I thought I had made this discovery: that the…

I thought I had made this discovery: that there are unexpected, constant repetitions in our behavior. The right combination of circumstances had enabled me to observe them. One seldom has the chance to be a clandestine witness of several talks between the same people. But scenes are repeated in life, just as they are in the theatre.

I tried out various experiments described in…

I tried out various experiments described in treatises on physics and chemistry, and the results were sometimes unexpected. At times, I would be encouraged by a little unhoped-for success; at others, I would be in the deepest despair because of accidents and failures resulting from my inexperience.

Clearly, sustained low inflation implies less…

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

But how do we know when…

But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

Don’t be upset that it takes…

Don’t be upset that it takes a long, long time to find wisdom because nobody knows where wisdom can be found. It tends to break out at unexpected times like a rare virus and mostly people with compassion and understanding are susceptible to it.

Blind impatience is equally evident in…

Blind impatience is equally evident in the fruit section. Our ancestors might have delighted in the occasional handful of berries found on the underside of a bush in late summer, viewing it as a sign of the unexpected munificence of a divine creator, but we became modern when we gave up on awaiting sporadic gifts from above and sought to render any pleasing sensation immediately and repeatedly available.