By the Grace of G‑d
5726 [1966]
Brooklyn, N.Y.

Greeting and Blessing:

Regarding your question about investing in stocks, generally I am not in favor of it, since this is largely a matter of speculation. Indeed, a prominent businessman once said to me that he did not wish to engage in the kind of business where he and an ignoramus have the same chance. It is particularly objectionable because of the anxiety and nervous strain that it creates in some people. Moreover, in these unsettled days, there is too great an element of speculation involved in the Stock Exchange. It is surely possible to find some more fitting investment opportunities, if an investment is contemplated, than the kind of thing which sends the investor scurrying for the first edition of the Stock Exchange report in the morning newspaper.

With blessing,