quite a lot of forms of investing are pretty much gambling but one key distinction is that investing has a market function, it's a price discovery mechanism. In

quite a lot of forms of investing are pretty much gambling but one key distinction is that investing has a market function, it's a price discovery mechanism. Investors who lose in a market still serve a purpose. even if individual investors might incur losses at the very least there are external benefits to their behaviour for everyone else. Without active investing allocation of capital does not work. gambling taking place in purely isolated environments has no such benefit.