From Security Analysis,
1940 edition:
"Analysis is concerned primarily with values which are
supported by the facts and not with those which depend largely upon
expectations. In this respect the analyst’s approach is diametrically opposed
to that of the speculator, meaning thereby one whose success turns upon his
ability to forecast or to guess future developments. Needless to say, the
analyst must take possible future changes into account, but his primary aim is
not so much to profit from them as to
guard against them. Broadly speaking,
he views the business future as a hazard which his conclusions must encounter
rather than as the source of his vindication."