400+ Sourced quotes
Together, we discovered that a free market only thrives when there are rules to ensure competition and fair play. Together, we resolved that a great nation must care for the vulnerable, and protect its people from life's worst hazards and misfortune. Through it all, we have never relinquished our skepticism of central authority, nor have we succumbed to the fiction that all society's ills can be cured through government alone.
It's not a sign of strength. Anybody can make threats. Anyone can move an army. Anyone can show off a missile. That doesn't make you strong. It does not lead to security, or opportunity, or respect. Those things don't come through force. They have to be earned. And real strength is allowing an open and participatory democracy, where people can choose their own leaders and choose their own destiny. And real strength is allowing a vibrant society, where people can think and pray and speak their minds as they please, even if it's against their leaders — especially if it's against their leaders. Real strength is allowing free and open markets that have built growing, thriving middle classes and lifted millions of people out of poverty.
It was Adam Smith, the father of free-market economics, who once said, They who feed, clothe, and lodge the whole body of the people should have such a share of the produce of their own labor as to be themselves tolerably well fed, clothed, and lodged. And for those of you who don't speak old-English let me translate. It means if you work hard, you should make a decent living. If you work hard, you should be able to support a family.
The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball.
There are also Idols formed by the intercourse and association of men with each other, which I call Idols of the Market Place, on account of the commerce and consort of men there. For it is by discourse that men associate, and words are imposed according to the apprehension of the vulgar. And therefore the ill and unfit choice of words wonderfully obstructs the understanding. Nor do the definitions or explanations wherewith in some things learned men are wont to guard and defend themselves, by any means set the matter right. But words plainly force and overrule the understanding, and throw all into confusion, and lead men away into numberless empty controversies and idle fancies.
We welcome the views of others. We seek a free flow of information across national boundaries and oceans, across iron curtains and stone walls. We are not afraid to entrust the American people with unpleasant facts, foreign ideas, alien philosophies, and competitive values. For a nation that is afraid to let its people judge the truth and falsehood in an open market is a nation that is afraid of its people.
Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management and limited exposure to hard times. … Buy into a company because you want to own it, not because you want the stock to go up. … People have been successful investors because they've stuck with successful companies. Sooner or later the market mirrors the business.