The demand for reform is naturally greatest after a market crash, which is usually precipitated by multitudes of little gamblers who are themselves their own victims.
-
A gambler seeks and makes risks which it is not necessary to assume, whereas the speculator is one who merely volunteers to assume those risks of business which must inevitably fall somewhere.
Back to top. Source: Link
-
The chief evils of speculation flow from the participation of the general public, who lack the special knowledge, and enter the market in a purely gambling spirit.
Back to top. Source: Link
-
I think you should try and make your money in this world by selling other people things that are good for them. If you’re selling them gambling services where you rake profits off of the top, like many of these new brokers who specialize in luring the gamblers in, I think it’s a dirty way to make money and I think that we’re crazy to allow it.
Back to top. Source: Link
-
Never before had there been such gambling as there was in those last turbulent years of the ’20s, but few people realized they were gambling — they thought they had a sure thing.
Back to top. Source: Link
-
There has always been, and will always be, windfall profits. At any point in time, certain people are being enriched unjustly because they get there very early.
Back to top. Source: Link
-
There has always been a considerable number of pathetic dopes who busy themselves examining the last thousand numbers which have appeared on a roulette wheel, in search of such a repeating pattern. Sadly enough, they have usually found it.
Back to top. Source: Link
-
I think I am safe in asserting that the margin trader, speculator, gambler, or whatever you choose to designate the average man who goes to Wall Street after easy money, does not lose money when he sells. He loses it when he buys!
Back to top. Source: Link
-
The propensity to gamble is always increased by a large prize versus a small entry fee, no matter how poor the true odds may be.
Back to top. Source: Link
-
The trading favorites of 1928 were high-priced, untried, and unseasoned stocks that made one wonder whether the public did not think that the higher the price the better the stock.
Back to top. Source: Link
-
It is one of the common pieces of Wall Street experience that when the public goes stock mad and the market leaders are filled with the arrogance of prolonged success, such little things as high money rates or decreases in earnings or unraised dividends have no instant effect on the market — that is, on the state of mind of the speculating public. In the end, of course, all violations of the fundamental laws of economic and financial common sense are paid for; but every bull thinks he will unload before the break.
Back to top. Source: Link
-
“Easy money” means only one thing when it means money that has come easy: It means money goes even more easily than it came.
Back to top. Source: Link
-
When people think there’s easy money available, they’re not inclined to change.
Back to top. Source: Link
-
Any time you offer a big prize for a small amount of money, you encourage stupid behavior on behalf of those you’re appealing to.
Back to top. Source: Link
-
The way I would think about risk aversion is most people would not want to toss a coin for their entire net worth.
Back to top. Source: Link
-
The first task of the bargain hunter is to narrow the field and separate the solid prospects from the ones that are counting on hopes, prayers, and miracles.
Back to top. Source: Link
-
Avoid long shots. I’ve bought about 30 long shots in my life. I’ve never broken even on one.
Back to top. Source: Link
-
When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.
Back to top. Source: Link
-
The game of professional investment is intolerably boring and overexacting to anyone who is entirely exempt from the gambling instinct; whilst he who has it must pay to this propensity the appropriate toll.
Back to top. Source: Link
-
Gambling is a tax on ignorance. People often gamble because they think they can win, they’re lucky, they have hunches, that sort of thing, whereas in fact, they’re going to be remorselessly ground down over time.
Back to top. Source: Link
-
Casino gambling with a system where you have the edge is a wonderful teacher for elementary money management.
Back to top. Source: Link