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  • I don't see any difference between gambling and investing. Movements on the scale of risk premium. The pension industry is rentier capitalism at its finest. Your proposal would create a new tier of rent seekers. Less alpha, more fees.

  • It's easy to make a statement like that but staking a bet doesn't alter the chances of a thing happening. Giving a company capital to work with might well alter their chances of success.

    If you widen the definition of investment you do come closer to gambling but there's still a difference.

  • There is a hint of Schrödinger's cat with your ontology.

  • There’s a peculiar idea that buying stocks and shares is ‘investing’ though.

    The only person who invests is the first person to buy stock in a company. The second-hand market is purely speculative, and its only productive value is in providing an out to the original investor…

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