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Is there a difference between investing and speculation?

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NYSE Euronext CEO takes offense to being called a "casino operator" yet he went on to say that in his words, "not a lot has changed over the past three years" since the financial crisis. Still, others on the same panel at The New York Forum had difficulty pinpointing the distinction between investing and speculation. Would it be considered gambling if the time period were 2 seconds or 2 days?

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