- 1. Self-reliance: A man must think for himself and must follow his own convictions. Self-trust is the foundation of successful effort.
- 2. Judgment: That equipoise, that nice adjustment of the faculties of one to the other, which is called good judgment—essential to the speculator.
- 3. Courage: That is, confidence to act on the decisions of the mind. In speculation, there is value in the dictum: Be bold, still be bold; always be bold.
- 4. Prudence: The power of measuring the danger, together with a certain alertness and watchfulness, is very important. There should be a balance of prudence and courage; prudence in contemplation, courage in execution.
- 5. Pliability: The ability to change an opinion, the power of revision. He who observes and observes again is always formidable.