Speculating on Investment, Or Investing in Speculation?

The two words "investment" and "speculation" are to some synonymous, to others diametrically opposed. I find myself in the latter camp, though the confusions and conflations these two terms suffer makes it difficult to say the least even to articulate what about the differences should be emphasized. I guess I'll first let a supposed expert discuss the difference. Take it away, ( Albert Wiggin. )