What separates an investor from a speculator?
Of course they look different. While an investor is generally calm and composed, a speculator is mostly agitated!
Anyways, the serious answer is – It’s not what they choose to buy but how they choose it.
At one price, any stock could be a speculation; at another (lower) price, it can become an investment.
And in the hands of different people, the same stock – even at the same price – could be either a speculation or an investment. It all depends on how they understood it and how honestly they assessed their own limitations.
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