Many see no benefit in distinguishing the investor from the speculator.
Graham disagrees -- he believes the margin of safety may be "the touchstone to distinguish an investment operation from a speculative one."
The speculator believes the odds are in their favor when they take their chance and they might claim a margin of safety as a result from a propitious time, skill in analysis, adviser or system, etc. But these claims are unconvincing.
http://www.conscious-investor.com/books/intelligentinvestor.pdf
No comments:
Post a Comment