Speculation: A history of the fine line between gambling and investing

Abstract

Few people today call themselves speculators. The word is too loaded. Instead, they are traders, hedge fund managers, and the like. But, whatever they call themselves, they are speculators. They’re the ones people blame for everything from business cycles to political corruption to income inequality to financial crises. And the ones amateurs try to emulate when the economy and markets are booming—day trade, flip this house, risk money to make money fast.

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