Speculation

As I read the Berkshire Hathaway 2008 Annual Report , a thought kept popping into my mind that had also come up over and over again while reading Bogle’s Enough: True Measures of Money, Business, and Life . “Be an investor, not a speculator.” As a venture capital investor, I have a long term time horizon on my investments. Since I’m investing very early in the life of a company, I’m usually an investor for five or more years. Sometimes I’m an investor for over ten years. I’m rarely an investor for less than a year, although it happens occasionally. ...