It's not logically possible for it to be the same as throwing money away, the money is at risk and you may make more money or lose money but the final result of such action is only known to you on the day you sell some point in the future.
In a way a lottery ticket is not money to waste until the result, however with the lottery the odds are so stacked against any return that it is as good as dead money, with investments you have to ask yourself if the odds are in your favour, if they are not then just like lottery tickets and horse racing.
So sometimes it is legitimate to say, like for instance if you buy a speculative oil and gas explorer...i'm afraid that is dead money unless they hit oil or gas and can make money from it...not all stocks are equal some are as safe as your bank account and some are as dangerous as blackjack and roulette, knowing which is which is the important part.
