The difference between Investing and Speculating is much larger than Wall Street would have you believe. In fact, they could not be too more different activities. Speculating is gambling. Investing is intelligent decision-making.
In April, GM bragged about having paid back the balance of its $6.7 billion loan under the Troubled Asset Relief Program. In truth, the did nothing of the sort. They simply pirated taxpayer funds to cover their losses.
Hidden Gem – GPS: economic earnings are rising faster than reported accounting earnings b/c the company lowered the capital employed to run the business. GAAP earnings do not capture increase capital efficiency of the business.