Saturday, June 06, 2009

The Difference between a Gambler and an Investor

Will Payne explains the difference between a gambler and an investor.

A gambler, he pointed out, wins only because someone else loses.

Where it is investment, all gain. (p50)

John Kenneth Galbraith, The Great Crash 1929 (London: Penguin, 1954, 1975).

A review of The Great Crash 1929 is posted at Reviewing Books and Movies.

Dr Geoff Pound