ABSTRACT

If I put my money into a gold mine that quickly runs out of gold, I will probably be labeled "a speculator who frittered away his fortune." If the mine produces even more gold than was expected, I become "an aggressive investor who built his small fortune into a great one." The outcome may be entirely independent of my astuteness as an investor, because in spite of all scientific methods of estimating, the amount of gold in an uninvestigated spot remains a mystery.