'Intelligent Speculation' Is a No-Brainer
Coming from a value investor, the term "intelligent speculation" seems like a contradiction in terms. On the contrary, investors can make intelligent speculative bets provided they have a clear understanding of what they are engaging in.
Ben Graham, author of the investing classic The Intelligent Investor, said that if you are not investing, you are speculating. What's gets folks in trouble is that they think they are investing but in fact they are speculating. An investment operation is defined by three characteristics: diligent analysis, margin of safety and adequate return. Without those three conditions, you are making a speculative bet....374 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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