Comment by dan-robertson

I don’t think this is the right analysis. One should generally expect a positive return over time from investing in equities: you are giving up money now and taking on risk, and you are compensated for it by the return on investment. The word ‘speculating’ is generally referring to a different kind of activity from the kind of investing a typical person gets through paying into a pension. I don’t want to make claims about what typical people are doing with brokerage accounts, and the structure of brokerages seems to have changed enough that it’s perhaps harder to describe long term trends or the lives of ‘typical’ customers.