>Without the above papers you cannot invest while claiming doing anything else than playing at a casino.
I don't think that's a fair statement, although I agree with the overall sentiment. Maybe the right term instead of "invest" would be "actively trade". Putting a chunk of change into long-term positions (especially stock) on large profitable companies as well as indexes and dividend-generating equities with a view towards cashing out in 30-40 years (and semi-actively monitoring said portfolio) isn't really the same as playing at a casino. If I'm looking for a 10-30% return in a day or a week, yeah, that's playing at a casino. If I'm looking for 7-10% a year, that's just me protecting my money against inflation.
I don't think that's a fair statement, although I agree with the overall sentiment. Maybe the right term instead of "invest" would be "actively trade". Putting a chunk of change into long-term positions (especially stock) on large profitable companies as well as indexes and dividend-generating equities with a view towards cashing out in 30-40 years (and semi-actively monitoring said portfolio) isn't really the same as playing at a casino. If I'm looking for a 10-30% return in a day or a week, yeah, that's playing at a casino. If I'm looking for 7-10% a year, that's just me protecting my money against inflation.