The Concept: Your Portfolio as a Business
The difference between investment and speculation is that the primary objective of an investment is to earn the long run cashflow generated by an asset, while that of speculation is to earn a one time profit from price appreciation.
While speculating is generally a difficult zero-sum game based on finding the next greater fool to sell to at a higher price, investing is a more sustainable, positive-sum game based on participating in the productive capacity of the economy, where it is possible for all participants to be winners