“Bravery in simple soldiers is a dangerous trade, to which they have bound themselves to get their livelihood.” SimpleDangerousDangerBraveryTradeBoundsSoldierLivelihood Author:Francois de La Rochefoucauld
“Though the principles of the banking trade may appear somewhat abstruse, the practice is capable of being reduced to strict rules. To depart upon any occasion from those rules, is consequence of some flattering speculation of extraordinary gain, is almost always extremely dangerous, and frequently fatal to the banking company which attempts it.” MayCompanyPrinciplesPracticeDangerousCapableConsequenceGainsTradeExtraordinaryOccasionsStrictBankingSpeculationFlatteringStrict Rules Book:An inquiry into the nature and causes of the wealth of nations Source: An inquiry into the nature and causes of the wealth of nations
“The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.” ShouldValuesSecurityDangerousPeriodsHealthyDegreesIllusionConceptsTradeSkepticismAnchorsMiragesExuberanceValuationTrue Value Author:Seth Klarman
“[The World Trade Center and the Pentagon] have drawn, like gathered lightning, the anger of the enemies of civilization. Those enemies are always out there.... Americans are slow to anger but mighty when angry, and their proper anger now should be alloyed with pride. They are targets because of their virtues-principally democracy, and loyalty to those nations which, like Israel, are embattled salients of our virtues in a still-dangerous world.” WorldShouldStillsNationsEnemyVirtueDemocracyDangerousPrideCivilizationAngryTradeIsraelLoyaltyTargetLightningPentagonWorld TradeWorld Trade CenterDangerous World Author:George Will
“The world has always been a dangerous place. Now it is dangerous in a different way, because the world order that we've known since the end of the Cold War has been radically transformed. All of the institutions that preserved peace and promoted global trade will be weaker - NATO, the EU, NAFTA - and US relationships with other countries will change, too.” WorldWayHas BeensDifferentWarEndsCountryOrderKnownDangerousColdInstitutionsTradeDifferent WaysTransformedOther CountriesCold WarWorld OrderNatoRelationships With OthersDangerous PlacesNafta Author:Anne Applebaum
“Each powerful player, or coalition of players, will make concessions in areas where it has relatively less at stake in exchange for other such players making reciprocal concessions in other areas where it has relatively more at stake. Such trades are collectively rational insofar as they get each of the powerful players more of what it wants. But such trades are also dangerous because the whole international rule-system will become incoherent and therefore vulnerable to crises that will continue to become increasingly severe.” WantWholePowerfulPlayerDangerousAreasCrisisTradeInternationalRationalVulnerableStakesSevereCoalitionsConcessionsReciprocal Author:Thomas Pogge