7/28/2019 Are You an Investor or a Speculator?

1/5

@rl _du `b Obvlstdr dr ` Vplfun`tdr4 0

@rl _du `b Obvlstdr dr ` Vplfun`tdr4

Ad ydu cbdw4

s G`hstrdm s`oa td ml l`rnolr tgos wllc. @b `ffdubt`bt cbdws tgl aojjlrlbfl eltwllb `

aleot `ba ` frlaot. `b `ttdrbly cbdws tgl aojjlrlbfl eltwllb ` jlndby `ba `

mosalml`bdr. ` adftdr cbdws tgl aojjlrlbfl eltwllb ` vorus `ba e`ftlro`" Vd gdw os ot

tg`t tgl job`bfo`n obaustry f`bt aljobl tgl aojjlrlbfl eltwllb obvlstobh ba splfun`todb4

Oj ydu tgobc ydu `rl obvlstobh wglb. ob j`ft. ydu `rl splfun`tobh. ydurl noclny td el surprosla ey

wdrsl ndssls tg`b ydu f`b om`hobl" Oj ydur job`bfo`n `avoslr splfun`tls wotg ydur `ffdubt wglb

ydu w`bt dbny td obvlst. ydu wonn hlt s`aanla wotg roscs ydu `rlbt noclny td wotgst`ba"

Eut wg`t lx`ftny slp`r`tls obvlstdrs jrdm splfun`tdrs4

O tgduhgt O cblw. eut bdw Om bdt sd surl"

Xglb G`hstrdm jorst fdbt`ftla ml ` jlw wllcs `hd td fg`t `edut tgl oal`. O ommlao`tlny rltdrtla

wotg wdras O nl`rbla ey gl`rt mdrl tg`b 5; yl`rs `hd. jorst wrottlb ey tgl hrl`t job`bfo`n `b`nyst

Elbi`mob Hr`g`m ob 0?619 @b obvlstmlbt dplr`todb os dbl wgofg. updb tgdrduhg `b`nysos.

prdmosls s`jlty dj probfop`n `ba ` s`tosj`ftdry rlturb" Dplr`todbs bdt mlltobh tglsl rlquorlmlbts

`rl splfun`tovl"

Os ot tg`t sompnl4

Ob gos 0?61 m`stlrpolfl. Vlfuroty @b`nysos. Hr`g`m ln`edr`tla db tgl aljobotodb"

Gl usla tgl tlrm obvlstmlbt dplr`todb r`tglr tg`b obvlstmlbt elf`usl sdmltomls tgl

lnlmlbt dj s`jlty os prdvoala ey tgl fdmeob`todb dj purfg`sl `ba s`nl" Hr`g`m djtlb lbh`hla ob

mlrhlr `reotr`hl. euyobh dbl stdfc dr edba obvdnvla ob ` fdrpdr`tl t`cldvlr wgonl slnnobh dr

sgdrtobh slfurotols dj tgl fdmp`by db tgl dtglr soal dj tgl al`n" Dr. aurobh ` fdrpdr`tl

rldrh`boz`todb ob ` e`bcruptfy. gl mohgt euy dbl typl dj ` fdmp`bys slfurotols wgonl sgdrtobh

dtglrs ossula ey tgl s`ml fdmp`by" Ob tglsl `ba dtglr typls dj glahobh. tgl s`jlty `ba rlturb `rl

tgl rlsunt dj `b dplr`todb. somunt`bldusny euyobh `ba slnnobh mdrl tg`b dbl slfuroty `t ` toml"

Hr`g`m aala9 Ey tgdrduhg `b`nysos wl ml`b. dj fdursl. tgl stuay dj tgl j`fts ob tgl nohgt dj

lst`enosgla st`ba`ras dj s`jlty `ba v`nul"

Fdbtobula Hr`g`m9 Qgl s`jlty sduhgt ob obvlstmlbt os bdt `esdnutl dr fdmpnltl3 tgl wdra

ml`bs. r`tglr. prdtlftodb `h`obst ndss ubalr `nn bdrm`n dr rl`sdb`eny noclny fdbaotodbs dr

v`ro`todbs" ` s`jl stdfc os dbl wgofg gdnas lvlry prdsplft dj elobh wdrtg tgl profl p`oa lxflpt

ubalr quotl ubnoclny fdbtobhlbfols" Xglrl stuay `ba lxplrolbfl obaof`tl tg`t `b `pprlfo`enl

fg`bfl dj ndss must el rlfdhbozla `ba `nndwla jdr. wl g`vl ` splfun`tovl sotu`todb"

@

7/28/2019 Are You an Investor or a Speculator?

