Compounding Requires Never Spending the Capital

"frugality was more than idle virtue. In his view, a dollar spent was a dollar wasted; a dollar unspent could be sent off to compound."

"Inside an investment account, which was where it belonged, money was a joyous and nourishing substance. Outside an investment account, in the hands of spenders, money was worrisome and potentially toxic. It sapped self-reliance and subverted the work urge of its possessors."

"Where is the incentive if children and grandchildren start out with a trust fund which guarantees they never had to work? [He refused to condemn his offspring to a "life of ease" because] from my own experience and that of trust fund friends, I know such hapless (not lucky) recipients often if not usually become the victims of society, in the care of psychologists, psychiatrists and others. I believe in providing a "safety net" in case of emergency but, predominantly, I believe in the incentive to excel ... and contribute to the common good."

"Davis reiterated to Chris what he'd said decades earlier to Shelby and Diana: "You're getting nothing from me. That way, you won't be robbed of the pleasure of earning it yourself.""