What’s the difference between investing and gambling?

Tim Price looks at the difference between investment and speculation – and where value investing comes into the picture.

Pair of dice on financial pages © Getty Images
(Image credit: © Getty Images)

“An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.”

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Tim Price is co-manager of the VT Price Value Portfolio and author of "Investing through the Looking Glass: a rational guide to irrational financial markets".