2/5

@rl _du `b Obvlstdr dr ` Vplfun`tdr4 5

Job`nny. Hr`g`m lxpn`obla. @s`tosj`ftdry rlturbos ` sueilftovl tlrm3 ot fdvlrs `by r`tl dr

`mdubt dj rlturb. gdwlvlr ndw. wgofg tgl obvlstdr os wonnobh td `fflpt. prdvoala gl `fts wotg

rl`sdb`enl obtlnnohlbfl"

Mufg td my surprosl. dbfl O tgduhgt tgrduhg Hr`g`ms fn`ssof aljobotodb pdobt ey pdobt. O jduba

tg`t ot w`sbt quotl `s w`tlrtohgt `s O g`a `nw`ys elnolvla"

Oj mlrhlr `reotr`hl os `b obvlstmlbt dplr`todb. tglb wg`t `edut tda`ys woalsprl`a pr`ftofl dj

st`tostof`n reotr`hl4 @ st`t-`re tr`aobh jorm mohgt. jdr lx`mpnl. euy `nn tgl ubalrnyobh stdfcs ob

`b lxfg`bhl-tr`ala juba `ba somunt`bldusny sgdrt-slnn tgl LQJ oj ot elnolvls tg`t tgl LQJ os snohgtny

dvlrv`nula" Qglsl jorms usl bd nlvlr`hl dr edrrdwla mdbly3 tgly hd gdml jn`t. fndsobh dut `nn

tglor pdsotodbs `t tgl lba dj tgl a`y td mobomozl rosc"

Vdml dj tglsl s`ml jorms `rl dtglrwosl cbdwb `s gohg-jrlqulbfy tr`alrs3 tgly gdna tglor

pdsotodbs jdr dbny gdurs. djtlb lvlb dbny ` jlw mobutls. `t ` toml" Qypof`nny tgly usl bd gum`b

iuahmlbt wg`tsdlvlr. huoaobh tglor dplr`todbs purlny wotg nohgtbobh-j`st fdmputlr prdhr`ms

tg`t t`p aorlftny obtd tr`aobh a`t` prdvoala ey tgl stdfc lxfg`bhls"

Os tg`t obvlstobh4 Qgl vlry suhhlstodb tg`t gohg-jrlqulbfy tr`alrs mohgt. ob j`ft. el obvlstdrs

sllms `esura `ba rlpuhb`bt" Eut gdw. dtglr tg`b tglor sgdrt toml gdrozdbs. ad tgl dplr`todbs dj

sufg tr`alrs aojjlr jrdm tgl `reotr`hl tg`t Hr`g`m gomslnj elnolvla td el ` jdrm dj obvlstobh4

@ba oj tglrl os ` mobomum gdnaobh plroda rlquorla jdr sdmldbl td el fdbsoalrla `b obvlstdr.

gdw ndbh os ot4

Ots g`ra td elnolvl tg`t `bydbl wgd cllps ` stdfc jdr dbny ` jlw mobutls `t ` toml f`b el

obvlstobh. eut wglrl os tgl aovoaobh nobl4 Os tgl mobomum gdnaobh plroda dbl mdbtg4 Dbl yl`r4 Oj

sd. el`r ob moba tg`t tgl `vlr`hl gdnaobh plroda `mdbh \"V" mutu`n-juba m`b`hlrs os 00 mdbtgs.

`ffdraobh td Mdrbobhst`rml`bobh tg`t tgl typof`n juba m`b`hlr osbt obvlstobh" Os ot tgrll

yl`rs4 'Xgy4/ Os ot jovl4 'Xgy4/

Jurtglrmdrl. Hr`g`ms rhumlbt tg`t wglrl stuay `ba lxplrolbfl obaof`tl tg`t `b `pprlfo`enl

fg`bfl dj ndss must el rlfdhbozla `ba `nndwla jdr. wl g`vl ` splfun`tovl sotu`todb osbt lbtorlny

s`tosjyobh"

Bd m`ttlr gdw tgdrduhg ydur `b`nysos dj `b `sslt. tglrl os `nw`ys `b `pprlfo`enl fg`bfl dj ndss

`s Hr`g`m cblw elttlr tg`b `bydbl" @s f`rljun `b `b`nyst `s gl w`s. gl ndst rduhgny 8;, ob `ba

`jtlr tgl Hrl`t Fr`sg dj 0?5?" Ob tgl 0?85 laotodb dj gos eddc Qgl Obtlnnohlbt Obvlstdr. gl w`rbla

tg`t ` stdfc obvlstdr must rlfdbfonl gomslnj td tgl prde`eonoty r`tglr tg`b tgl pdssoeonoty tg`t

mdst dj gos gdnaobhs wonn j`nn ey `t nl`st 66, slvlr`n tomls dvlr jovl-yl`r plrodas"

7/28/2019 Are You an Investor or a Speculator?

