Investment is most intelligent when it is most businesslike.
Warren Buffett called this the best quote on investing ever written.
You are neither right nor wrong because people agree with you.
An investment is something that upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative.
Basically, price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble… to give way to hope, fear and greed.
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