Investment and Speculation
Purchase of assets like shares and securities can be for either investment or speculation or for bo2th. Investment is long-term in nature.
While speculation is short-term. Investment aims at income and normal long-term capital growth while speculation aims only at short-term trade-gains through buying and selling. Investment is less risky and speculation is more risky.
Basically, both aim at income and capital appreciation. But the difference is in motives and objectives. All investments are risky to some extent but speculation is most risky as it involves short-term trading, buying and selling which may lead to profits sometimes and losses at other times.