Excerpt from Simple Principles of Investment
If a wise man works for wages, he naturally demands the highest return obtainable in his particular field of endeavor. If he embarks upon a business venture of his own, he examines with care the various probabilities and possibilities of the proposed enterprise and reflects upon the drawbacks and perplexities which may arise.
Money, being exchangeable for all other commodities, is looked upon as the most important of material possessions. Yet the owner of surplus money does not always display the same amount of care, foresight, and intelligence in directing the employment of his funds as in marketing his physical or mental services. He allows his capital to work for. long periods at lower than standard wages, or, per contra, he sells its services to incompetent or dishonest employers at very high wages, frequently losing either wages or capital, or both. He engages it in gambling ventures which he calls speculation, and, after it is lost, he designates all speculation as gambling.
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