Now, speculation – in which the focus is not on what an asset will produce but on what the next fellow will pay for it – is neither illegal, immoral, nor un-American. But it is not a game in which Charlie and I wish to play. We bring nothing to the party, so why should we expect to take anything home?
- alluding to why he and his partner avoid speculation.

— Warren Buffett   (B - 1930)

American Investor

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