In the last several decades capitalism has undergone a massive transformation from industrial capitalism to financial capitalism, with casino – like financial markets now dominating every single aspect of our political, social, and financial lives.
New criminal cases in Russia try to define what is appropriate under capitalism’s mantra of buy low and sell high.
The chief characteristic of any form of capitalism is simply the profit incentive, the ability to buy low and sell high.
Human nature works against us when investing, which is why it is so difficult to make money in the stock market.
The only difference between a speculator and investor is in their timeframe.
The problem with casino capitalism is not that there is anything wrong with gambling per se, but that the gambling that usually goes on in the financial casino, has wrongly become a barometer for what is right and good for society.
If you want to become a better investor, you need to think more like a Neanderthal and focus on the stories being told by the financial community.
Stocks are simply a type of non-expiring call option on a specific business. This differentiates them from other gambles which have a defined time constraint and outcome.