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Folks who wanna trade in distressed debt or broken, screwed up companies are speculators.

- Hohum777

Yes. Seriously. I'm speaking from the perspective of an average retail investor. My research capabilities are limited (just me and 24-hours in a day). I don't have a research staff. I don't have personal contacts with industry insiders. I can't pick up the phone and get insights from people who definitively know what's happening inside specific companies.

I'm no Warren Buffett or Seth Klaman or Howard Marks. In fact, it would be disastrous if I came to think I was magically in their league.

I invest within the comfort range afforded to me by the information available to me.

It's good to know one's limitations. It's generally true that it's folly to believe one can outsmart the truly "smart money." I'm a conservative investor because I understand my limitations.
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