A Quote by Benjamin Graham

Confusing speculation with investment is always a mistake. — © Benjamin Graham
Confusing speculation with investment is always a mistake.
The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
On the Glass-Steagall thing, like I said, if you could demonstrate to me that it was a mistake, I'd be glad to look at the evidence. But I can't blame [the Republicans]. This wasn't something they forced me into. I really believed that given the level of oversight of banks and their ability to have more patient capital, if you made it possible for [banks] to go into the investment banking business as continental European investment banks could always do, that it might give us a more stable source of long-term investment.
The biggest mistake investors make is to believe that what happened in the recent past is likely to persist. They assume that something that was a good investment in the recent past is still a good investment. Typically, high past returns simply imply that an asset has become more expensive and is a poorer, not better, investment.
When the great innovation appears, it will almost certainly be in muddled, incomplete and confusing form. ... For any speculation which does not at first glance look crazy, there is no hope.
A classic engineering mistake and one I've made is confusing what is hard and what is valuable.
Who are you?" Violet asked. It is confusing to fall asleep in the daytime and wake up at night. "what are you doing with Uncle Monty's reptiles?" Klaus asked. It is also confusing to realize you have been sleeping on stairs, rather than in a bed or sleeping bag. "Dixnik?" Sunny asked. It is always confusing why anyone would choose to wear a plaid shirt.
Melodrama and melodramatic are not the same thing, and often people make the mistake of confusing the two.
From a strictly economic point of view, buying gold in a major inflation and holding it probably presents the least risk of capital loss of any investment or speculation.
Speculation leads you the wrong way. It allows you to put your emotions first, whereas investment gets emotions out of the picture.
You don't need to raise taxes on rich people, because they create capitalization and investment. But you need to tax speculation - meaning capital gains.
I think anybody confusing a system with a reason for success is making a huge mistake. Systems don't win games. Players do.
From the dawn of exact knowledge to the present day, observation, experiment, and speculation have gone hand in hand; and, whenever science has halted or strayed from the right path, it has been, either because its votaries have been content with mere unverified or unverifiable speculation (and this is the commonest case, because observation and experiment are hard work, while speculation is amusing); or it has been, because the accumulation of details of observation has for a time excluded speculation.
There is very little difference between speculation and investment. The only difference is basically that investments are successful speculations because if you successfully anticipate the future you make a speculative profit.
I have always taken measures to fight corruption, to attract investment, to create a better context for investment in Greece.
Socialists make the mistake of confusing individual worth with success. They believe you cannot allow people to succeed in case those who fail feel worthless.
We make a mistake when we stereotype neighborhoods as 'bad' and not worth our attention or investment.
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