Investing involves tortoise-like steady returns; Speculation involves hare-like volatile returns.

Investing is based on Income and Sustainable Growth; Speculation is based on a private Capital Appreciation expectation minus the Sustainable Growth.

Investing involves sober evaluation of the safety of principal; Speculation does not.

Investing makes every effort to limit the downside; Speculation does not.

Investing relies on the world basically functioning as it has and continues to function; Speculation relies on the world changing to look like your unique prediction.