up another 13.64%, page-15

Until then it is speculation not investing.

But there's the rub. The most money I've made myself, and seen others make, comes from 'speculate to accumulate'.

The first example I saw, which I've never forgotten, came when someone I knew set himself up for life buying defaulted Japanese bonds just after WWII.

And I well remember Walter Ham soaking up the Emu Bay Railway register for pennies. Everybody laughed at him. He was the only buyer for years, and didn't his boat come in!