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“First in point of time and interest comes the mortgage debt, i.e. the claim for the return of money lent on the security of some tangible object. Such claims are among the earliest fruits of a commercial civilization, and are nearly always affected the same way, viz. by the deposit or pledge of the security with the creditor, to be redeemed or returned on the payment of the debt.”

“In moments of spiritual crisis we naturally fall back upon what worked for us, or seemed to work, heretofore. Sometimes this shows up through the reassertion of our old values in belligerent, testy ways. Regression of any kind is just such a return to old presumptions, often after they have been shown to be insufficient for the complexity of larger questions. The virtue of the old presumptions is that they once worked, or seemed to work, and therein lies if not certainty, then nostalgia for a previous, presumptive security. In our private lives, we frequently fall back upon our old roles.”

“In the spiritual lore of India there is a story that the Lord whispered only one word in our ears when he sent us into the world: 'Give.' Give freely of your time, your talent, your resources; give without asking for anything in return. This is the secret of living in joy and security.”

“Normally an infant learns to use his mother as a "beacon of orientation" during the first five months of life. The mother's presence is like a fixed light that gives the child the security to move out safely to explore the world and then return safely to harbor.”

“Index funds are... tax friendly, allowing investors to defer the realization of capital gains or avoid them completely if the shares are later bequeathed. To the extent that the long-run uptrend in stock prices continues, switching from security to security involves realizing capital gains that are subject to tax. Taxes are a crucially important financial consideration because the earlier realization of capital gains will substantially reduce net returns.”

“It is most attractive about the US to people and countries with wealth is that it can provide security, insurance really, against political instability. Nobody is afraid that the money they place in the US is at risk of expropriation or of in some other way being taken away. For this safety, the wealth holders of the world are willing to accept a lower rate of return.”

“Sometimes markets err big time. Markets erred when they gave America Online the currency to buy Time Warner. They erred when they bet against George Soros and for the British pound. And they are erring right now by continuing to float along as if the most significant credit bubble history has ever seen does not exist. Opportunities are rare, and large opportunities on which one can put nearly unlimited capital to work at tremendous potential returns are even more rare. Selectively shorting the most problematic mortgage-backed securities in history today amounts to just such an opportunity.”

“The theory of government I was taught says that government provides benefits, primarily security, to the entire population. In return we pay taxes. But lately the government has been a distributor of special privileges, taking money from some and giving it to others. America is now about evenly split between those who pay income taxes and those who consume them.”

“As I have mentioned before, we cannot make the same sort of money out of permanent ownership of controlled businesses that can be made from buying and reselling such businesses, or from skilled investment in marketable securities. Nevertheless, they offer a pleasant long term form of activity (when conducted in conjunction with high grade, able people) at satisfactory rates of return.”

“I have long believed that Israel should seek to give up the so-called Occupied Territories in return for security, and that a Palestinian state should be established. I have felt that way all my life. I think it is unreasonable to ask the Israelis to do this in a context where there is no guarantee at all that suicide bombers will be controlled.”

“Back in March, before Donald Trump secured the Republican nomination for president, a group of national security heavyweights signed an open letter that called Trump fundamentally dishonest and utterly unfit for the presidency. Now, two days after Trump's victory, some in the national security establishment are wondering whether to return to the fold.”

“The world was a terrible place, cruel, pitiless, dark as a bad dream. Not a good place to live. Only in books could you find pity, comfort, happiness - and love. Books loved anyone who opened them, they gave you security and friendship and didn't ask anything in return; they never went away, never, not even when you treated them badly.”

“Remember that every government service, every offer of government - financed security, is paid for in the loss of personal freedom... In the days to come, whenever a voice is raised telling you to let the government do it, analyze very carefully to see whether the suggested service is worth the personal freedom which you must forgo in return for such service.”