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The speculator is not an investor.
Speculator: One who bought stocks that went down.
The mathematical expectation of the speculator is zero.
A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
If you're an investor, you're looking on what the asset is going to do, if you're a speculator, you're commonly focusing on what the price of the object is going to do, and that's not our game.