The most important quality for an investor is temperament, not intellect… You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
Theories of what is true have their day. They come and go, leave their deposit in the common stock of knowledge, and are supplanted by other more convincing theories. The thinkers and investigators of the world are pledged to no special theory, but feel themselves free to search for the greater truth beyond the utmost limits of present knowledge. So likewise in the field of moral truth, it is our hope, that men in proportion as they grow more enlightened, will learn to hold their theories and their creeds more loosely, and will none the less, nay, rather all the more be devoted to the supreme end of practical righteousness to which all theories and creeds must be kept subservient. There are two purposes then which we have in view: To secure in the moral and religious life perfect intellectual liberty, and at the same time to secure concert in action. There shall be no shackles upon the mind, no fetters imposed in early youth which the growing man or woman may feel prevented from shaking off, no barrier set up which daring thought may not transcend. And on the other hand there shall be unity of effort, the unity that comes of an end supremely prized and loved, the unity of earnest, morally aspiring persons, engaged in the conflict with moral evil.