A Quote by Benjamin Graham
In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.
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The main thing is you have to be under the protection of spirituality, under the protection of morality, under the protection of divine laws. If you're not under that protection, you can get caught up into anything.
First, it is providing a means whereby key individuals on its payroll are able to obtain both power and wealth through granting special favors to certain politically influential groups that are subject to its regulation. This activity is similar to the 'protection racket' of organized crime: for a price, one can induce FDA administrators to provide 'protection' from the FDA itself.
Energy in the executive is a leading character in the definition of good government. It is essential to the protection of the community against foreign attacks; it is not less essential to the steady administration of the laws; to the protection of property against those irregular and high-handed combinations which sometimes interrupt the ordinary course of justice; to the security of liberty against the enterprises and assaults of ambition, of faction, and of anarchy.
It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries.
Two ideas are psychologically deep-rooted in man: self-protection and self-preservation. For self-protection man has created God, on whom he depends for his own protection, safety and security, just as a child depends on its parent. For self-preservation man has conceived the idea of an immortal Soul or Atman, which will live eternally. In his ignorance, weakness, fear, and desire, man needs these two things to console himself. Hence he clings to them deeply and fanatically.
Millions of our citizens do not now have a full measure of opportunity to achieve and enjoy good health. Millions do not now have protection or security against the economic effects of sickness. The time has arrived for action to help them attain that opportunity and that protection.
In my view, the right to bear arms is in the Constitution for three main reasons: self-protection, community protection, and protection from tyrrany.
Why do people carry guns? Protection, right? To protect me and myself. Whether it's home protection or street protection.
Neither the Army nor the Navy is of any protection, or very little protection, against aerial raids.
Protection, therefore, against the tyranny of the magistrate is not enough; there needs protection against the tyranny of the prevailing opinion and feeling, against the tendency of society to impose, by other means than civil penalties, its own ideas and practices as rules of conduct on those who dissent from them.
All legitimate government is a mutual insurance company, voluntarily agreed upon by the parties to it, for the protection of their rights against wrong-doers. In its voluntary character it is precisely similar to an association for mutual protection against fire or shipwreck.
Government is, or ought to be instituted for the common benefit, protection, and security of the people, nation, or community; of all the various modes and forms of government, that is best which is capable of producing the greatest degree of happiness and safety, and is most effectually secured against the danger of maladministration.
Government is instituted for the common good; for the protection, safety, prosperity, and happiness of the people; and not for profit, honor, or private interest of any one man, family, or class of men; therefore, the people alone have an incontestable, unalienable, and indefeasible right to institute government; and to reform, alter, or totally change the same, when their protection, safety, prosperity, and happiness require it.
Everyone has values, and values their family, values their health, their sanity, their safety and security, and their families, their parents, their children, their pets, their environments, well-being in general.
Edge also implies what Ben Graham....called a margin of safety. You have a margin of safety when you buy an asset at a price that is substantially less than its value. As Graham noted, the margin of safety 'is available for absorbing the effect of miscalculations or worse than average luck.' ...Graham expands, "The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price."
While American intellectual property deserves protection, that protection must be won and defended in a manner that does not stifle innovation, erode due process under the law, and weaken the protection of political and civil rights on the Internet.
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