John Maynard Keynes Quotes About Speculation
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Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes a bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill done.
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The introduction of a substantial Government transfer tax on all transactions might prove the most serviceable reform available,with a view to mitigating the predominance of speculation in the United States.
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Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market.
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