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Benjamin Graham

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    Investment versus Speculation
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    everyone who buys or sells a security has become an investor, regardless of what he buys, or for what purpose, or at what price,
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    Only 4% thought common stock would offer a “satisfactory”

    return; 26% considered it “not safe” or a “gamble.
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    and the entire stock-buying public into “investors.”
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    distinction between investment and speculation in common stocks has always been a useful
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    some speculation is necessary and unavoidable, for in many common-stock situations there are substantial possibilities of both profit and loss, and the risks therein
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    speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.
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    can be a lot of fun while you are ahead of the game.
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    aside a portion—

    the smaller the better—of your capital in a separate fund for this purpose.
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    Never add more money to this account just because
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