[lbo-talk] speculation

[Doug Henwood]

By the way, a lot of these analyses of "speculation" make it sound  
like an easy way to earn money. It's not as hard as digging ditches,  
but it's really not like falling off a log either. Most people who  
trade securities don't do all that well, and many are wiped out. The  
real way to make money is to be the house - a manager of a reasonably  
successful fund, who earns fees from the money under management, or a  
banker who makes fees for underwriting offerings.

Doug