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Originally Posted by The Big D  I disagree - investment is exactly the same as positive expectation gambling. You're making a series of bets that you think, on average, will return more money than you wagered. It's no different than a blackjack card counter upping his bet when the count goes good, or a skilled poker player sitting down at a table with less skilled players or someone with good sports handicapping skills betting the difference between their handicapping and the line. |
If a black jack player is card counting, he is not gambling. Gambling is based purely on chance, whereas investment is based on some controllable factors which you have to have knowledge of. I do agree with you that a card counter is doing something similar, although I don't think it should be called gambling, which is leaving everything to chance.
Do you subscribe to the Efficient Market Hypothesis maybe?