"With respect to investments in private companies generally, I have some observations to make. A very large proportion of one's means should not be concentrated in one institution, especially without the most thorough familiarity with its affairs. A wise selection between them requires at any time special knowledge and individual judgment; and more so now than usually. The abundance of capital and low rates of interest causes high premiums to be given for the most productive stocks as well as the most ____ so that it is scarcely possible to get them at prices [half a page is here utterly undecipherable] unless in special cases where the enterprise is comparatively new and unknown, or its real merits are not fully appreciated by the public, in which cases you rely upon what you suppose to be superior information or judgment. "I ought to add, in qualification of those general views, that I do not mean that the market has reached its highest elevation. I think it probably has not; nor can I now see the particular time when, or the particular event by which a change is to take place. We are not in a state of high speculative excitement; we appear to be tending to such a state, though causes may occur to check the tendency. But we do know that--whether the present abundance of capital and prosperity of business shall, temporarily, increase or not--we cannot expect them to continue for a very long period, _even to the present degree_. It is desirable to make your investment at as low prices as possible, in order to enhance your interest and have greater security against possible contingencies; but even this consideration may be so modified by peculiar circumstances that it is difficult to state an absolute rule applicable to all cases.