This document provides an introduction to investment and securities. It defines investment as an asset acquired to generate income or appreciation in the future. Speculation involves trading high risk financial instruments for potential significant returns. The key difference between investors and speculators is that investors have a longer time horizon, accept moderate risk, and consider fundamental factors, while speculators have a very short time horizon, accept high risk, and focus on market behavior and inside information. The main investment objectives are maximizing return while minimizing risk, and maintaining liquidity, hedging inflation, increasing safety, and saving tax. The investment process involves setting a policy, analyzing opportunities, constructing a diversified portfolio, and periodically evaluating performance.