S&P 500: 6,000 In 2024

If you are not an investor you are a speculator. Investors try and gauge current and future value and buy that value if it’s cheap on the basis that time will bring the price into line with its value. Not many people like to take that route and for every disciple of Buffett or Graham there are ten denizens of the Robinhood merry-go-round looking for the next stock “horse race” to begin. The key to the latter path is speculation; many call it gambling and for many it is.

However, speculation is core to investing too, because most of the axioms of the markets are unproven or even if nigh on proven, not much followed or believed in. All variables are estimates and some of those estimates may as well be guesses, and guesses are speculations. If it wasn’t so, shares would have charts made up of smooth curves and vertical repricing, yet instead stock price charts are full of fibrillation like the trace on a seismic graph tracking the activity of a slumbering volcano.