I have
adhered to the rule never to purchase what I did not pay for, and
never to sell what I did not own. In those early days, however, I had
several interests that were taken over in the course of business. They
included some stocks and securities that were quoted on the New York
Stock Exchange, and I found that when I opened my paper in the morning
I was tempted to look first at the quotations of the stock market. As
I had determined to sell all my interests in every outside concern and
concentrate my attention upon our manufacturing concerns in
Pittsburgh, I further resolved not even to own any stock that was
bought and sold upon any stock exchange. With the exception of
trifling amounts which came to me in various ways I have adhered
strictly to this rule.
Such a course should commend itself to every man in the manufacturing
business and to all professional men. For the manufacturing man
especially the rule would seem all-important. His mind must be kept
calm and free if he is to decide wisely the problems which are
continually coming before him. Nothing tells in the long run like good
judgment, and no sound judgment can remain with the man whose mind is
disturbed by the mercurial changes of the Stock Exchange. It places
him under an influence akin to intoxication.
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