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Warren Buffett

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The most common cause of low prices is pessimism—some times [sic] pervasive, some times[sic] specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.
--
1990 Chairman's Letter

 
Warren Buffett

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[Nietzsche inveighs] against every sort of historical optimism; but he energetically repudiates the ordinary pessimism, which is the result of degenerate or enfeebled instincts of decadence. He preaches with youthful enthusiasm the triumph of a tragic culture, introduced by an intrepid rising generation, in which the spirit of ancient Greece might be born again. He rejects the pessimism of Schopenhauer, for he already abhors all renunciation; but he seeks a pessimism of healthiness, one derived from strength, from exuberant power, and he believes he has found it in the Greeks.

 
Georg Brandes
 

there's the claim that this or that price is unreasonable. I used to have conversations about this claim with Mrs. Williams early on in our 44-year marriage. She'd return from shopping complaining that stores were charging unreasonable prices. Having aired her complaints, she'd ask me to go out and unload a car trunk loaded with groceries and other items. Having completed the chore, I'd resume our conversation, saying, "Honey, I thought you said the prices were unreasonable. Are you an unreasonable person? Only an unreasonable person would pay unreasonable prices." The long and short of it is that the conversation never went over well, and we both ceased discussions of reasonable or unreasonable prices. The point is that whatever price a transaction is transacted at represents a meeting of the mind of both buyer and seller. Both viewed themselves as being better off than the next alternative -- not making the transaction. That's not to say that the seller wouldn't have found a higher price more pleasing or the buyer wouldn't have been pleased with a lower price.

 
Walter E. Williams
 

[In this auction we may expect the article to be sold to] "the most eager buyer at a price which is just about the highest he is willing to pay, for in this case the most eager buyer does not know what prices the other buyers are willing to give [and] ... each buyer fear that someone may slip in ahead of him.

 
Kenneth Boulding
 

The fact that the prevailing mood of modern culture was able to transmute the original pessimism of romanticism into an optimistic creed proves the power of this mood. Only occasionally the original pessimism erupts in full vigor, as in the thought of a Schopenhauer or Nietzsche. The subjugation of romantic pessimism, together with the transmutation of Marxist catastrophism establishes historical optimism far beyond the confines of modern rationalism. Though there are minor dissonances the whole chorus of modern culture learned to sing the new song of hope in remarkable harmony. The redemption of mankind, by whatever means, was assured for the future. It was, in fact, assured by the future.

 
Reinhold Niebuhr
 

Optimism is an alienated form of faith, pessimism an alienated form of despair. If one truly responds to man and his future, ie, concernedly and "responsibly." one can respond only by faith or by despair. Rational faith as well as rational despair are based on the most thorough, critical knowledge of all the factors that are relevant for the survival of man.

 
Erich Fromm
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