While I don't disagree with your statement, I feel the need to nitpick (because I see it said often these days). Speculative investment is fundamentally very di

While I don't disagree with your statement, I feel the need to nitpick (because I see it said often these days). Speculative investment is fundamentally very different from gambling. In gambling, you know the real odds of the game, you know the payout odds of the game, you can deduce on average how often you'll win/lose, and more importantly, you pay and lose your payment for every turn of the game. With speculative investing these dynamics do not exist. It is risk taking in the same way that gambling is, but aside the fact that they're both risk taking, speculative investing is in no way like gambling. Your second paragraph basically distils down supply and demand, aggregate risk appetite in a market, and market cycles.