Sir, I appreciate what you try to define, and agree with your use of the Minsky framework. However, your distincition of the difference between speculating and investing is skewed, because you are looking at it only from the perspective of the purchase of a financial asset. The dividing line between the two terms is the difference between the real economy and the financial economy.

'Investing' is the purchase of real productive assets. The owner of a rental building is an investor. The owner of a lawn mowing service is an investor. The lender of credit or the lender of new equity to a firm is an investor. These groups are purchasing (or enabling the purchase) of productive assets that provide services to customers and returns to owners.

On the other hand, those who purhase financial assets on the secondary market are only speculating on the future cash flows or capital appreciation, and are not providing the firm with investment funds or management guidance. They are only making a bet on the future, which is speculating on a future outcome. They are only guessing in ways that pay off if they are luckier or a bit smarter than all the others who are guessing on the future price of those financial assets.

Thanks, Joel