Investment and Speculation
One of my favorite passages from Thomas Sowell’s Basic Economics:
A tourist in New York’s Greenwich Village decided to have his portrait sketched by a sidewalk artist. He received a very fine sketch, for which he was charged $100.
“That’s expensive,” he said to the artist, “but I’ll pay it, because it is a great sketch. But, really, it took you only five minutes.”
“Twenty years and five minutes,” the artist replied.