A price decline is of no real importance to the bona fide investor unless it is either very substantial say, more than a third from cost or unless it reflects a known deterioration of consequence in the company's position. In a well-defined bear market many sound common stocks sell temporarily at extraordinary low prices. It is possible that the investor may then have a paper loss of fully 50 per cent on some of his holdings, without any convincing indication that the underlying values have been permanently affected.
Benjamin GrahamRelated topics
affected bear cent common consequence convincing cost decline deterioration extraordinary importance indication investor known loss low market paper per position possible price real say sell sound substantial third underlying stocksRelated quotes
I am not persuaded that Hayek got the substantive connections entirely right. He was too captivated by the enabling effects of the market system on human freedoms and tended to downplay - though he never fully ignored - the lack of freedom for some that may result from a complete reliance on the market system, with its exclusions and imperfections, and the social effects of big disparities in the ownership of assets. But it would be hard to deny Hayek's immense contribution to our understanding of the importance of judging institutions by the criterion of freedom.
Amartya Sen
And I will always do my duty no matter what the price
I've counted up the cost, I know the sacrifice.
Oh, and I don't want to die for you,
But if dyin's asked of me,
I'll bear that cross with honor,
'Cause freedom don't come free.I'm an American soldier, an American
Beside my brothers and my sisters I will proudly take a stand
When Liberty's in jeopardy, I will always do what's right
I'm out here on the front line
Sleep in peace tonight
American soldier, I'm an American soldier.
Toby Keith
It costs so much to be a full human being that there are very few who have the enlightenment, or the courage, to pay the price.... One has to abandon altogether the search for security, and reach out to the risk of living with both arms. One has to embrace the world like a lover, and yet demand no easy return of love. One has to accept pain as a condition of existence. One has to court doubt and darkness as the cost of knowing. One needs a will stubborn in conflict, but apt always to the total acceptance of every consequence of living and dying.
Morris West
That electrical energy can be economically transmitted without wires to any terrestrial distance, I have unmistakably established in numerous observations, experiments and measurements, qualitative and quantitative. These have demonstrated that is practicable to distribute power from a central plant in unlimited amounts, with a loss not exceeding a small fraction of one per cent, in the transmission, even to the greatest distance, twelve thousand miles - to the opposite end of the globe.
Nikola Tesla
Keynes did not challenge the efficacy of price adjustment mechanisms in clearing particular markets in the Marshallian partial equilibrium theory on which he had been reared. He did challenge the mindless application of those mechanisms to economy-wide markets. Founding what came to be known as macroeconomics, he was modeling a whole economy as a closed system. He knew he could not use the Marshallian assumption that the clearing of one market could be safely described on the assumption that the rest of the economy was unaffected.
James Tobin
