Speculation is a typical zero-sum game, that is, it does not create any value in itself, it does not create any value, it is just a transfer of wealth. Speculation is a psychological game that does not pay attention to the value of the speculative object itself or its growth. It only pays attention to the market's expectations and whether anyone is willing to take over at a higher price.

Investment is more of a positive-sum game. It analyzes problems from a long-term perspective. It is based on the analysis of the own value of the investment object, focusing on future growth and profitability, and investing at a price lower than the true value. Buying at cost and then earning value returns, or the appreciation after the value rises, is that the investment object itself creates new value.

The key to investment lies in value, and the key to speculation lies in gambling; investment is about discovering value and creating new value, while speculation is about beating the drum and spreading flowers without creating any value; investment focuses on long-term growth, while speculation only looks at Short-term interests; investment is something you are very familiar with through careful research, while speculation is random and you may not necessarily understand it.