This text of the Lalive Lecture 2012, as adapted for publication, examines the common denominators and differences regarding the major aspects of commercial and investment arbitration. It does so in identifying those issues and criticisms mostly discussed in recent years and provides the author's views based on his practical experiences as an arbitrator in many cases of both commercial and investment arbitration under rules such as the ICC, LCIA, SCC and others created for commercial arbitration and such as ICSID, the ECT, NAFTA and CAFTA created for investment arbitration. In particular, the following issues are discussed: The Legal Culture, the Legal Framework and the Applicable Law, the Selection of Arbitrators, Jurisdiction, Case Management, Confidentiality or Transparency, Predictability and Consistency of Decisions, and Perspectives for the Future.