Speculators Quotes
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When speculators have once entered Wall Street, they never leave it except in a pine box or a rosewood case, according to circumstances.
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Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes a bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill done.
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[In 1889] the last big tract of Indian land was declared open for settlement, in Oklahoma. The claimants and the speculators mounted their horses and lined up like trotters waiting for a starting gun. The itchy ones jumped the gun and were ever after known as Sooners-and Oklahoma was thereafter called the Sooner State.
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Men who can both be right and sit tight are uncommon.
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The speculators deadly enemies are: Ignorance, greed, fear and hope. All the statute books in the world and all the rules of all the Exchanges on earth cannot eliminate these from the human animal.
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There are more speculators about New Westminster and Victoria than there were in Winnipeg during the boom and they are a much sharper lot. Nearly every person is more or less interested and you will have to be on your guard against all of them.
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Main Street has too much debt already. It is simply a bonanza for speculators who can borrow the overnight money and then buy something that they can speculate on.
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Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.
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Economists don't usually make good speculators, because they think too much.
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Speculators buy the trend; investors are in for the long haul; "they are a different breed of cats." One reason that people lose money today is that they have lost sight of this distinction; they profess to have the long term in mind and yet cannot resist following where the hot money has led.
