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URL:  http://boards.fool.com/there-is-no-way-id-pay-900-to-make-a-measly-18356165.aspx

Subject:  Re: Quote from MadCapitalist's Profile Date:  12/30/2002  9:00 PM
Author:  MadCapitalist Number:  88244 of 741458

There is no way I'd pay $900 to make a measly $100. I bought $4 worth of tickets to the $315 Million Powerball Jackpot. I guess that makes me a risk taker. If I ever hit it, it'll be big. If I don't? People blow money on all kinds of stupid stuff, tobacco, drugs, liquor, cars, boats, fishing, hunting, travel, etc. What difference does it make in the end how one spends their discretionary money? Who am I to judge someone on what they find interesting and fun? It all pans out in the end. As long as I have a warm bed to sleep in and food to eat, I figure I'm doing all right.

I have no problem with people spending money on the lottery, but it certainly is lousy as an investment.

I liked Graham's definition:
“An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting this requirement are speculative.”
- Benjamin Graham (Security Analysis, 5th edition, p. 54)

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