WHAT THEY SAID…
The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is a cause of concern.
We have often said that Wall Street as an institution would be well advised to reinstate this distinction and to emphasize it in all its dealings with the public. Otherwise the stock exchanges may some day be blamed for heavy speculative losses, which those who suffered them had not been properly warned against.
Benjamin Graham in ‘The Intelligent Investor’