Risto is and will always be just a speculator. His other delusions are just that.
According to definition, "speculation" is an act of foreseeing that an asset has a greater EV than PV+carry cost.
Being "just" a speculator is a decent income if you are even a little successful.
No, according to definition "speculation" is the act of foreseeing the price of something going up (or down)
irrespective of underlying value and profiting from that.
|Foreseeing that an asset has a greater EV than PV+carry cost is called investing.
There is no difference, other than rhetorical ("investing" is good, "speculation" is bad). The expected value of an asset is exactly equal to the expected price minus carry.