Warren wouldn't characterize a long-term investment as speculating, even with no dividends and no voting rights. Speculation is when you buy something for its s

Warren wouldn't characterize a long-term investment as speculating, even with no dividends and no voting rights. Speculation is when you buy something for its short-term price movements, whereas investing is buying a share of ownership in a company based on the intrinsic cash-generating ability of the company. Even with no dividends the profits don't vanish in thin air, they can get re-invested or improve price through share buy-backs