10 Jan Charlie Leeds
“Gamblers pay speculators to play with them.”
From a certain perspective, our everyday lives are like a game wherein our lives are defined by the choices we make. Some choices provide us with immediate gratification and others with distant gratification. Our choices can be viewed in the context of risk/reward wherein the greater the risk the greater of the reward, though extreme risks often lead to negative rewards.
For those who find pleasure taking risks, there is ultimately no financial rewards as their aim is the immediate thrill of risk-taking. They are essentially gamblers.
Rewards go to those who know how to manage risk. They are speculators. They take risks that are commonly perceived to be greater than they are, limit loses from risks and take many risks to mitigate unfavorable randomness. They take risks to realize rewards and are unfazed by any one particular risk.
Essentially, gamblers pay speculators to play with them.
For those who fear taking commonly perceived risks, there is little chance for realizing significant rewards as they don’t have a chance when they don’t take a chance. They are spectators, not players, in the game of life.
Charlie Leeds was a kind and generous man; a good friend; a well-rounded Wall Street analyst, investor, speculator, gambler and spectator. At 260 pounds, perhaps too well-rounded. Charlie died in 2001 of a heart attack at age 50.