Statement–Assumption — “His recent investment in Company A’s shares is only a gamble.” Assumptions: I. He may incur a loss on the investment. II. He may gain from the investment.

Introduction / Context:
Calling an investment “only a gamble” communicates uncertainty and material risk regarding outcomes. The speaker need not commit to a specific direction (profit or loss) but does presuppose that a sharp swing one way or the other is plausible.

Given Data / Assumptions:

• “Gamble” = outcome is uncertain and significantly probabilistic.
• In a single future, he will either gain or lose (mutually exclusive realizations).

Concept / Approach:
Assumption items I and II are alternative possibilities. The speaker must assume that at least one of them could occur; they need not assume both simultaneously. Hence the correct pattern in such designs is “either I or II is implicit.”

Step-by-Step Solution:
1) If loss were impossible, “gamble” would be odd.2) If gain were impossible, calling it a “gamble” also misleads.3) The statement requires that one of the two is a real possibility, not that both must be asserted together.

Verification / Alternative check:
Risk language typically signals a spread of outcomes without committing to direction.

Why Other Options Are Wrong:
I-only/II-only force a direction; Both treats them as jointly necessary; Neither denies uncertainty altogether.

Common Pitfalls:
Thinking “gamble” asserts both outcomes together rather than alternative possibilities.

Final Answer:
if either I or II is implicit.