"As a man of pleasure, by a vain attempt to be more happy than any man can be, is often more miserable than most men are, so the sceptic, in a vain attempt to be wise beyond what is permitted to man, plunges into a darkness more deplorable, and a blindness more incurable than that of the common herd, whom he despises, and would fain instruct."

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The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell.

— Benjamin Graham