A friend asked me how to determine whether what I'm doing is investing or speculating:

I think it's quite simple. Before buying an asset, ask yourself:

Can I hold it for a lifetime on a belief level, to the point where I would never sell it?

If, when you buy, you're already thinking about selling, even if you're thinking about selling it three years later, then you're just engaging in something called "speculation." If you hold it for a longer time, it's just prolonged speculation; if you sell it immediately, it's gambling-style speculation, not "investing."

Of course, this doesn't mean "never sell," but rather: selling can only happen after your belief has been proven false, not during price fluctuations. It should never be because of price fluctuations that you sell.

Investing is when you're willing to give it your time; speculating is when you're always waiting for a reason to exit.

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