The right merchant is one who has the just average of faculties we call common sense; a man of a strong affinity for facts, who makes up his decision on what he has seen. He is thoroughly persuaded of the truths of arithmetic. There is always a reason, in the man, for his good or bad fortune in making money. Men talk as if there were some magic about this. He knows that all goes on the old road, pound for pound, cent for cent -- for every effect a perfect cause -- and that good luck is another name for tenacity of purpose.

Summary

This quote explains that a successful merchant possesses two key qualities: common sense and a strong reliance on facts. Such a merchant believes in the fundamental truths of arithmetic and bases their decisions on their own observations. They understand that there is no mystical element to financial success; it comes from hard work and determination. The merchant acknowledges that every outcome is a direct result of their efforts, and what may be perceived as "good luck" is simply a result of their unwavering perseverance towards their goals.

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