People who invest make money for themselves; people who speculate make money for their brokers.

On the other hand, investing is a unique kind of casino―one where you cannot lose in the end, so long as you play only by the rules that put the odds squarely in your favor. People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
―The Intelligent Investor, Commentary on Chapter 1

私も投機は嫌です。


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