The Speculator As Hero
with all the socialist talk about not raising prices to allocate the limited supply to those who need it most and the dangers of not providing incentive to bring out more supply thru profit seeking, it is good to remember this:
The Speculator As Hero, by Victor Niederhoffer, February 1, 1993
I am a speculator. I own seats on the Chicago Board of Trade and Chicago Mercantile Exchange. When my daughters ask me if my job is as important as the butcher’s, the doctor’s or the scientist’s, I answer that the speculator is a hero, and has been throughout history.