"...
investment is buying a security at a price that is associated with a reasonable expectation of acceptable long-term returns.
Speculation
is buying a security in the expectation that its price will advance,
with less regard for long-term prospects. Both benefit from solid
valuation methods and reliable measures of market action, but
investment weighs valuation more strongly, while speculation weighs
market action more strongly. The problem for active market participants
is to distinguish between investment and speculation in the first
place, and then to identify good and bad opportunities to accept such
positions." John Hussman, Phd.
