Is a Venture an Investment or a Gamble?

Investing is hard. Out smarting other investors is incredibly difficult. The quantitative power, the technology to be able to do that, keeps getting the more advanced. And so it becomes even more challenging. On a micro level, so you just mention that investing is hard. And question too asks an important question. It asks whether a venture is an investment, speculation or gambling? How does your average person differentiate these three things?