Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation
When a man fails to understand something he is conscious of a discord, and seeks for the cause of it not in himself, as he should, but outside himself - hence the war with what he does not understand.
A commander in chief ought to say to himself several times a day: If the enemy should appear on my front, on my right, on my left, what would I do? And if the question finds him uncertain, he is not well placed, he is not as he should be, and he should remedy it.
Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.