Hello,

In the real world who ever invests would invest by considering the possibilities of all risk factors and would form a strategy at least to safe guard the principle amount and to earn a better return (i.e Investor), but still due to the uncertainty and sudden shocks during long-run that an economy might experience or due to the better opportunity costs that prevail by then (because of increased globalization), a rational investor would tend to get out of his/her initial investment and go for the better (which act may be referred to as a Speculation). Hence,

Investing: An investing is one which also contains speculation which would be exhibited by the investors, wherein they only dispose their investments when they fall in the phase of "having better opportunity costs relative to their initial investments, changes in the capital market expectations and their own utilities & when there has been a slow down in economy pertains to their investments". In the phases mentioned above a rational investor would make sale of his/her initial investments and go for the better one's.

Speculation: A part of investing, where the investors turns out to be speculators and try to dispose their investments very frequently irrespective of the situation demanded (means regardless of the occurrence of the typical phases mentioned in the definition of Investing).

Investments in an economy whose markets are informational and operationally efficient and with no country risk and no exchange risk would let people to be investors with not churning their investments, if not they are speculators.