Category 8. My Favorites

Trust

Trust is far more important than law.

Think of it: how many times have you sued somebody, or been sued? Have you ever been arrested? Each of us interacts with many others in numerous ways every day, and recourse to the law is exceptionally rare. Our actions may be constrained by certain laws; but usually they are far more limited by the expectations of those with whom we are dealing.

If you were unwilling to trust others, it would be next to impossible to accomplish anything. Once, when I was a young banker, I was asked to hand deliver a package containing $10 million in fully negotiable securities to a major corporate customer...

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