One should guard against inculcating a young man with the idea that success is the aim of life, for a successful man normally receives from his peers an incomparably greater portion than the services he has been able to render them deserve. The value of a man resides in what he gives and not in what he is capable of receiving. The most important motive for study at school, at the university, and in life is the pleasure of working and thereby obtaining results which will serve the community. The most important task for our educators is to awaken and encourage these psychological forces in a young man {or woman}. Such a basis alone can lead to the joy of possessing one of the most precious assets in the world - knowledge or artistic skill.

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. They know that overstaying the festivities—that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future—will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.