politicians because King David assaulted women too. Anytime the Bible is used to justify the oppression and exploitation of others, we have strayed far from the God who brought the people of Israel out of Egypt, “out of the land of slavery” (Exodus 20:2).

You want a mate who will follow your dream. You don't want to give up your own ambitions to make someone else's life possible.' 'I supposed that's true,' Althea admitted reluctantly. An instant later she demanded, 'Why is that so wrong?' 'It isn't,' Amber assured her, A moment later she added wickedly, 'As long as you're male.

Trading is not the same as investing. Trading includes a lot of fear, lack, and scarcity thinking. Traders aim to buy low and sell high in the quickest turnaround time possible, always fearful of potential outcomes and always needing to incessantly monitor the status of things and micromanage results. However, Investing includes a lot of faith, vision, trust, and endurance. Investors look at larger societal patterns and systems. Investors have wealth consciousness and they expect to earn exponentially larger profits over a longer timeframe.

I think there is in the heart of a man a place made for wonder. It sleeps inside, awaiting fulfillment. All one’s life, one gathers treasures to fill it. Sometimes they are tiny glistening jewels: a flower blooming in the shelter of a fallen tree, the arch of a small child’s brow combined with the curve of her cheek. Sometimes, however, a trove falls into your hands all at once, as if some greedy pirate’s chest spilled before an unsuspecting beholder. Such were the dragons on the wing.

Love isn't just about feeling sure of the other person, knowing what he would give up for you. It's knowing with certainty what you are willing to surrender for his sake. Make no mistake; each partner gives up something. Individual dreams are surrendered for a shared one. In some marriages, one partner gives up almost everything she once thought she wanted. But it's not always the woman who does so. Such sacrifice is not shameful. It's love. If you think the man is worth it, it works.

You earn your future, Malta Vestrit." The bead-maker cocked her head at her. "What does tomorrow owe you?" "Tomorrow owes me?" Malta repeated in confusion. "Tomorrow owes you the sum of your yesterdays. No more than that." Amber looked out to sea again. "And no less. Sometimes folk wish tomorrow did not pay them off so completely.

That part of your life is over. Set it aside as something you have finished. Complete or no, it is done with you. No being gets to decide what his life is "supposed to be"...'Be a man. Discover where you are now, and go on from there, making the best of things. Accept your life, and you might survive it. If you hold back from it, insisting this is not your life, not where you are meant to be, life will pass you by. You may not die from such foolishness, but you might as well be dead for all the good your life will do you or anyone else.

Many amateurs believe that plants and animals reproduce on a one-way route toward perfection. Translating the idea in social terms, they believe that companies and organizations are, thanks to competition (and the discipline of the quarterly report), irreversibly heading toward betterment. The strongest will survive; the weakest will become extinct. As to investors and traders, they believe that by letting them compete, the best will prosper and the worst will go learn a new craft (like pumping gas or, sometimes, dentistry). Things are not as simple as that. We will ignore the basic misuse of Darwinian ideas in the fact that organizations do not reproduce like living members of nature—Darwinian ideas are about reproductive fitness, not about survival.

Privilege implies exclusion from privilege, just as advantage implies disadvantage," Celine went on. "In the same mathematically reciprocal way, profit implies loss. If you and I exchange equal goods, that is trade: neither of us profits and neither of us loses. But if we exchange unequal goods, one of us profits and the other loses. Mathematically. Certainly. Now, such mathematically unequal exchanges will always occur because some traders will be shrewder than others. But in total freedom—in anarchy—such unequal exchanges will be sporadic and irregular. A phenomenon of unpredictable periodicity, mathematically speaking. Now look about you, professor—raise your nose from your great books and survey the actual world as it is—and you will not observe such unpredictable functions. You will observe, instead, a mathematically smooth function, a steady profit accruing to one group and an equally steady loss accumulating for all others. Why is this, professor? Because the system is not free or random, any mathematician would tell you a priori. Well, then, where is the determining function, the factor that controls the other variables? You have named it yourself, or Mr. Adler has: the Great Tradition. Privilege, I prefer to call it. When A meets B in the marketplace, they do not bargain as equals. A bargains from a position of privilege; hence, he always profits and B always loses. There is no more Free Market here than there is on the other side of the Iron Curtain. The privileges, or Private Laws—the rules of the game, as promulgated by the Politburo and the General Congress of the Communist Party on that side and by the U.S. government and the Federal Reserve Board on this side—are slightly different; that's all. And it is this that is threatened by anarchists, and by the repressed anarchist in each of us," he concluded, strongly emphasizing the last clause, staring at Drake, not at the professor.

