[Freedom_Is_Not_Free]

Investors rely on market fundamentals and have a reason to invest in a given vehicle at a given time, even with some level of acceptable risk. Speculators don’t employ the analysis or reason that investors due. So your question has no possible answer.

Real investors don’t speculate and speculators are not real investors. They are different animals. People buying stocks on the rumor of an unknown plan that may prove to have limited impact on the liquidity crisis are speculators, not investors. They are not making decisions based on market fundamentals but on a dream or wish that “things may turn around.”

[Sam Gamgee]

The difference between investors and speculators is pretty blurry. One man's speculation is another man's investment. Time frame also indicates whether one is speculating or investing. Based on your definition millions of Americans think they are investors but really are speculators because they never look at the fundamentals but just go by what Bloomberg tells them. There normally are not “speculators” or “investors”. Most people are a little of both. There is no hard and fast definition for speculator in any case. Whenever you buy a stock in a public company you are speculating. Otherwise you would go get a term deposit. You are speculating on the health of that sector, on the marketplace for that product and the competence of that management.

We can of course talk about the level of risk upon each speculation. Obviously investing in say an oil company with one project in say Brazil is far more risky or speculative if you will than say a discount food company.