The key point, I would suggest, is that most people on HC treat the market like a big casino. It's all about fast money, trading, spreads, action action action! In other words, speculation speculation speculation. Very, very few people here are thinking like business owners. A prospective business owner seeks to acquire a business, or part of one, at a price that will likely compensate him, or her, for the opportunity cost of his or her expense, based on an intelligent assessment of what the business is worth. That is investing, rather than speculating.
As Ben Graham said, investing is most intelligent when it is most business-like.
Most people, certainly on HC, can't distinguish speculation from investment .