3/5

@rl _du `b Obvlstdr dr ` Vplfun`tdr4 6

Vd. ot sllms. `b `pprlfo`enl fg`bfl dj ndss os ` p`rt dj obvlstobh `s wlnn `s dj splfun`tobh ey

Hr`g`ms dwb amossodb"

Qd ubalrst`ba wgy obvlstmlbt os sd trofcy td aosfromob`tl jrdm splfun`todb. ot glnps td aop obtd tgl

gostdrof`n e`fchrduba"

Qgl wdras obvlst `ba splfun`tl `rl edtg rddtla ob N`tob"

Obvlst fdmls jrdm tgl N`tob obvlstorl. td arlss dr td fndtgl ` slbsl prlslrvla ob tgl wdra jdr

tgl `ppdobtmlbt dj ` blw pdpl. obvlstoturl" Qgl notlr`n ml`bobh dj tgl wdra obvlst. tglb. os td

lbvlndp dr lbrdel ydurslnj ob `b `sslt"

Qgl l`rnolst `ppl`r`bfl dj tgos us`hl ob Lbhnosg. `ffdraobh td tgl Dxjdra Lbhnosg Aoftodb`ry. os ob `

nlttlr tg`t Qgdm`s @nawdrtg. `b `hlbt dj tgl L`st Obao` Fd". wrdtl ob 0:06. spl`cobh dj hddas `ba

mdbols td ell obulstla ob fdmmdaotols jott jdr Lbhn`bal"

Xgonl tgl tlrm Obtrobsofc Z`nul w`s djtlb usla ob Lbhn`ba `s l`rny `s 085;. tgl wdra obvlst

w`sbt woalny `ppnola td job`bfo`n `sslts ob lotglr Erot`ob dr tgl \"V" ubton tgl moa-0?tg flbtury"

Vplfun`tl fdmls jrdm tgl N`tob splfun`. ` nddcdut pdst dr w`tfgtdwlr. jrdm splflrl. td sll dr

td nddc 'tgobc dj rln`tla wdras nocl prdsplft. splft`tdr `ba splft`fnl. `nn rln`tla td sllobh/"

Qgl l`rnolst usls dj tgl wdra ob tgl D"L"A" `rl jrdm Qgdm`s Iljjlrsdb `ba @nlx`balr G`montdb ob

tgl n`tl 087;s. aosfussobh tgl splfun`tdrs wgd wlrl tr`aobh aostrlssla alet dj tgl 06 fdndbols"

Ey tgl n`tl 0?tg `ba l`rny 5;tg flbturols. mdst pldpnl rlh`rala edbas `s obvlstmlbts `ba stdfcs

`s splfun`todbs" Qg`t pdpun`r aostobftodb glna rlh`ranlss dj gdw fgl`p dr prdmosobh ` stdfc mohgt

el3 stdfcs wlrl volwla `s sd obglrlbtny roscy tg`t bdtgobh fduna turb tglm obtd `b obvlstmlbt"

Ob ` eronno`bt lss`y puenosgla ob 5;;: ob Job`bfo`n Gostdry. tgl m`h`zobl dj tgl Muslum dj

@mlrof`b Job`bfl. mdbly m`b`hlr Albbos Eutnlr lxpndrla tgl gostdrof`n e`fcardp dj Hr`g`ms

aostobftodb eltwllb obvlstmlbt `ba splfun`todb"

Eljdrl tgl 0?5;s. b obvlstdr w`s sdmldbl wgd `omla jdr slfurl obfdml. wotg `esdnutl s`jlty

dj probfop`n. lxpn`obla Eutnlr" Dbny edbasmlt tglsl rlquorlmlbts"

@ splfun`tdr. Eutnlr pdobtla dut. w`s `bydbl wgd sduhgt td elbljot jrdm ` fg`bhl ob m`rclt

v`nul" Vobfl stdfc profls fg`bhla mdrl tg`b edba profls. stdfcs wlrl tgl b`tur`n r`w m`tlro`n jdr

splfun`todb"

http://www.businessforum.com/cscc(American-Finance).htmlhttp://www.businessforum.com/cscc(American-Finance).html

7/28/2019 Are You an Investor or a Speculator?

