[another_poster]

Fair point. There’s a real difference in attitude between speculation and saving. Most people buy stocks to save for retirement, not to speculate that they’ll have enough money for retirement.

But most people aren’t investors, either. Typical people buy stock for their returns, not for their productive capacity. My point is that’s speculation.

Most people have a speculator’s mindset. They would be happy to make a windfall on the market. For example, who wouldn’t be happy to own a plot in downtown Detroit before an economic boom raised land prices? Or stock in a startup before an established company announced they would acquire it?

Although someone who puts money in the stock market for retirement may intend to save money, since a 401k seems like just any another asset, but it’s quite different from other assets: Bank accounts fund lending to companies for productive investments. Homes provide a residence. Bonds provide money to countries and companies for investment. But when individuals put money in the stock market, it’s because they hope the asset will appreciate.