“It is true that the speculator may happen to go astray in his estimate of future prices. What is usually overlooked in considering this possibility is that under the given conditions it is far beyond the capacities of most people to foresee the future any more correctly. If this were not so, the opposing group of buyers or sellers would have got the upper hand in the market. The fact that the opinion accepted by the market has later proved to be false is lamented by nobody with more genuine sorrow than by the speculators who held it. They do not err of malice prepense; after all, their object is to make profits, not losses.”

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About Ludwig von Mises

Austrian economist and social theorist of the early-to-mid 20th century, Ludwig von Mises is best known for his rigorous defense of classical liberalism and free-market economics. His work in praxeology—an a priori method of social science—shaped modern libertarian thought, while his critiques of socialism and central planning remain foundational in economic theory.

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"It is true that the speculator may happen to go astray in his estimat…" — Ludwig von Mises | Daily Quotes