What is investing?
An investment operation is one which, upon thoroughanalysis promises safety of principal and an adequatereturn. Operations not meeting these requirements areSpeculative
- Benjamin Graham – The Intelligent Investor
Investing is the act of seeking value at least sufficient to justify the amount paid. Consciously paying more in thehope that it can soon be sold for a still higher priceshould be labeled as speculation
- Warren Buffet – The Making of An AmericanCapitalist