Speculation is a parasite feeding upon values, creating none.
Interpretation
Speculation does not create value but instead undermines it by feeding off existing resources.
This quote by Andrew Carnegie reflects the idea that speculation—essentially guessing or predicting—does not contribute positively to the world or economy but rather drains and undermines the actual value that exists. Instead of generating new worth, it relies on the hard work and efforts of others, effectively becoming a parasite that negatively impacts productive endeavors.
In practice
In a finance seminar discussing the impact of speculation on markets.
Give me the life of the boy whose mother is nurse, seamstress, washerwoman, cook, teacher, angel, and saint, all in one, and whose father is guide, exemplar, and friend. No servants to come between. These are the boys who are born to the best fortune.
To kill a man will be considered as disgusting [in the twentieth century] as we in this day consider it disgusting to eat one.
It is not the rich man's son that the young struggler for advancement has to fear in the race for life, nor his nephew, nor his cousin. Let him look out for the dark horse in the boy who begins by sweeping out the office.
You are what you think. So just think big, believe big, act big, work big, give big, forgive big, laugh big, love big and live big.
Don't be content with doing only your duty. Do more than your duty. It's the horse that finishes a neck ahead that wins the race.
He that cannot reason is a fool. He that will not is a bigot. He that dare not is a slave.
Take nothing on its looks; take everything on evidence. There's no better rule.
Others may try to feed our ego, but it is up to us to constrain it.
How would it be possible if salvation were ready to our hand, and could without great labor be found, that it should be by almost all men neglected? But all things excellent are as difficult as they are rare.
Ask no guarantees, ask for no security, there never was such an animal. And if there was it would be related to the great sloth which hangs upside down in a tree all day every day, sleeping its life away.
Hardships make us strong. Problems give birth to wisdom. Sorrows cultivate compassion. Those who have suffered the most will become the happiest.
For everything that you find dreadful, there's usually something that is rather marvelous as well.
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