CHAPTER 1
Investment versus Speculation: Results to Be Expected by The Intelligent Investor
This chapter will outline the viewpoints that will be set forth in the remainder of the book. In particular we wish to develop at the outset out concept of appropriate portfolio policy for the individual, nonprofessional investor.
Investment versus Speculation
What do we mean by "investor"? Throughout this book the term will be used in contradistinction to "speculator". As far back as 1934, in our textbook Security Analysis, we attempted a precise formulation of the difference between the two, as follows: "An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative."
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