July 10, 2018
The Wall Street and economic journalists
always speak of markets’ unstableness, but it’s not the market that is
unstable, it’s speculations that is unstable.
An unpredictable chase in short-term price change is speculation; owning
a feasibility of a firm is an investment.
A bargain-hunter hold a good firm in a lower price. Price is a payment for holding an ownership
of feasibility.