"It would be misleading to leave the reader with the impression that speculation and investment together exhaust the subject of security profits. Not all fortunes founded on stock-market operations are obtained by either skillful investment or adroit speculation, for other procedures of a less defensible sort, which fall outside the range of our discussion, are resorted to sometimes."
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John Burr Williams, {{cite book|url=https://www.google.com/books?id=ZkRJAAAAYAAJ&focus=searchwithinvolume&q=speculation}|title = The Theory of Investment Value|year = 1964|page=4|publisher = North-Holland Publishing Company}} (1st edition, Harvard University Press)
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