Excerpt from Investment and Speculation, Vol. 7: A Description of the Modern Money Market and Analysis of the Factors Determining the Value of Securities; Modern Business
It is no part of the purpose of this volume to teach the reader how to speculate. It is hoped, on the contrary, that the book will discourage speculation by the emphasis which it places on the importance of patience, intelligence and foresight in the art of investing. In the minds of many people speculation is a very sinister word, and a speculator a man morally no better than a gambler. It is the purpose of this volume to make clear the distinction between speculation and investment, to explain and illustrate the conditions which determine a safe investment, and to describe and illustrate the hazards inherent in all forms of speculation.
The investor seeks to have his capital employed in the actual production of wealth; he is especially concerned in the security of the principal and in the certainty of income in the form of interest on bonds and dividends on stocks. The speculator, on the other hand, is primarily concerned in the values or prices of things. He is a trader, hoping to buy cheap and sell dear, and in the process he does not desire either to produce or handle the goods. Economists are generally agreed that speculation, whether in commodities or in stocks, has a beneficial effect upon the production of wealth. It tends as a rule to prevent sudden and great fluctuations in the prices of goods and securities. It causes to be recorded in the world"s great markets the effect upon prices of the smallest changes in industrial conditions. Does a late frost injure the corn crop?
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