John C. Bogle Quotes
Speculation leads you the wrong way. It allows you to put your emotions first, whereas investment gets emotions out of the picture.
Bogle, John C. The Clash of the Cultures: Investment vs. Speculation. John Wiley & Sons, 2012.
John Clifton "Jack" Bogle was an American investor, business magnate, and philanthropist. He was the founder and chief executive of The Vanguard Group, and is credited with creating the first index fund. An avid investor and money manager himself, he preached investment over speculation, long-term patience over short-term action, and reducing broker fees as much as possible. The ideal investment vehicle for Bogle was a low-cost index fund held over a period of a lifetime with dividends reinvested and purchased with dollar cost averaging.