When is an investment not an investment?

Fun Fact: All or the majority of stocks availoable for purchase on the New York Stock Exchange use to pay dividends.

I have learned from my readings on the history of the New York Stock Exchange that all the stocks on that exchange use to pay a dividend. Originally stocks were divided into good investments and speculative investments. Apparently all stocks were expected to appreciate in value every year and pay you for owning them. Afterall that was the purpose of investing, was to buy something, that would pay you a small income year after year. Thus dividend paying stocks, which historically do appreciate each year, and pay you a small income are considered good investments. However, stocks which don't pay a dividend, are only going to pay you income if you sell them, and only one time. These were historically few in number, and were considered to be speculative ventures, not investments.

According to the Cambridge dictionary the definition of a Speculative investments is an investment that carries a high level of risk of loss.

So now that the majority of stocks are non-dividend paying, does that mean the majority of stocks are speculative with high risk of loss?

Hmmm.

@shortsegments