Benjamin Graham：Investment vs. Speculation
Benjamin Graham《Security Analysis》· Chapter IV, Distinctions Between Investment and Speculation · Investing · Decision · Philosophy
An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative.
Source：
https://archive.org/details/dli.ernet.7983
Locator：Chapter IV, p. 63, paragraph beginning “An investment operation is one which” · Verified：2026-10-19 · Verification：Exact match
Reading
Investment requires thorough analysis, safety of principal, and a satisfactory return; otherwise it is speculation.
Context
This is Graham and Dodd's classic definition of investment. An investment operation must rest on thorough analysis, promise safety of principal, and offer a satisfactory return; operations that fail these tests are speculative. The line between investment and speculation depends on analysis and safety, not on the type of security.
Today's question
Would your latest purchase pass the three gates of thorough analysis, safety of principal, and a satisfactory return?
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