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The Difference Between a Speculator and a Gambler

What is the real difference between gambling and speculation (if you take drinking out of the equation)? Is it having a theory about the odds being better than even and avoiding ruin along the way?

One possible definition might be “a gambler chases fast fixed returns based on luck, while a speculator has time on his side to let the market decide how much his edge is worth.”

Perhaps the true Speculator — one who is on the front lines day after day — knows that to win big for his backers, he HAS to gamble. His only advantage is that he can choose when to play. 

A speculator strives to be professional, honorable, intellectual, serious, analytical, calm, selective and focused.

Whereas the gambler is corrupt, distracted, moody, impulsive, excitable, desperate and superstitious.

“gamblers are willing losers who occasionally win”

That is, gamblers risk their capital on propositions where the odds are either: (more…)