Regardless of how we are characterized, we commit our money into an asset(e.g., stock, etf, MF) with the hope that at some point in the future, the value of that purchased asset will have increased, and accordingly we can profit if we were to sell the stock. An investor has more knowledge of the enterprise than the speculator. The investor has perhaps even made himself familiar with the products, finances, and stock behavior. The speculator, on the other hand, might only just know the stock symbol. The investor convinces himself by the the preponderance of positive information he as learned, or concluded, about the enterprise, that if that continues it can only benefit the value of his holdings in the enterprise. The speculator could care less about the enterprise. He (or she) expects that some event, preferably in the near future, e.g. earnings spike, will drive the stock price forward to a satisfactory profit level, and he will then sell and move on to his next opportunity.