{"id":32881,"date":"2025-03-10T23:56:00","date_gmt":"2025-03-10T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=32881"},"modified":"2025-05-26T08:35:49","modified_gmt":"2025-05-26T00:35:49","slug":"investment-vs-speculation","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/","title":{"rendered":"Investment vs speculation"},"content":{"rendered":"\n<p>Let&#8217;s dive on investment vs speculation.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Book_%E2%80%98The_Essential_Buffett\" >Book &#8216;The Essential Buffett&#8217;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Keynes\" >Keynes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Graham\" >Graham<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Buffett\" >Buffett<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#The_commonarity\" >The commonarity<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Fred_Schweds_opinion\" >Fred Schwed&#8217;s opinion<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#The_most_insight_say\" >The most insight say<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Other_comments_in_his_book\" >Other comments in his book<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Keynes_opinion\" >Keynes&#8217; opinion<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Keyness_quote\" >Keynes&#8217;s quote<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#It_is_impossible_to_make_money_by_speculating\" >It is impossible to make money by speculating<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Speculation_is_dangerous\" >Speculation is dangerous<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Speculation_is_a_result_of_liquidity\" >Speculation is a result of liquidity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Anticipatory_trading_is_harmful\" >Anticipatory trading is harmful<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Investing_in_equities_is_investing_in_real_values\" >Investing in equities is investing in real values<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Benjamin_Grahams_opinion\" >Benjamin Graham&#8217;s opinion<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Definition\" >Definition<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Investor_vs_speculator\" >Investor vs. speculator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Risk\" >Risk<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Buffets_opinion\" >Buffet&#8217;s opinion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Closing_words\" >Closing words<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Book_%E2%80%98The_Essential_Buffett\"><\/span>Book &#8216;The Essential Buffett&#8217;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In book &#8216;<a href=\"https:\/\/www.amazon.com\/Essential-Buffett-Timeless-Principles-Economy\/dp\/047122703X\" target=\"_blank\" rel=\"noopener\">The Essential Buffett<\/a>&#8216;, author Robert G. Hagstrom Jr. summarized the  difference between investors and speculator from top investment gurus as below.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Keynes\"><\/span>Keynes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Investing is the activity to forecast future reward of assets.<\/li>\n\n\n\n<li>Speculation is activity to forecast market psychology<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Graham\"><\/span>Graham<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Investing is, based on reasonable logic, discreet analysis, secure your principle and win satisfied reward.<\/li>\n\n\n\n<li>Satisfied reward is subjective.<\/li>\n\n\n\n<li>Discreet analysis means diligently analysis existing info, get conclusion based on related principles and correct logical decisions.<\/li>\n\n\n\n<li>Analysis steps: (1). description, (2). comments, (3). choose.<\/li>\n\n\n\n<li>Any activity not meet above requirements is speculation.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buffett\"><\/span>Buffett<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Investors care about assets (including company).<\/li>\n\n\n\n<li>Speculators focus on forecasting price changes independent on company.<\/li>\n\n\n\n<li>Insist the difference between investing and speculation, don&#8217;t mixed up.<\/li>\n\n\n\n<li>Knowledge helps to make the difference between investing and speculation.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_commonarity\"><\/span>The commonarity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The commonarity from these three invesment gurus, they all agree:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Speculators are more interested in guessing future price.<\/li>\n\n\n\n<li>Investors &#8216;know&#8217; future price performance is tighly coupled with asset&#8217;s economic situation.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fred_Schweds_opinion\"><\/span>Fred Schwed&#8217;s opinion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_most_insight_say\"><\/span>The most insight say<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the book of &#8220;<a href=\"https:\/\/www.amazon.com\/Where-Are-Customers-Yachts-Street\/dp\/0471770892\" target=\"_blank\" rel=\"noopener\">Where Are The Customers&#8217; Yachts?