Speculation can also be long term: I’m 100% in gold mining companies, as I speculate that foreigners will panic and move to gold. I have no idea when this will happen. And it may never happen. And my ‘sell’ trigger point is a multiple of historic gold prices (which, themselves, appear to be a function of inflation and speculation!). Nothing fundamental, whatsoever, and long-term. Pure speculation.
I’m a firm believer in discounted cash flow models, and look forward to returning to the days when I can use them, again.
