Speculation is investing. The difference in risk is a difference of degree, not category. Hedge funds, venture capitalists, real estate investors, etc. all rout

Speculation is investing. The difference in risk is a difference of degree, not category. Hedge funds, venture capitalists, real estate investors, etc. all routinely invest their or their clients’ assets by engaging in speculation. The word you’re looking for is “gambling”, which is a meaningful difference. This isn’t just pedantic - the word “speculate” has a well-established definition in financial jargon, and altering that definition clouds discussions that could benefit from precision. Moreover, it implicitly puts “Real Investing” on a pedestal of responsibility and financial acumen, while dismissing the utility of speculation. Sometimes people try to differentiate between speculation and investing by restricting their definitions to high risk trading and value investing, respectively. But in real world investing, it is extremely common for people to “invest” their money in vehicles which are “speculating” on securities of various types.