Words Of Wisdom To The Wise

Among the maxims of the elder Rothschild was one, all apparent paradox:
“Be cautious and bold.” This seems to be a contradiction in terms, but it is not,
and there is great wisdom in the maxim. It is, in fact, a condensed statement of
what I have already said. It is to say; “you must exercise your caution in laying
your plans, but be bold in carrying them out.” A man who is all caution, will never
dare to take hold and be successful; and a man who is all boldness, is merely
reckless, and must eventually fail. A man may go on “’change” and make fifty, or
one hundred thousand dollars in speculating in stocks, at a single operation. But
if he has simple boldness without caution, it is mere chance, and what he gains
to-day he will lose to-morrow. You must have both the caution and the boldness,
to insure success.