We are an intelligent species caught in an historical process. No generation which proceeded us knew what was going on, and there is no reason to assume that we know what's going on or that the generation which follows us will know what's going on. And what kind of trip is it anyway to insist on knowing what's going on?
One other thing: at the meeting in Canada, [there was] the coup in Fiji. This comes to an important part of the Commonwealth: the role of the Queen [Elizabeth II]. I had absolutely just enormous respect for her as leader of the Commonwealth. You could talk to her about any of the fifty-one countries of the Commonwealth and you could have an intelligent conversation with her about the economics, the politics. She really immersed herself in the Commonwealth.
We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via price). We are equally sure that if he places his emphasis on timing, in the sense of forecasting, he will end up as a speculator and with a speculator's financial results. " And "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.
I urge people not to think in terms of "solutions," but in terms of intelligent responses to the quandaries and predicaments that we face. And there are intelligent responses that we can bring forth. But when I hear the word "solution," I always suspect that there's a hidden agenda there. And the hidden agenda is: "Please, can you please tell us how we can keep on living exactly the way we're living now, without having to really change our behavior very much?" And that's sort of what's going on in this country. And it's not going to work.