Mankind are so much the same, in all times and places, that history informs us of nothing new or strange in this particular. Its chief use is only to discover the constant and universal principles of human nature.
Whoever wishes to foresee the future must consult the past; for human events ever resemble those of preceding times. This arises from the fact that they are produced by men who ever have been, and ever shall be, animated by the same passions, and thus they necessarily have the same results.
Only the great generalizations survive. The sharp words of the Declaration of Independence, lampooned then and since as 'glittering generalities,' have turned out blazing ubiquities that will burn forever and ever.
It is just as foolish to complain that people are selfish and treacherous as it is to complain that the magnetic field does not increase unless the electric field has a curl. Both are laws of nature.
We face the future with our past and our present as guarantors of our promises; and we are content to stand or to fall by the record which we have made and are making.
Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years.
It is certain that habit eventually has such power over human nature that it becomes, as it were, a second nature, and forces it to practise that to which it has become accustomed, regardless of whether or not it is good for health.