居安思危

可是，又有多少人做得到呢？

往往是到乐及生悲才领悟。。。

The Greatest Pleasure In Life

Investing Is Not Gambing?

Regular visitors to this watering hole would know I've always equated investing as same same with trading.

And trading is no different from speculation.

Speculation in turn is just another word for gambling.


Just like associating seagulls as "good" just because they're "white", and crows are "bad" because they're "black", those who are "trapped" by words tend to believe if one ownself declare ownself as an "investor", they are holier than thou compared to traders, gamblers, and speculators?

I on the other hand prefer to focus on:

Its the adjective silly! Never the noun



Howard Marks from Oaktree is well respected and followed by quite a few retail "investors" locally. His memos are religiously read and quoted like those annual letters by Warren Buffett.

So when I saw his latest memo, I can't let this opportunity pass!

You Bet!