Professionals and speculators are not primarily concerned with making superior long-term forecasts but with foreseeing changes in the conventional basis of valuation a short time ahead of the general public.
Speculators may do no harm as bubbles on the steady stream of enterprise. But the position is serious when enterprise becomes the bubble on the whirl-pool of speculation.
On Destiny: "Our destiny exercises its influence over us even when, as yet, we have not learned its nature: it is our future that lays down the law of our today."
Human, All Too Human