[lbo-talk] Soros

[Jordan Hayes]

>> Warren Buffet has done nearly as well--and over a longer
>> period--with absolutely *no* speculation.
>
> If we define "speculation," as Keynes does, as "the activity
> of forecasting the psychology of the market," then I don't
> think this claim is not quite accurate.

My definition (IMHO) is even simpler: there are only two kinds of 
participants in markets ... specs and hedgers.  Hedgers participate 
because they must; specs do so because they can.  Warren Buffet is 
clearly a speculator.

The only non-speculator in modern equity markets is typically the 
company itself[*], and only on the day of their IPO (or secondary 
offerings).

/jordan
[*] There are of course exceptions, such as companies whose business 
plan is speculation itself ...