The rush for quick profits looks like speculation
“[Effort for quick profits] looks to me like greatly intensified speculation with concomitant risks -but many of the advocates insist otherwise.”
Investing
Warren Buffett's 1967 letter to Buffett Partnership partners, one of the letters in Buffett Partnership Letters, 1957–1970.
Speculation is not financially fattening
“‘Speculation is neither illegal, immoral nor fattening (financially).’” — Ben Graham
Oatmeal eaters still feel general indigestion
“During the past year, it was possible to become fiscally flabby through a steady diet of speculative bonbons. We continue to eat oatmeal but if indigestion should set in generally, it is unrealistic to expect that we won’t have some discomfort.”
Concentration brings more variation in yearly results
“As in other categories, we tend to concentrate our investments in the workout category in just a few situations per year. This technique gives more variation in yearly results than would be the case if we used an across-the-board approach.”