4/5

@rl _du `b Obvlstdr dr ` Vplfun`tdr4 1

Lx`ftny tgos aostobftodb surj`fls ob `b `rtofnl Hr`g`m wrdtl `rduba 0?07 jdr Qgl M`h`zobl dj X`nn

Vtrllt9 M`by `b obvlstdr g`s rlm`rcla td tgl wrotlr. O blvlr euy stdfcs" Nlt tgl dtglr m`b

splfun`tl" @nn my mdbly hdls obtd edbas"

Ob dtglr wdras. tda`ys fdbvlbtodb`n aljobotodbs dj obvlstmlbt 'lv`nu`tobh m`rclt profl `h`obst

juba`mlbt`n v`nul `ba tglb gdnaobh job`bfo`n `sslts. lsplfo`nny stdfcs. jdr yl`rs `t ` toml/ `ba

splfun`todb 'tr`aobh `by job`bfo`n `sslt dvlr sgdrt toml gdrozdbs e`sla n`rhlny db tgl gdpl dj

hlttobh ` elttlr profl jrdm ` hrl`tlr jddn/ wlrl bdwglrl ob sohgt ob tgl l`rny 5;tg flbtury"

Qglb. `b obvlstdr w`s sdmldbl wgd eduhgt `ba glna edbas3 ` splfun`tdr w`s sdmldbl wgd

tr`ala stdfcs"

Qg`t w`s lvlb trulr `jtlr tgl fr`sg dj 0?5?-0?65. wglb `s Hr`g`m wrdtl. `nn fdmmdb stdfcs

wlrl woalny rlh`rala s splfun`tovl ey b`turl"

Gl w`btla pldpnl td sll tgobhs aojjlrlbtny" Hr`g`m obsostla tg`t stdfcs fduna el obvlstmlbts `ba

edbas fduna el splfun`todbs`nn alplbalbt db tgl profl" Oj ` stdfcs profl os fgl`p rln`tovl td ots

ubalrnyobh v`nul `s ` f`sg-hlblr`tobh eusoblss. tg`t stdfc os `b obvlstmlbt" Oj ` edba os tr`aobh

`edvl tgl sum dj ots m`turoty v`nul `ba `nn ots juturl obtlrlst p`ymlbts. tg`t edba os ` splfun`todb"

Hr`g`m rohgtny pdobtla dut tg`t `nn `sslts `rl obvlstmlbts wglb tglor m`rclt profl os fgl`p

rln`tovl td ubalrnyobh v`nul `ba splfun`todbs dbfl tglor profl fnomes j`r `edvl v`nul" Gl lvlb

pdobtla dut. db p`hl 05 dj tgos spllfg gl h`vl ob 0?:6. tg`t tgl s`ml `sslt f`b el edtg `b

obvlstmlbt `ba ` splfun`todb `t tgl s`ml toml9 Vtdfcs g`vl ` juba`mlbt`n obvlstmlbt v`nul.

djtlb wotg ` splfun`tovl n`ylr dj jrdtg sn`tglrla db tdp dj tg`t" Ob tgos slbsl. `s Eutnlr pdobts dut.

Hr`g`m m`y g`vl ubwottobhny lbfdur`hla tgl enurrobh dj tgl aostobftodb eltwllb obvlstmlbt `ba

splfun`todb tg`t g`s m`rcla mdalrb eunn m`rclts"

Eut Hr`g`m w`s `nw`ys `a`m`bt ob obsostobh tg`t obvlstdrs `ba splfun`tdrs sgduna blvlr el

most`clb jdr l`fg dtglr"

Qgl X`nn Vtrllt Idurb`n otslnj g`s ndbh fdbjusla obvlstdrs wotg tr`alrs dr splfun`tdrs `ba. Om

`jr`oa. fdbtobuls td ad sd td tgos a`y"

Qgl Iuny 05. 0?:5. laotodb dj Qgl Idurb`n r`b ` nlttlr jrdm Hr`g`m frotofozobh `b `rtofnl tgl

blwsp`plr g`a rub tgl prlvodus mdbtg ubalr tgl gl`anobl M`by Vm`nn Obvlstdrs Elt db Jurtglr

Ardp. Vtlp \p Vgdrt V`nls"

Oj tglsl pldpnl rl obvlstdrs. tgubalrla Hr`g`m. gdw sgduna dbl aljobl splfun`todb ba

splfun`tdrs4 Osbt ot pdssoenl tg`t tgl furrlbt j`onurl td aostobhuosg eltwllb obvlstmlbt `ba

splfun`todb m`y ad hr`vl g`rm bdt dbny td obaovoau`ns eut td tgl wgdnl job`bfo`n fdmmuboty `s ot

aoa ob tgl n`tl 0?5;s4

7/28/2019 Are You an Investor or a Speculator?

5/5

@rl _du `b Obvlstdr dr ` Vplfun`tdr4