The elder Rothschild is cited for his business maxim “Be cautious and bold,” which Barnum presents as reconciling an apparent contradiction in business strategy. All-caution never dares to succeed; all-boldness is reckless and must fail. Rothschild’s principle requires both careful planning followed by confident action, not mere Luck. This wisdom from a prominent banking family exemplifies Barnum’s view that successful business combines careful analysis with bold execution.