By distinguishing the two, one can use a buy and hold strategy successfully.
"Though it is uncomfortable having a large cash position in an investment portfolio, it is more uncomfortable making a silly mistake...one does not always have to be invested - this is the primary difference between the speculator and the investor, in the view of your author. The former is always chasing a quick buck..."
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Hi Alessandro, what you say makes real sense! I feel like the silly speculator when you describe it in that way. but i think the world needs speculators to make the market work. you probably would say we just have less chance of winning the bet because of there approach? But investing is just speculating, we just give it different words?
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