A former senior manager at CB Richard Ellis Group (NYSE: CBG) in Southern California, now a partner at a private real estate company where I am an investor said to me this week that the stock market was just "white collar gambling".

This is a relatively common thought from Main Street and when my colleague Ron, made the comment it was hard to argue that it is not.

It certainly looks like gambling when you consider how momentum day traders place their bets, or options traders, or commodities traders -- and the past few years -- CEO's of major corporations.

I certainly was playing this theme up when I posted The great leadership disconnect: I bet the farm and you lose in September.

Earlier in the week Ron had brought up the fact that CBG stock had dropped from over $40 per share to under $4 and it seemed like it was bound to get back sometime in the foreseeable future for a huge gain. The following is the three year chart.

Ron is a smart real estate guy but he is not a stock market aficionado. He believed the risk / reward opportunity seemed like a no brain-er (not that he was going to invest). The first problem is that idea of the foreseeable future. I think the market is not foreseeing much lately. Most things seem quite cloudy indeed.

Actually I could not help but ponder the matter because, coincidentally, I was at a business breakfast the following morning where the speaker was a manager with responsibility for CBG's Asian portfolio investments. When Ron brought up the subject originally I responded that I did not follow the stock, but that it did not have to return to it's previous glory to achieve a great return on investment. Suppose it took two years to go from $4 per share to $6 or $7. Most anyone would be delighted with a 25%+ annualized return.

As it turned out, I saw my associate later that day and he pointed out that CBG had jumped 40% from the day before. WOW, some of the day gamblers, I mean traders, must have made a killing. Of course that is only if they were on the right side of the deal, and sold in time.

CBG closed Friday at $4.84, down 10% and has been volatile lately as the chart and the stocks recent moves indicate. It has a beta of just under 2 which means that it moves at twice the rate of the broader market.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I do not own any shares of CBG. I do not do any day trading.