Speculation vs Gambling?
Speculation is defined as “the use of money to assume risks for profits, in the knowledge that substantial or total losses are ONE possible outcome.” Whereas in Gambling, substantial or total losses are always the MOST likely outcome because it involves sense perception, sub-conscious habit or luck. An action undertaken by an ultra short-range mentality may lead accidently to a beneficial result (Fooled by Randomness.) If one buys whatever one stumbles across on the spur of the moment, without reference to reasons, purposes, or effects, one may get away with it for a while; but only for a while. Consistency, in regard to any goal beyond the perceptual level or routine, cannot be achieved by sense perception (validation of axioms), subconscious habit or luck. It can be achieved only by the aid of explicit values and knowledge gained by applying logic to facts of reality. In any contradiction between a long-term and a short-term signal, go with the long-term signal. When there is a contr
