Are Long-Term Investors the Market’s True Gamblers?

To politicians and voters, “investors” carry on the noble work of capitalism, while “speculators” are no better than gamblers who treat share prices the same way as racing odds.

A new study suggests the caricature has it backward. The most speculative of speculators, it turns out, make their money when the companies they gamble on have good fundamentals—the cornerstone of what we traditionally think of as investing. And those who think of themselves as the most fundamentalist of fundamental investors make most of their…

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