Speculation is the act of guessing or forming theories without complete evidence. In finance, it means risky investment based on hopes about future price changes.
From Latin *speculatio* “watching, observation,” from *speculari* “to observe,” from *specere* “to look at.” Over time it took on the sense of mental rather than physical observation.
Speculation is imagination put on the record: “Here’s what I think might be true, even though I can’t prove it yet.” When money is involved, that same habit of mind can shake entire economies.
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