Such a storm of emotions as humans can evoke, all on the basis of imagination,” the dragon observed condescendingly. In a more reflective voice she asked, “Do you do this because you live such short lives? Tell yourselves wild tales of what might happen tomorrow, and feel all the feelings of events that will never happen? Perhaps to make up for the pasts you cannot recall, you invent futures that will not exist.

As the years passed, new myths arose to explain the mysterious objects the strangers brought from the land of the dead. A nineteenth-century missionary recorded, for example, an African explanation of what happened when captains descended into the holds of their ships to fetch trading goods like cloth. The Africans believed that these goods came not from the ship itself but from a hole that led into the ocean. Sea sprites weave this cloth in an "oceanic factory, and, whenever we need cloth, the captain ... goes to this hole and rings a bell." The sea sprites hand him up their cloth, and the captain "then throws in, as payment, a few dead bodies of black people he has bought from those bad native traders who have bewitched their people and sold them to the white men." The myth was not so far from reality. For what was slavery in the American South, after all, but a system for transforming the labor of black bodies, via cotton plantations, into cloth?

Something clamped tight inside her suddenly eased. He had been right. She did not have to grip her pain. She could let it go. The memory was still there. It had not vanished, but it had changed. It was a memory, a thing from her past. This wound could close and heal. The injury done to her was over. She did not have to keep it as a part of herself. She could allow herself to heal. Her tears were diluted in the rain that ran down her face.

I had no mind then for anything except Sebastian, and I saw him already as being threatened, though I did not yet know how black was the threat. His constant, despairing prayer was to be let alone. By the blue waters and rustling palm of his own mind he was happy and harmless as a Polynesian; only when the big ship dropped anchor beyond the coral reef, and the cutter beached in the lagoon, and, up the golden slope that had never known the print of a boot there trod the grim invasion of trader, administrator, missionary and tourist – only then was it time to disinter the archaic weapons of the tribe and sound the drums in the hills; or, more easily, to turn from the sunlit door and lie alone in the darkness, where the impotent, painted deities paraded the walls in vain, and cough his heart out among the rum bottles.

I can see that you go through life athwart it. You see the flow of events, you are able to tell how you could most easily fit yourself into it. But you dare to oppose it. And why? Simply because you look at it and say, 'this fate does not suit me. I will not allow it to befall me.'" Amber shook her head, but her small smile made it an affirmation. "I have always admired people who can do that. So few do. Many, of course, will rant and rave against the garment fate has woven for them, but they pick it up and on it all the same, and most wear it to the end of their days. You... you would rather go naked into the storm.

In particular, the virtues and ambitions called forth by war are unlikely to find expression in liberal democracies. There will be plenty of metaphorical wars—corporate lawyers specializing in hostile takeovers who will think of themselves as sharks or gunslingers, and bond traders who imagine, as in Tom Wolfe’s novel The Bonfire of the Vanities, that they are “masters of the universe.” (They will believe this, however, only in bull markets.) But as they sink into the soft leather of their BMWs, they will know somewhere in the back of their minds that there have been real gunslingers and masters in the world, who would feel contempt for the petty virtues required to become rich or famous in modern America. How long megalothymia will be satisfied with metaphorical wars and symbolic victories is an open question. One suspects that some people will not be satisfied until they prove themselves by that very act that constituted their humanness at the beginning of history: they will want to risk their lives in a violent battle, and thereby prove beyond any shadow of a doubt to themselves and to their fellows that they are free. They will deliberately seek discomfort and sacrifice, because the pain will be the only way they have of proving definitively that they can think well of themselves, that they remain human beings.

The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator’s primary interest lies in anticipating and profiting from market fluctuations. The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell. It is far from certain that the typical investor should regularly hold off buying until low market levels appear, because this may involve a long wait, very likely the loss of income, and the possible missing of investment opportunities. On the whole it may be better for the investor to do his stock buying whenever he has money to put in stocks, except when the general market level is much higher than can be justified by well-established standards of value. If he wants to be shrewd he can look for the ever-present bargain opportunities in individual securities. Aside from forecasting the movements of the general market, much effort and ability are directed on Wall Street toward selecting stocks or industrial groups that in matter of price will “do better” than the rest over a fairly short period in the future. Logical as this endeavor may seem, we do not believe it is suited to the needs or temperament of the true investor—particularly since he would be competing with a large number of stock-market traders and first-class financial analysts who are trying to do the same thing. As in all other activities that emphasize price movements first and underlying values second, the work of many intelligent minds constantly engaged in this field tends to be self-neutralizing and self-defeating over the years. The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored. He should never buy a stock because it has gone up or sell one because it has gone down. He would not be far wrong if this motto read more simply: “Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.” An

