I think that only daring speculation can lead us further and not accumulation of facts.
The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities -- that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future -- will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.
If you're an investor, you're looking on what the asset is going to do, if you're a speculator, you're commonly focusing on what the price of the object is going to do, and that's not our game.
1997 Berkshire Hathaway Annual Meeting.
Speculation is only a word covering the making of money out of the manipulation of prices, instead of supplying goods and services.
The life of a man who deliberately runs through his fortune often becomes a business speculation; his friends, his pleasures, patrons, and acquaintances are his capital.
Honore de Balzac
The Wild Ass’s Skin
Freud is constantly claiming to be scientific. But what he gives is speculation — something prior even to the formation of an hypothesis.
For the merchant, even honesty is a financial speculation.
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