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— John Maynard Keynes"Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market."
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Political economy has disapproved equally of monopoly and communism in the various branches of human activity, wherever it has found them. Is it not then strange and unreasonable that it accepts them in the security industry?
— Gustave de Molinari
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Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes a bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill done.
— John Maynard Keynes
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