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!
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