A true natural aristocracy is not a separate interest in the state, or separable from it. It is an essential integrant part of any large body rightly constituted. It is formed out of a class of legitimate presumptions, which taken as generalities, must be admitted for actual truths. To be bred in a place of estimation; to see nothing low and sordid from one’s infancy; to be taught to respect one’s self; to be habituated to the censorial inspection of the public eye; to look early to public opinion; to stand upon such elevated ground as to be enabled to take a large view of the wide-spread and infinitely diversified combinations of men and affairs in a large society; to have leisure to read, to reflect, to converse; to be enabled to draw the court and attention of the wise and learned wherever they are to be found;—to be habituated in armies to command and to obey; to be taught to despise danger in the pursuit of honor and duty; to be formed to the greatest degree of vigilance, foresight and circumspection, in a state of things in which no fault is committed with impunity, and the slightest mistakes draw on the most ruinous consequence—to be led to a guarded and regulated conduct, from a sense that you are considered as an instructor of your fellow-citizens in their highest concerns, and that you act as a reconciler between God and man—to be employed as an administrator of law and justice, and to be thereby amongst the first benefactors to mankind—to be a professor of high science, or of liberal and ingenuous art—to be amongst rich traders, who from their success are presumed to have sharp and vigorous understandings, and to possess the virtues of diligence, order, constancy, and regularity, and to have cultivated an habitual regard to commutative justice—these are the circumstances of men, that form what I should call a natural aristocracy, without which there is no nation.

Why do we complain of Nature? She has shown herself kindly; life, if you know how to use it, is long. But one man is possessed by an avarice that is insatiable, another by a toilsome devotion to tasks that are useless; one man is besotted with wine, another is paralyzed by sloth; one man is exhausted by an ambition that always hangs upon the decision of others, another, driven on by the greed of the trader, is led over all lands and all seas by the hope of gain; some are tormented by a passion for war and are always either bent upon inflicting danger upon others or concerned about their own; some there are who are worn out by voluntary servitude in a thankless attendance upon the great; many are kept busy either in the pursuit of other men's fortune or in complaining of their own; many, following no fixed aim, shifting and inconstant and dissatisfied, are plunged by their fickleness into plans that are ever new; some have no fixed principle by which to direct their course, but Fate takes them unawares while they loll and yawn—so surely does it happen that I cannot doubt the truth of that utterance which the greatest of poets delivered with all the seeming of an oracle: "The part of life we really live is small."5 For all the rest of existence is not life, but merely time. Vices beset us and surround us on every side, and they do not permit us to rise anew and lift up our eyes for the discernment of truth, but they keep us down when once they have overwhelmed us and we are chained to lust. Their victims are never allowed to return to their true selves; if ever they chance to find some release, like the waters of the deep sea which continue to heave even after the storm is past, they are tossed about, and no rest from their lusts abides. Think you that I am speaking of the wretches whose evils are admitted? Look at those whose prosperity men flock to behold; they are smothered by their blessings. To how many are riches a burden! From how many do eloquence and the daily straining to display their powers draw forth blood! How many are pale from constant pleasures! To how many does the throng of clients that crowd about them leave no freedom! In short, run through the list of all these men from the lowest to the highest—this man desires an advocate,6 this one answers the call, that one is on trial, that one defends him, that one gives sentence; no one asserts his claim to himself, everyone is wasted for the sake of another. Ask about the men whose names are known by heart, and you will see that these are the marks that distinguish them: A cultivates B and B cultivates C; no one is his own master. And then certain men show the most senseless indignation—they complain of the insolence of their superiors, because they were too busy to see them when they wished an audience! But can anyone have the hardihood to complain of the pride of another when he himself has no time to attend to himself? After all, no matter who you are, the great man does sometimes look toward you even if his face is insolent, he does sometimes condescend to listen to your words, he permits you to appear at his side; but you never deign to look upon yourself, to give ear to yourself. There is no reason, therefore, to count anyone in debt for such services, seeing that, when you performed them, you had no wish for another's company, but could not endure your own.