The article discusses how the definition of "investment" in international agreements has evolved over time, with a trend towards a broader interpretation. This means that investments now include various types of property values and business activities, not just traditional financial investments. Disputes can arise from regular business activities, not just specific investment actions. Some agreements protect both direct and portfolio investments, while others exclude portfolio investments. Additionally, there are different views on whether foreign arbitral awards should be considered investments, with some agreements specifically excluding them.