I actually disagree to some extent with the traditional differentiation between speculating and investing. I think many people (and firms) who call themselves investors are in fact speculators. The case is clear if you have someone who just picks some stocks and hopes that they will go up. Sure, you can do fundamental analysis and form a strong “informed” opinion, but essentially you’re just placing bets. I would argue that the same is true for a larger buy-and-hold investor with a globally diversified portfolio. I don’t think global diversification helps much in today’s connected world, and in essence this investor is just placing a bigger bet that the markets (or rather the global economy) will continue to go up over a longer period of time.