“On the other hand, a **speculation is an asset where the focus doesn’t lie on the process of creating value, but only on the market’s perception**, i.e. the price.” ([Location 259](https://readwise.io/to_kindle?action=open&asin=B07CNFFJ9J&location=259)) --- **Tags** -- [[quotes]], [[speculative-investments]], [[speculation]], [[investments]], [[value-investing]] **Source** -- [[202506221723 - LN - Modern Value Investing]]