businesses. A speculator gambles that a stock will go up in price
because somebody else will pay even more for it. As Graham once put it,
investors judge "the market price by established standards of value,"
while speculators "base [their] standards of value upon the market price."
For a speculator, the incessant stream of stock quotes is like oxygen;
cut it off and he dies. For an investor, what Graham called
"quotational" values matter much less. Graham urges you to invest only
if you would be comfortable owning a stock even if you had no way of
knowing its daily share price.
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