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What is the difference between speculating and investing?
Investing is balancing the desire for return against the various risks that your money is faced with. There's also a recognition that an investment will be in place for some extended period of time. Speculation is seeking short-term maximum return, without protecting yourself against risk.  "Speculation" or "Speculators" is often thrown out as a pejorative, but you need speculation to have a healthy market.