<\/a>&#8221; by Fred Schwed Jr. he wrote \u201cSpeculation is an effort, probably unsuccessfully, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Other_comments_in_his_book\"><\/span>Other comments in his book<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Investors and speculators have a habit of wanting to know about the future. The demand is supplied by Wall Street \u2014 with full faith in their ability no less \u2014 which conveniently fuels transactions. The realistic answer \u2014 \u201cI don\u2019t know\u201d \u2014 is also the hardest response to get (and give) to any questions about the future.<\/li>\n\n\n\n<li>The typical speculator sees stocks as ticker symbols and pieces of paper to play games with, not businesses with factories, workers, and products. It\u2019s the inability to see things for what they are that leads to extraordinary risktaking and ruin.<\/li>\n\n\n\n<li>\u201cWhat do you think of the mentality of a man who goes down to Wall Street with very little and wins, by speculation, thirty millions, none of which he has yet lost? My own considered opinion is that he too is pretty much a loony. In order to make his second unimportant million he had to risk his first precious million.\u201d Like Buffett\u2019s take on risking what have and need for what you don\u2019t need.<\/li>\n\n\n\n<li>There will always be a few speculators who make money year after year just like there are always a few coin flippers who luckily hit on a long streak of heads. The longer it goes on, the more they both \u2014 speculator and coin flipper \u2014 believe they have some hidden skill.<\/li>\n\n\n\n<li>There\u2019s a fine enough line between speculation and investing that the differences aren\u2019t always obvious. One obvious difference is speculation attempts to get rich quick, investing attempts to get rich slow. The chance of success improves with the lengthening time horizon.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Keynes_opinion\"><\/span>Keynes&#8217; opinion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Keyness_quote\"><\/span>Keynes&#8217;s quote<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In another post I made many years ago, &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/05\/01\/john-maynard-keynes\/\">John Maynard Keynes, Investment master<\/a>&#8220;, quoted Keynes in this regard:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>About forecast, he said \u201cWe simply don\u2019t know.\u201d<\/li>\n\n\n\n<li>\u201cIn the long run&nbsp;<em>we<\/em>&nbsp;are all dead,\u201d<\/li>\n\n\n\n<li>There are two major uncertainties in the market: speculation and the animal instincts of human nature, that is, people\u2019s &#8220;involuntary impulses&#8221;. They are not determined by basic rationality and knowledge, and cannot be calculated by mathematical formulas.<\/li>\n\n\n\n<li>&#8220;Successful investing is anticipating the anticipations of others.&#8221;<\/li>\n\n\n\n<li>&#8220;Even apart from the instability due to speculation, there is the instability due to the characteristic of human nature that&nbsp;a large proportion of our positive activities depend on spontaneous optimism rather than mathematical expectations, whether moral or hedonistic or economic.&#8221;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"It_is_impossible_to_make_money_by_speculating\"><\/span>It is impossible to make money by speculating<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>John Maynard Keynes believed that speculation was dangerous and unlikely to bring wealth. He also believes that speculation is the result of &#8220;liquidity,&#8221; or the ability to buy and sell assets easily. Keynes believed that this ability made speculation easier, which in turn led to a disconnect between prices and values.<\/p>\n\n\n\n<p>Here are some of Keynes&#8217;s comments on investment versus speculation:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Speculation_is_dangerous\"><\/span>Speculation is dangerous<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Keynes believed that speculation was a dangerous and unlikely path to wealth. He thought that speculators had to predict the behavior of other speculators, which was difficult.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Speculation_is_a_result_of_liquidity\"><\/span>Speculation is a result of liquidity<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Keynes believed that liquidity, or the ability to easily buy and sell assets, made it easier to speculate. He thought that this could lead to businesses being treated like pieces of paper and investors guessing where prices would be.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Anticipatory_trading_is_harmful\"><\/span>Anticipatory trading is harmful<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Keynes believed that anticipatory trading, such as selling market leaders on a falling market and buying them on a rising one, was harmful. He thought that this could lead to investors incurring heavy expenses and developing an unsettled state of mind.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Investing_in_equities_is_investing_in_real_values\"><\/span>Investing in equities is investing in real values<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Keynes argued that investing in equities was investing in real values instead of money values.