Robert Hagstrom, CFA, is chief investment strategist at Legg Mason Investment Counsel and author of the New York Times best-selling The Warren Buffett Way. He is also the author of The Warren Buffet Portfolio: Mastering the Power of the Focus Investment Strategy; The Essential Warren Buffett: Timeless Principles for the New Economy; NASCAR Way: The Business That Drives the Sport, and The Detective and the Investor: Uncovering Investment Techniques from the Legendary Sleuths. Hagstrom's new book is Investing: The Last Liberal Art (second edition), which was published by Columbia Business School.
What is the difference between investing and speculation? At first, you think the answer is simple because the distinction is obvious — that is, until you actually put pen to paper and try to answer the question.
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