It is important for clients to know the difference between speculation and gambling. When investors speculate, they open positions in packages of assets that are riskier than the market. True speculation involves analysis of a company’s attributes such as rarity, growth potential, product development, etc. If the proper analysis is conducted, investors can enjoy market outperformance. GameStop lacks these positive attributes. In many segments of the investment world, we do not see speculation, but rather money being thrown at trending fads untethered from value or proper risk. This is gambling.