Going to first principles: there could not have been a casino (options, derivatives, price speculation) without a company first; the business preceded the speculation, and derivatives are built on top of underlying assets.
factualpending
Speaker
Bogamill BaronowskiEvidence Quote
“there couldn't have been a casino without a company”
Source
Warren Buffett Published His Whole Playbook | Robert Hagstrom on Why Only One Tenth of 1% Uses It— Excess ReturnsCreated: 8/12/2026, 6:12:15 PM
My Notes
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