>> Actually for some reason as I was watching Brentford win a thought occurred:
>>
>> Does investment involve a purchase and some level of ownership in something which at some
>> point can be sold whereas gambling merely involves a bet on an outcome with no
>> ownership.
You can often substitute the buying and selling of shares with spread betting. Apart from the leverage doesn't it amount to the same thing? Or isn't spread betting betting?
I don't think there can be an absolutely clear definition but I think it's about returns. Those can be capital gains but there is a difference, albeit a soft one, between simple usually short term price changes and e.g. the kind of growth you see in the value of Berkshire Hathaway (which famously doesn't pay dividends but clearly has generated very good returns for its shareholders).
I think most people know gambling when they see it. Distinguishing between investment and spending is sometimes harder. I've just invested in a suspension seatpost for my bike, the return being greater comfort on long rides. I'm gambling that it will work. My wife thinks it's just more reckless spending on one of my enthusiasms.
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