Derivatives shud be banned all over the world. They are weapons of mass destruction. They r weapons of damages to many foolish people. Only intelligent speculators profit from them. Abt 2-3% at the cost of others.
Because of speculation losses, people change their attitude towards life. Many go in depression. Many do not pay their long time dues. Many relationships are destroyed. It is so easy to pick up the phone and place the order and speculate based on on some assumptions, which might be true, may be not.
People say that speculation provides liquidity to the market and in turn stabilises it and so the volatility is less. But why do we need speculation in the first place?
What each and every country needs is Warren Buffett school of inveting.
Many youngsters, instead of focusing on becoming doctors or engineers, had focused their energies on speculations.
I had a chance to meet one very well known investor in past in the trading hall of BSE. This was many years back. He was so smart that he wud make sure that chart wud look very bearish of the co. he was buying. This way he cud accumulate whatever he wanted to buy in bulk.
Any views about speculations from fellow members. I am sure many wud send me hate mails!!. I hope not to recieve any.
Edited by Janak.merchant1 - 01/Apr/2008 at 11:47am
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