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While adding the term 'speculation' to the mix might have some value, it probably adds more confusion than clarification, so I prefer to leave it out and focus on just 'gambling' and 'investing'.
Did I merely sidestep the ambiguity, and sweep the gray areas and the important exceptions under the rug?
It has planetary reach, a multitude of local competitive arenas, volumes of statistics, star players, and - best of all - anyone can move between the domains of observer and participant, fan and player.We might choose not to consider them investments because of their poor long-term performance, but we shouldn't choose not to consider them investments simply because they won't ever produce a stream of income.One interesting thing to note is the pattern of exceptions to the attempted characterizations.Looking to the financial markets, one could make shelbyville casino indiana live the case that people who gamble in this realm do serve a function, by adding to the market's depth, liquidity, transparency, and efficiency.I should hasten to add that not all types of investing are productive.In order to differentiate between the two, we should start by defining them.As I mentioned before, it's difficult for investors to calculate how much of an advantage they have, but the odds of a given gambling strategy can be known either precisely or at least approximately.For example, in Benjamin Graham and David Dodd's classic Security Analysis, they argue that "an investment operation is one which upon thorough analysis promises safety of principal and an adequate return.My goal has always been value creation rather than enjoyment, and I place bets only where the odds are most heavily in my favor, not where I expect to find the most excitement.Even if you find bets for which the odds are in your favor, we encourage you to make sure your chosen activity is legal before participating.Soros and other speculators make their predictions partially based on market psychology, and in this respect their behavior fits perfectly with the Keynes' definition of speculation.Let's see what the dictionary says.Peter Lynch has said that "An investment is simply a gamble in which you've managed to tilt the odds in your favor.".
To this end, I offer the following definitions, which are built from the various characterizations in the above section: Investing: "Any activity in which money is put at risk for the purpose of making a profit, and which is characterized by some or most.