I'm one of those people who looks at the question and has difficulty seeing any meaningful distinction. The distinction becomes especially blurry when you consider a casino owner.

It seems clear that owning a business like a casino is a long-term investment. But a casino owner's profits in any given night come from the thousands of short-term speculations he engages in. The fact that the odds are in his favor make it seem less speculative. But then how is he any different from the speculative computer with the odds in its own favor that makes thousands of trades per day?