A debt or equity investment that is purchased with the sole intention of selling within a short period of time, typically less than a year. Such investments must be labeled appropriately under standard accounting practices such as "held to maturity", "held for trading", or "available for sale". In this case, the security is considered a short-term asset and is treated as such, with gains and losses in value recorded in the income statement. They are reported at fair value, with unrealized gains or losses included in earnings.