[kdw]

Personally, I take the approach advocated by Benjamin Graham. I have separate accounts for investing, and speculation/trading.

I just view them as fundamentally different activities, with different risk profiles, and different sorts of analysis required prior to taking or selling any given position.

[davidw]

I read the 'snowball' book about Buffet, and it seemed to me like the advantage Graham had was that they went over information in a way that would only take a few minutes with a computer, but that wasn't done so systematically at the time, by most people. So, 'fundamentals', yes, but fundamentals driven by data. In this day and age, when everyone can comb out the same stocks in a matter of minutes, does that approach work?