“If it cost you your peace, it’s too expensive.”

—  Ralph Smart

Last update Nov. 2, 2021. History

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“The war was expensive to the South as well as to the North, both in blood and treasure, but it was worth all it cost.”

Ulysses S. Grant (1822–1885) 18th President of the United States

Source: 1880s, Personal Memoirs of General U. S. Grant (1885), Ch. 41.
Context: There was no time during the rebellion when I did not think, and often say, that the South was more to be benefited by its defeat than the North. The latter had the people, the institutions, and the territory to make a great and prosperous nation. The former was burdened with an institution abhorrent to all civilized people not brought up under it, and one which degraded labor, kept it in ignorance, and enervated the governing class. With the outside world at war with this institution, they could not have extended their territory. The labor of the country was not skilled, nor allowed to become so. The whites could not toil without becoming degraded, and those who did were denominated 'poor white trash.' The system of labor would have soon exhausted the soil and left the people poor. The non-slaveholders would have left the country, and the small slaveholder must have sold out to his more fortunate neighbor. Soon the slaves would have outnumbered the masters, and, not being in sympathy with them, would have risen in their might and exterminated them. The war was expensive to the South as well as to the North, both in blood and treasure, but it was worth all it cost.

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“If active managers win, it has to be at the expense of other active managers. And when you add them all up, the returns of active managers have to be literally zero, before costs. Then after costs, it's a big negative sign”

Eugene Fama (1939) American economist and Nobel laureate in Economics

Cited in: Lawrence Delevingne. " Nobel winner Fama: Active management 'never' good. http://www.cnbc.com/id/102014057" at cnbc.com. 19 Sept. 2014.

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