Abstract
Most people consider speculation in futures and commodities to be a form of gambling. Many people view the purchase of common stocks in much the same way. However, the explicit goal of many trading and investment strategies is to minimize risk, which sounds like the antithesis of gambling! Understanding the relationships between gambling, trading, and investing can help traders and investors avoid the pitfalls associated with mixing gambling with trading or trading with investing. This column examines these relationships. The central themes are, once again, risk and reward and the ways that individuals and crowds respond to fear and greed. Examining these issues in a broad context is very helpful as a way of identifying and correcting personal behaviors that are counterproductive
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