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Wayne:
When I use the word "speculation", I use it in the broadest terms. Any investment without a "guaranteed certain" payout is, in my usage, "speculation". This makes stocks, real estate and such speculative because (1) outside events can influence these investments more than less "risky" ones and (2) markets, whether they be real estate or stocks are impossible to accurately predict since they are based more on emotion than logic.
Please note I use the words "impossible to accurately predict". There are those who will argue with that, but it is the truth, based on years of market analysis and not by me. Trends, yes. Precise rise/fall, no.
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Bob S. former owner of a 1984 silver 944
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