Stuart Banner


On his book Speculation: A History of the Fine Line between Gambling and Investing

Cover Interview of September 11, 2017


One thing I like about learning history is that it forces us to be a bit more humble about our own points of view. People today express strong opinions about speculation, without seeming to realize that identical opinions have been voiced for centuries, and that for centuries others have found these opinions to be nonsense. The ultimate lesson of Speculation is that the topic is more complex than people tend to acknowledge. What is the difference between investing and gambling? Where exactly is the line that separates good speculation from bad? The point of the book is that these are questions on which people have always disagreed and probably always will.