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benjamin_Grahams_opinion\"><\/span>Benjamin Graham&#8217;s opinion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Definition\"><\/span>Definition<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In Benjamin Graham&#8217;s great stock investment book &#8220;<a href=\"https:\/\/www.amazon.com\/Intelligent-Investor-Definitive-Investing-Essentials\/dp\/0060555661\" target=\"_blank\" rel=\"noopener\">The Intelligent Investor<\/a>&#8220;, Chapter one, he wrote: &#8220;An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Investor_vs_speculator\"><\/span><strong>Investor vs. speculator<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Graham believed that investors are long-term thinkers who analyze investments carefully and look to buy assets at prices below their intrinsic value.&nbsp;Speculators, on the other hand, are active traders who look for short-term gains and minimal losses.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Risk\"><\/span><strong>Risk<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Graham believed that speculation carries the risk of permanent loss of capital and that the majority of people lose money doing it.&nbsp;He also cautioned against speculating when you think you are investing, or when you lack the proper knowledge and skill.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buffets_opinion\"><\/span>Buffet&#8217;s opinion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Quoted from Buffett: &#8220;There is nothing at all conservative, in my opinion, about speculating as to just how high a multiplier a greedy and capricious public will put on earnings.&#8221;<\/p>\n\n\n\n<p>Buffett&#8217;s above comment just like John Bogle advocated: &#8220;Speculation passion is not sustainable, only dividends and earnings could sustain.&#8221;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Closing_words\"><\/span>Closing words<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In book of &#8216;<em><a href=\"https:\/\/www.amazon.com\/Reminiscences-Stock-Operator-Edwin-Lef%C3%A8vre\/dp\/0471770884\" target=\"_blank\" rel=\"noopener\">Reminiscences of a Stock Operator<\/a><\/em>&#8216;, Jesse Livermore wrote: \u201cthere is nothing new in Wall Street. There can\u2019t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again.\u201d<\/p>\n\n\n\n<p>Speculators want possibility, and investors want is value.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"151\" height=\"100\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2025\/01\/invest_Speculate-Custom.jpg\" alt=\"Investment vs speculation\" class=\"wp-image-32916\"\/><figcaption class=\"wp-element-caption\">credit: jeremyrundle.co.za<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/06\/10\/game-of-chance\/\" target=\"_blank\" rel=\"noreferrer noopener\">Investing is a game of chance<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/05\/25\/investors-hope-as-they-wish\/\">Investors hope everything will develop as they wish<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/05\/17\/risk-vs-uncertainty\/\">Risk vs Uncertainty<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/16\/vaguely-right-than-wrong\/\">I would rather be vaguely right than precisely wrong<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/03\/16\/risks-investors-should-face\/\">What are the risks investors should face up to?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/10\/02\/investment-uncertainty\/\" target=\"_blank\" rel=\"noreferrer noopener\">The uncertainty in investment<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/\">Investment vs speculation<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/\">How big a factor does luck play in investment success?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/09\/06\/chance-of-making-mistakes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Invest success depends on less chance of making mistakes<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/05\/01\/john-maynard-keynes\/\">John Maynard Keynes, Investment master<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/09\/27\/imitating-fastest-effective\/\">Imitating great investors is the fastest and most effective way<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Jesse. Livermore\u2019s opinion on investment vs speculation is really to the point: speculators want possibilities, while investors want value.<\/p>\n","protected":false},"author":1,"featured_media":32916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,50,402,42],"tags":[],"class_list":["post-32881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buffett","category-benjamin-graham","category-jesse-livermore","category-john-maynard-keynes"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/32881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=32881"}],"version-history":[{"count":35,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/32881\/revisions"}],"predecessor-version":[{"id":36592,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/32881\/revisions\/36592"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/32916"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=32881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=32881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=32881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}