Benjamin Graham On Investment vs Speculation

Between September 1946 to February 1947, Benjamin Graham gave a series of lectures at the New York Institute of Finance. The transcripts of these lectures were recorded in full and were published in the book, The Rediscovered Benjamin Graham: Selected Writings of the Wall Street Legend. This article is devoted to the 10th lecture in the series in which Graham focuses on the topic of investment vs speculation.

Benjamin Graham On Investment vs Speculation

Investment and speculation are separated by a blurred line. Trying to discern between investment vs speculation is relatively easy for some investments/speculative activities, but for others, it's more difficult. Generally, an asset that generates a stream of cash flows can be called an investment where as buying an asset...