Main Idea

Main Idea

Buy stock in companies that you believe will generate wealth over time through their ongoing business operations. Never buy shares in anticipation of being able to sell them for more at a later stage-that's just attempting to make money off other stockholders.

Supporting Ideas

Investors and speculators differ in their goals and approach to stock market investment in this way：

■Investors are attempting to acquire and then hold securities that they believe will appreciate in value over time as thecompany's business operations move forward.Investors look to dividends and increases in market value of their stock as the source of their investment gains.

■Speculators acquire shares at what they consider to be a favorable price and then sell them off as soon as possible at a profit.They try and anticipate what the market will value highly in the future and try to select stocks that will grow in market value faster than the general market does.

With this in mind, investors have a genuine sense of detachment about share price fluctuations. On the one hand, market-price changes combined with the dividend yield are a measure of investment success.This is especially true when the share price of stocks owned rise faster than the market as a whole.The investor may then feel he or she has made an excellent purchase decision.

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编译者/作者：戴拿

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