One Eternal Paradox
It is perhaps one of the great paradoxes of human
endeavor, most everyone would like to be a successful speculator at least once
in a lifetime, but many humans do not hesitate to scapegoat speculators for so
many things that went wrong.
Little Understood By Economists
No wonder Economists have an ambiguous
view of speculators: Are they stabilizing or destabilizing markets? Are they
myopic or not? Are they driven by a short-term profit motive? Are bubbles caused
by speculators, or by the herd mentality of the latecomers? Speculators
undoubtedly do fulfill a very important function in Free Markets.
Daring Pioneers Of Free Markets
Speculators are a very special
minority and a convenient target. They too enjoy liberty and their pursuit of
happiness. They are not more cold hearted than the rest of us.
Speculators come in many
shapes and forms. They use their own or someone else’s money or assets to make
bets based on calculated risks. They see opportunity when others do not. Many
speculators fail and lose their own money. They are like explorers daring to go
where few others venture.
A Word Of Gratitude
We all should be thankful to speculators, because
frequently they challenge our mistaken conventional wisdoms or our sometimes
wishful thinking and subject us to an unpleasant reality check.
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