Speculation is a financial action that does not promise safety of capital investment along with the return on the principal sum. A person or entity that engages in speculation is known as a Speculator. Speculation typically involves the lending of money for the purchase of assets, equity or debt but in a manner that has not been given thorough analysis or is deemed to have low margin of safety or a significant risk of the loss of the principal investment.[citation needed] The term "speculation", which is formally defined as above in Graham and Dodd's 1934 text Security Analysis, contrasts with the term "investment", which is a financial operation that, upon thorough analysis, promises safety of principal and a satisfactory return.
In a financial context, the terms "speculation" and "investment" are actually quite specific. For instance, although the word "investment" is commonly used to mean any act of placing money in a financial vehicle with the intent of producing returns over a period of time, most ventured money—including funds placed in the world's stock markets—is technically not investment, but speculation.
Warren Edward Buffett (/ˈbʌfɨt/; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is widely considered the most successful investor of the 20th century. He is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is consistently ranked among the world's wealthiest people. He was ranked as the world's wealthiest person in 2008 and is the third wealthiest person in the world as of 2011. In 2012, American magazine Time named Buffett one of the most influential people in the world.
Buffett is called the "Wizard of Omaha", "Oracle of Omaha", or the "Sage of Omaha" and is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth. Buffett is also a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Gates Foundation. On April 11, 2012, he was diagnosed with prostate cancer.
Buffett was born in 1930 in Omaha, Nebraska, the second of three children and only son of U.S. Representative Howard Buffett, a fierce critic of the interventionist New Deal domestic and foreign policy, and his wife Leila (née Stahl). Buffett began his education at Rose Hill Elementary School in Omaha. In 1942, his father was elected to the first of four terms in the United States Congress, and after moving with his family to Washington, D.C., Warren finished elementary school, attended Alice Deal Junior High School, and graduated from Woodrow Wilson High School in 1947, where his senior yearbook picture reads: "likes math; a future stock broker."
Tom Vasel (born on September 8, 1976) is a well known podcaster and reviewer of board games. Vasel co-hosts a long-running and popular gaming podcast titled The Dice Tower, and as of 2011[update] has posted over 1200 reviews on the internet database BoardGameGeek.
As of August 2003[update], Vasel taught mathematics at the International Christian School in Uijeongbu. He assumed the role of Pastor of Uijongbu Baptist Church, succeeding Pastor Rick Kelley in March 2007. After leaving South Korea, he has worked as a teacher in Florida.
Since May 2005, Vasel has co-hosted The Dice Tower, a podcast about board games and wargames. Originally, Vasel represented players who prefer designer games, while Joe Steadman advocated for those who prefer wargames. Steadman left the show in May 2006 after the 50th episode. Vasel, hosting alone with occasional input from Sam Healey for a few shows, rearranged the format to include recorded segments by guest reviewers and players. Gradually Healey began to take a larger role and was eventually promoted to co-host. Healey has since left the show and been replaced by the show's voice-over man, Eric Summerer.
Who's got the stuff that made the Wild West wild?
Who pleases every woman, man and child?
Who does his best to give the customers a thrill?
(Who?)
Colonel Buff'lo Bill
Who's got the show that gets the most applause?
Five hundred Indians and fifty squaws
Ten feature acts and there's the special feature still
(Who?)
Colonel Buff'lo Bill
Did you ever see a cowboy rope a steer?
(No, we haven't)
Or an Indian with feathers throw a spear?
(No, we haven't )
Or a marksman shoot an earring from an ear?
(No, we haven't)
Did you ever see a hold up?
(No, sir )
Then gather closer
And let me give you some of the atmosphere
Introducing the worlds greatest sharp shooter, Mr. Frant Butler
The hour is midnight and all is still
We see the stagecoach climbing up a hill
Going along a mountain trail, carrying passengers and mail
Never suspecting danger as they roll along
The watchful driver is in his seat
His trusty rifle lying at his feet
Some of the passengers inside seem to be dozing as they ride
Never suspecting there is something really wrong
Suddenly there's a shout
(What is it all about?)
What is it all about you ask? It's Indians
(Indians)
Indians
(Indians)
Very notable, cut your throatable, Indians
(Indians)
Just when they've taken everyone by force
Who makes an entrance on a big white horse?
Who starts a' shootin' till there's no one left to kill
(General Grant?)
No, Colonel Buff'lo Bill
Who's got the stuff that made the Wild West wild?
Who pleases every woman, man and child?
Who does his best to give the customers a thrill?