Feedback about speculation:
“I read your site all the time, and anxiously await updates. While browsing the internet, I stumbled upon a speech that my grandfather gave in 1955. Growing up, I knew that my grandfather was a successful trader and member of the Chicago Board of Trade, but I always thought he was just a ‘pit’ trader. I was shocked to read this. I learned more information about his trading than I ever did from his children (my mom, aunt and uncle). He talks about an ever changing world, limiting losses & following trends. His statement “I believe that in our desire for security and in making our adjustments to changes, we all end up being speculators”, really floored me and gave insight into my own trading. As you say, trend following is nothing new.”
You can read the PDF Tim refers to here (PDF).