CHAPTER 22HAS WALL STREET CHANGEDINVESTING INTO GAMBLING?
Investing, Speculating, and Gambling
If you consider the spectrum of investments, from bona fide investing through speculation to gambling, where do some so-called investments fall?
I’m always amazed to see things called “investments” and practices called “investment practices” when they are really speculations that are very close to gambling, if not gambling itself. Look in the media—they will say that such and such a hedge fund has taken a position that the euro will fall. The hedge fund isn’t investing in the euro declining—it’s just making a bet that it will. And a lot of the activity on Wall Street these days is really nothing more than gambling. A lot of the hedge fund activity is ...
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