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“If we're talking about buying exchanges abroad, we have to have global securities standards, as we have global banking regulations. I'm talking about margins. Now, the United States has certain margin requirements that are not the same in London. Investors and hedge funds that want to borrow more money against securities ? if they can't in the U.S., they go abroad. That could add additional risks to the global economy.”

“The investor has the benefit of the stock market's daily and changing appraisal of his holdings, 'for whatever that appraisal may be worth', and, second, that the investor is able to increase or decrease his investment at the market's daily figure - 'if he chooses'. Thus the existence of a quoted market gives the investor certain options which he does not have if his security is unquoted. But it does not impose the current quotation on an investor who prefers to take his idea of value from some other source.”

“There is simply too much unnecessary suffering in our world. And we should see that as a national security risk, by the way. Given enough time, desperate people will tend to do desperate things. At a certain point you won't be able to build enough prisons or enough bombs to eradicate the effects of all that violence inside so many hearts.”

“The question of crime is one of concern to everybody. But the position is that the security forces in our country for the last four decades did not concentrate on suppressing crime. Their main objective was to suppress, to crush political activity. And in the process, crime grew to unacceptable proportions. And criminals were able to form powerful syndicates, and they virtually took over the control of the life of the community in certain areas.”

“The city (regardless which one it is) does provide a certain degree of sophistication and intellectualism. It offers the challenge of professional matters. It throws new and interesting people in one's path. There is a dynamic and an energy in cities which is diametric to the life-forces of the forest. Still the cabin is the wellspring, the source, the hub of my existence. It gives me tranquility, a closeness of nature and wildlife, good health and fitness, a sense of security, the opportunity for resourcefulness, reflection and creative thinking.”

“There is a growing sentiment in America that regular saving should be ignored-that the government will take care of people and give them security when they get beyond a certain age or become old and unable to work, but it must be borne in mind that the people who earn and do save, take care of the government! Were it not for the thrifty and the willing workers, the government would be in a bad way.”

“[T]he enshrinement of constitutional rights necessarily takes certain policy choices off the table.... Undoubtedly some think that the Second Amendment is outmoded in a society where our standing army is the pride of our Nation, where well-trained police forces provide personal security, and where gun violence is a serious problem. That is perhaps debatable, but what is not debatable is that it is not the role of this Court to pronounce the Second Amendment extinct.”

“A young financial writer once brought ridicule upon himself by stating that a certain company had nothing to commend it except excellent earnings. Well, there are companies whose earnings are excellent but whose stocks I would never recommend. In selecting investments, I attach prime importance to the men behind them. I'd rather buy brains and character than earnings. Earnings can be good one year and poor the next. But if you put your money into securities run by men combining conspicuous brains and unimpeachable character, the likelihood is that the financial results will prove satisfactory.”

“Even with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only that he has a better chance for profit than for loss - not that loss is impossible. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses.”

“There's nothing good about being certain about things. And I don't think there's any real talent in using language in a manipulative way, with phrases like "tax relief" or "Social Security reform." It's politically clever, but it's also completely disingenuous, and it's not something to aspire to.”

“People talk so much to me about the beauty of confidence. They seem to entirely ignore the much more subtle beauty of doubt. To believe is very dull. To doubt is intensely engrossing. The Apostle Thomas was artistic up to a certain point. He appreciated the value of shadows in a picture. To be on the alert is to live. To be lulled into security is to die.”

“We have a media that goes along with the government by parroting phrases intended to provoke a certain emotional response - for example, "national security." Everyone says "national security" to the point that we now must use the term "national security." But it is not national security that they're concerned with; it is state security. And that's a key distinction.”

“There is a bit of a problem with the match between derivative securities markets and the primary markets. We have long ago instituted principles, essentially high margin requirements, to prevent certain instabilities in the stock market, and I think they're basically correct. The trouble is that there's a linkage, let's say, between something like the stock market and the index futures markets, and the fact that the margin requirements are very different, for example, played some role in the October '87 crash.”