A Quote by Benjamin Graham
Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.
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Theresa May and her advisers should understand that to rebuild faith in the competence and integrity of our government, transparency is vital. It shines light on the good as well as the bad. And it leads to better-informed decisions, therefore better outcomes.
An investor should act as though he had a lifetime decision card with just twenty punches on it.
Hire and promote first on the basis of integrity; second, motivation; third, capacity; fourth, understanding; fifth, knowledge; and last and least, experience. Without integrity, motivation is dangerous; without motivation, capacity is impotent; without capacity, understanding is limited; without understanding, knowledge is meaningless; without knowledge, experience is blind. Experience is easy to provide and quickly put to good use by people with all the other qualities.
Trust has two dimensions: competence and integrity. We will forgive mistakes of competence. Mistakes of integrity are harder to overcome.
It is only by understanding the emotion of others that an investor has a chance to produce superior results.
Some courts have said moving an employee to a basement or closet usually amounts to punishment. But others have said this is a decision that should be made case by case. How nice is the basement office? How big is the closet?
Witness the American ideal: the Self-Made Man. But there is no such person. If we can stand on our own two feet, it is because others have raised us up. If, as adults, we can lay claim to competence and compassion, it only means that other human beings have been willing and enabled to commit their competence and compassion to us--through infancy, childhood, and adolescence, right up to this very moment.
This was not a decision made with the Israelis. This was a decision by the president for the American people. And so, it was a decision that we all said Jerusalem should be the capital and the embassy should be there. This decision should not weigh in on the peace process.
Once a man and woman have married, the only thing they should receive from their parents is advice and counsel, and then only when they ask for it. Parents should not offer opinions or advice without being asked.
If we want to be a person of integrity, we act as if we have integrity and we will be a person of integrity. If we want to be a person of charity and love, we act as if we have that characteristic and we will be that person. The Savior alluded to this principle when he asked, ‘What manner of men ought ye to be?’ Verily I say unto you, even as I am.' We should strive to become like him by acting as he would act.
The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
I always go back to Harry Truman: Should we drop an atomic bomb to save 100,000 lives? That's a hell of a decision to make. Did he make that decision by himself? No, he had advisers.
I feel no shame at being found still owning a share when the bottom of the market comes…I would go much further than that. I should say that it is from time to time the duty of a serious investor to accept the depreciation of his holdings with equanimity and without reproaching himself. … An investor…should be aiming primarily at long-period results, and should be solely judged by these.
The U.N. has been so disappointing to date on the whole Rwanda issue that despite the people they've sent through, and I have no doubt their competence, in the end, the decision is going to be made by other people and not by them.
Asking for advice is an act of humility.... The act alone says, "I need you." The decision maker and the adviser are pushed into a closer relationship.
And believe me, if I were again beginning my studies, I should follow the advice of Plato and start with the mathematical sciences, which proceed very cautiously and admit nothing as established until it has been rigorously demonstrated.
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