[hcv123]

That said, I'd point out that businesses, rental homes and farmland are affected by supply and demand similarly to "speculative assets". If there is suddenly less interest in a product or service a particular business offers, more people leaving a particuar real estate market than moving in, or farmland producing products which people no longer want the value of any of the above will fall - they will be "worth less", not worthless. A notable difference possibly at the root of Buffets thoughts is that what he classifies as "investments" in fact start delivering an income stream from day 1 - though at a point if demand wanes, that income stream could become negative. Leaving the value of the enterprise itself "worth less". The speculative assets rely on an increase in demand and a relatively static supply in order to increase in value and while having no positive income stream also are not at risk of producing a negative one.