Trading Vs. Investing
The individual who does his own
thinking must learn to question the majority’s point of view, for they are
usually wrong. I am completely convinced of the inevitability of loss when
attempting to secure a safe income of small return, that I constantly suggest
speculation rather than investment as the policy less apt to show a loss and
more apt to show a profit.
–Gerald M. Loeb, from the 1935 book, The
Battle for Investment Survival (1996, John Wiley & Sons, New York).