Australia is a nation of punters and it’s all too common to see...

Australia is a nation of punters and it’s all too common to see investors punt with money that’s supposed to fund their retirement or pay for a home deposit.

In his classic Where are the Customers’ Yachts?, American stockbroker Fred Schwed opined that the difference between speculators and investors is that speculators try to turn a little into a lot, while investors try to prevent a lot turning into a little.

You can be a speculator with money you’re ok with never seeing again, but be an investor with money that you need to last for decades.”