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).