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Chart of the Day: Investing vs. Gambling

Samuel A. Kiburz, Senior Vice President, Chief Investment Officer Nov 20, 2025

Contents

Today’s Chart of the Day is from Michael Mauboussin and highlights the difference between investing vs. gambling. 

In the short term, they appear nearly identical because short-term fluctuations in returns are similar; however, in the long run, the benefits of buy and hold (investing) vs. speculation (gambling) becomes apparent.

Investing is buying an asset in expectation to receive the future flow (in the form of dividends,) while speculation is buying an asset in hopes that another investor is willing to pay more for it.

Gambling is a zero-sum game (think of a poker table—for every dollar won, there is a dollar lost) and over time, the trading costs, taxes and efficiencies of the market make the odds of winning less.

About the Author

Samuel A. Kiburz, Senior Vice President, Chief Investment Officer
Samuel A. Kiburz, Senior Vice President, Chief Investment Officer

Samuel serves as Senior Vice President, Chief Investment Officer for the Crews family of banks. He manages the individual investment holdings of his clients, including individuals, families, foundations, and institutions throughout the State of Florida. Samuel has been involved in banking since 1996 and has more than 20 years experience working in wealth management.

Investments are not a deposit or other obligation of, or guaranteed by, the bank, are not FDIC insured, not insured by any federal government agency, and are subject to investment risks, including possible loss of principal.

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