Investment Vs. Speculation

Investment Vs. Speculation

“An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.” — Ben Graham It occurs to me that the typical individual who buys and sells common stocks makes little or no distinction between the concepts of speculation versus investment. Instead they […]



Over the long term, the return from dividends has been a significant contributor to the total returns produced by equity securities in markets studied. Stocks with high and apparently sustainable dividend yields that are competitive with high quality bond yields may be more resistant to a decline in price than lower-yielding securities because the stock […]

Joel Greenblatt

Business and Investing Lessons From Joel Greenblatt

For a value investor, value is determined using methods that produce a fuzzy but very important benchmark, which is called “intrinsic value.”- Joel Greenblatt “One of the greatest stock market writers and thinkers, Benjamin Graham, put it this way.  Imagine that you are partners in the ownership of a business with a crazy guy named Mr. […]

Adam Smith

Back to Basics I: Adam Smith

The idea of a higher standard for professionals is not new. So, let’s go back in history to learn from the wisdom of our predecessors. We will start in 1759 with Adam Smith, then on to 1949 and Benjamin Graham, and finally, if you will, to the investment philosophy that I have developed during my […]

Global Investment
Charlie Munger

What Li Lu learned from Charlie Munger

What Li Lu learned from Charlie Munger “When Charlie thinks, he always Starts by inverting. To understand how to be happy in life, Charlie will study how to make life miserable. To examine how businesses become big, strong and successful, Charlie first studies who businesses decline and fall. When most people care only about how […]



The world’s best investors are special in many ways and it’s difficult to count all of their skills and abilities. They are also not all the same and each one of these individuals has his own peculiarities. However, there are a few traits common to all of these finance experts and we will explain them […]

Reading Links

A Man for All Markets by Ed Thorp

What lessons do you want people to come away with from A Man for All Markets- Ed Thorp That the best thing you can do for yourself is to educate yourself to think clearly and rationally. It helps to have math or science or logical training. The next is to be widely read and curious. If […]

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