activities carried on by individuals (other than the trustees of charitable funds) or partnerships (in which all or most of the partners are individuals) without a reasonable expectation of profit or gain. (ato.gov.au)
(Please keep in mind that CRA does not view capital gains as «income», nor does it view a loan / mortgate rate of 7 % and a consistent investment return of 5 % as a reasonable expectation of profit.) (canadiancapitalist.com)
A «real» investor does not simply throw his or her money at any random investment; he or she performs thorough analysis and commits capital only when there is a reasonable expectation of profit. (wikinvest.com)