speculation is a typical zero-sum game, that is, it does not create any value by itself, but only the transfer of wealth. Speculation is a psychological game, which does not pay attention to the value of the speculative object itself, the growth, but only the market expectation and whether someone is willing to take over at a higher price.

investment is more of a positive sum game, which is to analyze the problem from a long-term perspective. It is based on the analysis of the investment object's own value, paying attention to the future growth and profitability, buying at a cost lower than the real value, and then earning the return of value, or adding value after the value rises, which creates new value for the investment object itself.

the key to investment lies in value, and the key to speculation lies in gambling; Investment is to discover value and create new value, while speculation is pass the parcel and does not create any value; Investment focuses on long-term growth, while speculation only focuses on short-term interests; Investment is through careful research, but I am very familiar with it. Speculation is random and I don't necessarily know it.