Speculation: A Game You Can’t Win

If you spend 15+ years logging your expenses every night, checking your portfolio twenty times a day, and making decisions based on their fiscal impact, how plausible is it that you will stop thinking about money after you’ve reached your goalpost? If you’ve been treating money like the ultimate collectors’ item for decades, can you stop identifyin... See more

Speculation is a great hobby if you can afford it, but it shouldn’t be confused with investment.

fear. In speculation when the market goes against you you hope that every day will be the last day—and you lose more than you should had you not listened to hope—to the same ally that is so potent a success-bringer to empire builders and pioneers, big and little. And when the market goes your way you become fearful that the next day will take away

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