In the United States, brokers holding stock for customers on the New
York Stock Exchange follow a stock exchange of voting these shares
for directors as proposed by the management. This is not allowed in
other countries.

80% of the shares of public companies are held by brokerage firms for
their customers. When these investors do not tell the firm how to vote
their shares, 25% of these shares are voted by the brokerage firm as
the board or management recommend.

“Investors” are in reality “speculators”.

Short term trading is speculation;

Long term purchases are investments.


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