Original source: SimoleonSense.com
Fascinating find via the great Joe Koster @ Value Investing World
One of my favorite excerpts (via History Tools)
The speculator and the business man tread diverging lines. The former depends upon the sudden turn of fortune’s wheel; he is a millionnaire to-day, a bankrupt to-morrow. But the man of business knows that only by years of patient, unremitting attention to affairs can he earn his reward, which is the result, not of chance, but of well-devised means for the attainment of ends. During all these years his is the cheering thought that, by no possibility can he benefit himself without carrying prosperity to others. The speculator on the other hand had better never have lived so far as the good of others or the good of the community is concerned. Hundreds of young men were tempted in this city not long since to gamble in oil, and many were ruined; all were injured whether they lost or won. You may be, nay, you are certain to be similarly tempted; but when so tempted I hope you will remember this advice. Say to the tempter who asks you to risk your small savings, that if ever you decide to speculate you are determined to go to a regular and well-conducted house where they cheat fair. You can get fair play and about an equal chance upon the red and black in such a place; upon the Exchange you have neither. You might as well try your luck with the three-card-monte man. There is another point involved in speculation. Nothing is more essential to young business men than untarnished credit, credit begotten of confidence in their prudence, principles and stability of character. Well, believe me, nothing kills credit sooner in any Bank Board than the knowledge that either firms or men engage in speculation. It matters not a whit whether gains or losses be the temporary result of these operations. The moment a man is known to speculate, his credit is impaired, and soon thereafter it is gone. How can a man be credited whose resources may be swept away in one hour by a panic among gamesters? Who can tell how he stands among them? except that this is certain: he has given due notice that he may stand to lose all, so that those who credit him have themselves to blame. Resolve to be business men, but speculators never.
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