You Can’t Invest Without Trading. You Can Trade Without Investing.

A great piece from a very good writer:

"If you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even though luck is the likeliest explanation. That can lead you to take reckless risks."

I have seen friends and even clients fail to make that distinction in the last year or two, as it was just too easy to make money buying anything. But across the decades, only comparing value to price before trading produces real wealth.

Reach out if you want to hear about my investment process and philosophy.