Every Man Aims At Avoiding What Causes

Progress Of Any Kind Is Always At Variance With The Old And Established Ideas And Therefore With The Codes Inspired By Them. Every Step Of Progress Is A Change Involving Heavy Risks.

It Is Not Enough For [the Investor] To Know All The Factors That Can Possibly Contribute To The Determination Of A Future Event. In Order To Anticipate Correctly They Must Also Anticipate Correctly The Quantity As It Were Of Each Factor's Contribution And The Instant At Which Its Contribution Will Become Effective.

There Is No Means By Which Anyone Can Evade His Personal Responsibility. Whoever Neglects To Examine To The Best Of His Abilities All The Problems Involved Voluntarily Surrenders His Birthright To A Selfappointed Elite Of Supermen. In Such Vital Matters Blind Reliance Upon 'experts' And Uncritical Acceptance Of Popular Catchwords And Prejudices Is Tantamount To The Abandonment Of Self-determination And To Yielding To Other People's Domination. As Conditions Are Today, Nothing Can Be More Important To Every Intelligent Man Than Economics. His Own Fate And That Of His Progeny Are At Stake.

Economic Prosperity Is Not So Much A Material Problem; It Is, First Of All, An Intellectual, Spiritual, And Moral Problem.

What Can Prevent The Coming Of Totalitarian Socialism Is Only A Thorough Change In Ideologies. What We Need Is An Open Positive Endorsement Of That System To Which We Owe All The Wealth That Distinguished Our Age From The Conditions Of Ages Gone By.