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Being an investor means owning a business and participating in everything that business creates: its earnings, its cash flows, its growth.
Being a speculator means chasing prices and hoping the market cooperates.
Ben Graham said it best:
“A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.”
When you buy a good business at a good value, you are not just buying a stock. You are buying the right to participate in the growth of the business itself.
If you overpay, the math works against you. You now need the business to grow faster than expected, or you are relying on someone else to bail you out at a higher price.
When you purchase a business at a great value and you can sleep well at night because your focus is on the strength of the business itself.
Speculate on prices and you will lose your mind watching a stock quote that changes every second of every trading day.
Be the investor. Not the speculator.
#investing
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