Character is "a stamp of good repute on a person. "
Over the long run, the crowd is always wrong.
Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This temptation must be resisted; tax considerations aside, when a security reaches full valuation, there is no longer a reason to own it.
Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator of investment opportunities (where price departs from underlying value), you have the makings of a value investor. If you insist on looking to Mr Market for investment guidance however, you are probably best advised to hire someone else to manage your money.
The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.
When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of security, creating an even more dangerous situation. In some cases, excesses migrate beyond regional or national borders, raising the ante for investors and governments. These excesses will eventually end, triggering a crisis at least in proportion to the degree of the excesses. Correlations between asset classes may be surprisingly high when leverage rapidly unwinds.
Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.
Our patriotic fervor was the result of the old and widespread belief in the idea of American exceptionalism, the idea that America was a new thing in history, different from other countries. Other nations had evolved one way or another, evolved from tribes from a gathering of clans, from inevitabilities of language and tradition and geography. But America was born, and born of ideas: that all men are created equal, that they have been given by God certain rights that can be taken from them by no man, and that those rights combine to create a thing called freedom.
I'm personally more struck by visual things more than musical.
I should say tact was worth much more than wealth as a road to leadership. . . . I mean that subtle apprehension which teaches a person how to do and say the right thing at the right time. It coexists with very ordinary qualities, and yet many great geniuses are without it. Of all human qualities I consider it the most convenient--not always the highest; yet I would rather have it than many more shining qualities.
I buy thousands of books a year.