Money and Finance
- Earnings And Revenues...
From Capital Account, and written in November 1999. I think it is also a lesson that repeats itself over time, and it reminded me of Graham and Dodd on the ‘Relation of the Future to Investment and Speculation’:Coincident with the migration toward...
- Hussman Weekly Market Comment: A Warning From Graham And Dodd
Link to: A Warning from Graham and Dodd “During the latter stage of the bull market culminating in 1929, the public acquired a completely different attitude towards the investment merits of common stocks… Why did the investing public turn...
- Hussman Weekly Market Comment: Optimism Vs. Arithmetic
Link to: Optimism vs. Arithmetic Current market conditions provide an ideal moment to highlight the distinction between investment and speculation. Sound investment is a) the purchase of an expected stream of future cash flows that will be delivered to...
- Graham And Dodd Quote
Just as relevant today as it was in 1940:“…it is important to note that mass speculation can flourish only in such an atmosphere of illogic and unreality. The self-deception of the mass speculator must, however, have its element of justification....
- Hussman Weekly Market Comment: Eating The Future
Imagine there’s a $100 bill taped to the far corner of the room, near the ceiling and way above your head. You will receive that $100 bill ten years from today. Suppose that you reach your hand out directly in front of you and pay $46.31 today for that...
Money and Finance
Graham and Dodd on the ‘Relation of the Future to Investment and Speculation’
“It may be said, with some approximation to the truth, that investment is grounded on the past whereas speculation looks primarily to the future. But this statement is far from complete. Both investment and speculation must meet the test of the future; they are subject to its vicissitudes and are judged by its verdict. But what we have said about the analyst and the future applies equally well to the concept of investment. For investment, the future is essentially something to be guarded against rather than to be profited from. If the future brings improvement, so much the better; but investment as such cannot be founded in any important degree upon the expectation of improvement. Speculation, on the other hand, may always properly—and often soundly—derive its basis and its justification from prospective developments that differ from past performance.”
- Earnings And Revenues...
From Capital Account, and written in November 1999. I think it is also a lesson that repeats itself over time, and it reminded me of Graham and Dodd on the ‘Relation of the Future to Investment and Speculation’:Coincident with the migration toward...
- Hussman Weekly Market Comment: A Warning From Graham And Dodd
Link to: A Warning from Graham and Dodd “During the latter stage of the bull market culminating in 1929, the public acquired a completely different attitude towards the investment merits of common stocks… Why did the investing public turn...
- Hussman Weekly Market Comment: Optimism Vs. Arithmetic
Link to: Optimism vs. Arithmetic Current market conditions provide an ideal moment to highlight the distinction between investment and speculation. Sound investment is a) the purchase of an expected stream of future cash flows that will be delivered to...
- Graham And Dodd Quote
Just as relevant today as it was in 1940:“…it is important to note that mass speculation can flourish only in such an atmosphere of illogic and unreality. The self-deception of the mass speculator must, however, have its element of justification....
- Hussman Weekly Market Comment: Eating The Future
Imagine there’s a $100 bill taped to the far corner of the room, near the ceiling and way above your head. You will receive that $100 bill ten years from today. Suppose that you reach your hand out directly in front of you and pay $46.31 today for that...