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class="vector-toc-numb">2</span> <span>Speculation vs. investment</span> </div> </a> <ul id="toc-Speculation_vs._investment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economic_benefits" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Economic_benefits"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Economic benefits</span> </div> </a> <button aria-controls="toc-Economic_benefits-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Economic benefits subsection</span> </button> <ul id="toc-Economic_benefits-sublist" class="vector-toc-list"> <li id="toc-Sustainable_consumption_level" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sustainable_consumption_level"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Sustainable consumption level</span> </div> </a> <ul id="toc-Sustainable_consumption_level-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Market_liquidity_and_efficiency" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Market_liquidity_and_efficiency"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Market liquidity and efficiency</span> </div> </a> <ul id="toc-Market_liquidity_and_efficiency-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bearing_risks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bearing_risks"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Bearing risks</span> </div> </a> <ul id="toc-Bearing_risks-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Finding_environmental_and_other_risks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Finding_environmental_and_other_risks"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Finding environmental and other risks</span> </div> </a> <ul id="toc-Finding_environmental_and_other_risks-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Shorting" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Shorting"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Shorting</span> </div> </a> <ul id="toc-Shorting-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Economic_disadvantages" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Economic_disadvantages"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Economic disadvantages</span> </div> </a> <button aria-controls="toc-Economic_disadvantages-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Economic disadvantages subsection</span> </button> <ul id="toc-Economic_disadvantages-sublist" class="vector-toc-list"> <li id="toc-Winner's_curse" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Winner's_curse"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Winner's curse</span> </div> </a> <ul id="toc-Winner's_curse-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economic_bubbles" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economic_bubbles"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Economic bubbles</span> </div> </a> <ul id="toc-Economic_bubbles-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Government_responses_and_regulation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Government_responses_and_regulation"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Government responses and regulation</span> </div> </a> <button aria-controls="toc-Government_responses_and_regulation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Government responses and regulation subsection</span> </button> <ul id="toc-Government_responses_and_regulation-sublist" class="vector-toc-list"> <li id="toc-Food_security" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Food_security"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Food security</span> </div> </a> <ul id="toc-Food_security-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Regulations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Regulations"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Regulations</span> </div> </a> <ul id="toc-Regulations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Proposals" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Proposals"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Proposals</span> </div> </a> <ul id="toc-Proposals-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Books" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Books"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Books</span> </div> </a> <ul id="toc-Books-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Speculation</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 46 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-46" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">46 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%85%D8%B6%D8%A7%D8%B1%D8%A8%D8%A9" title="مضاربة – Arabic" lang="ar" hreflang="ar" data-title="مضاربة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Spekulyasiya" title="Spekulyasiya – Azerbaijani" lang="az" hreflang="az" data-title="Spekulyasiya" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A1%D0%BF%D0%B5%D0%BA%D1%83%D0%BB%D0%B0%D1%86%D0%B8%D1%8F" title="Спекулация – Bulgarian" lang="bg" hreflang="bg" data-title="Спекулация" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Especulaci%C3%B3" title="Especulació – Catalan" lang="ca" hreflang="ca" data-title="Especulació" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Spekulace_(burza)" title="Spekulace (burza) – Czech" lang="cs" hreflang="cs" data-title="Spekulace (burza)" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Spekulation_(Wirtschaft)" title="Spekulation (Wirtschaft) – German" lang="de" hreflang="de" data-title="Spekulation (Wirtschaft)" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Finantsspekulatsioon" title="Finantsspekulatsioon – Estonian" lang="et" hreflang="et" data-title="Finantsspekulatsioon" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%9A%CE%B5%CF%81%CE%B4%CE%BF%CF%83%CE%BA%CE%BF%CF%80%CE%AF%CE%B1" title="Κερδοσκοπία – Greek" lang="el" hreflang="el" data-title="Κερδοσκοπία" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Especulaci%C3%B3n_(econom%C3%ADa)" title="Especulación (economía) – Spanish" lang="es" hreflang="es" data-title="Especulación (economía)" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Spekulado" title="Spekulado – Esperanto" lang="eo" hreflang="eo" data-title="Spekulado" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Espekulazio_(ekonomia)" title="Espekulazio (ekonomia) – Basque" lang="eu" hreflang="eu" data-title="Espekulazio (ekonomia)" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B3%D9%81%D8%AA%D9%87%E2%80%8C%D8%A8%D8%A7%D8%B2%DB%8C" title="سفته‌بازی – Persian" lang="fa" hreflang="fa" data-title="سفته‌بازی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Sp%C3%A9culation_(%C3%A9conomie)" title="Spéculation (économie) – French" lang="fr" hreflang="fr" data-title="Spéculation (économie)" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Amhantra%C3%ADocht" title="Amhantraíocht – Irish" lang="ga" hreflang="ga" data-title="Amhantraíocht" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Especulaci%C3%B3n_(econom%C3%ADa)" title="Especulación (economía) – Galician" lang="gl" hreflang="gl" data-title="Especulación (economía)" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-gu mw-list-item"><a href="https://gu.wikipedia.org/wiki/%E0%AA%B8%E0%AA%9F%E0%AB%8D%E0%AA%9F%E0%AA%BE%E0%AA%96%E0%AB%8B%E0%AA%B0%E0%AB%80" title="સટ્ટાખોરી – Gujarati" lang="gu" hreflang="gu" data-title="સટ્ટાખોરી" data-language-autonym="ગુજરાતી" data-language-local-name="Gujarati" class="interlanguage-link-target"><span>ગુજરાતી</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%88%AC%EA%B8%B0" title="투기 – Korean" lang="ko" hreflang="ko" data-title="투기" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8D%D5%BA%D5%A5%D5%AF%D5%B8%D6%82%D5%AC%D5%B5%D5%A1%D6%81%D5%AB%D5%A1" title="Սպեկուլյացիա – Armenian" lang="hy" hreflang="hy" data-title="Սպեկուլյացիա" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%85%E0%A4%9F%E0%A4%95%E0%A4%B2%E0%A4%AC%E0%A4%BE%E0%A4%9C%E0%A5%80" title="अटकलबाजी – Hindi" lang="hi" hreflang="hi" data-title="अटकलबाजी" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Spekulasi" title="Spekulasi – Indonesian" lang="id" hreflang="id" data-title="Spekulasi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Speculazione" title="Speculazione – Italian" lang="it" hreflang="it" data-title="Speculazione" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A1%D7%A4%D7%A7%D7%95%D7%9C%D7%A6%D7%99%D7%94_(%D7%9B%D7%9C%D7%9B%D7%9C%D7%94)" title="ספקולציה (כלכלה) – Hebrew" lang="he" hreflang="he" data-title="ספקולציה (כלכלה)" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%B8%E0%B3%8D%E0%B2%AA%E0%B3%86%E0%B2%95%E0%B3%8D%E0%B2%AF%E0%B3%81%E0%B2%B2%E0%B3%87%E0%B2%9F%E0%B2%B0%E0%B3%8D" title="ಸ್ಪೆಕ್ಯುಲೇಟರ್ – Kannada" lang="kn" hreflang="kn" data-title="ಸ್ಪೆಕ್ಯುಲೇಟರ್" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ht mw-list-item"><a href="https://ht.wikipedia.org/wiki/Voyemonte_(ekonomi)" title="Voyemonte (ekonomi) – Haitian Creole" lang="ht" hreflang="ht" data-title="Voyemonte (ekonomi)" data-language-autonym="Kreyòl ayisyen" data-language-local-name="Haitian Creole" class="interlanguage-link-target"><span>Kreyòl ayisyen</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Spekuliacija" title="Spekuliacija – Lithuanian" lang="lt" hreflang="lt" data-title="Spekuliacija" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%A8%D0%BF%D0%B5%D0%BA%D1%83%D0%BB%D0%B0%D1%86%D0%B8%D1%98%D0%B0" title="Шпекулација – Macedonian" lang="mk" hreflang="mk" data-title="Шпекулација" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%8A%E0%B4%B9%E0%B4%95%E0%B5%8D%E0%B4%95%E0%B4%9A%E0%B5%8D%E0%B4%9A%E0%B4%B5%E0%B4%9F%E0%B4%82" title="ഊഹക്കച്ചവടം – Malayalam" lang="ml" hreflang="ml" data-title="ഊഹക്കച്ചവടം" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Speculatie_(handel)" title="Speculatie (handel) – Dutch" lang="nl" hreflang="nl" data-title="Speculatie (handel)" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%B8%E0%A4%9F%E0%A5%8D%E0%A4%9F%E0%A4%BE%E0%A4%AC%E0%A4%BE%E0%A4%9C%E0%A5%80" title="सट्टाबाजी – Nepali" lang="ne" hreflang="ne" data-title="सट्टाबाजी" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%8A%95%E6%A9%9F" title="投機 – Japanese" lang="ja" hreflang="ja" data-title="投機" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Spekulasjon_(finans)" title="Spekulasjon (finans) – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Spekulasjon (finans)" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nds mw-list-item"><a href="https://nds.wikipedia.org/wiki/Spekulatschoon_(Weertschop)" title="Spekulatschoon (Weertschop) – Low German" lang="nds" hreflang="nds" data-title="Spekulatschoon (Weertschop)" data-language-autonym="Plattdüütsch" data-language-local-name="Low German" class="interlanguage-link-target"><span>Plattdüütsch</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Spekulacja" title="Spekulacja – Polish" lang="pl" hreflang="pl" data-title="Spekulacja" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Especula%C3%A7%C3%A3o_financeira" title="Especulação financeira – Portuguese" lang="pt" hreflang="pt" data-title="Especulação financeira" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A1%D0%BF%D0%B5%D0%BA%D1%83%D0%BB%D1%8F%D1%86%D0%B8%D1%8F" title="Спекуляция – Russian" lang="ru" hreflang="ru" data-title="Спекуляция" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Veprimtaria_afariste" title="Veprimtaria afariste – Albanian" lang="sq" hreflang="sq" data-title="Veprimtaria afariste" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Speculation" title="Speculation – Simple English" lang="en-simple" hreflang="en-simple" data-title="Speculation" 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id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Engaging in risky financial transactions</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about the financial term. For other uses, see <a href="/wiki/Speculation_(disambiguation)" class="mw-disambig" title="Speculation (disambiguation)">Speculation (disambiguation)</a>.</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">"Speculator" redirects here. For other uses, see <a href="/wiki/Speculator_(disambiguation)" class="mw-disambig" title="Speculator (disambiguation)">Speculator (disambiguation)</a>.</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Everybody_works_but_the_vacant_lot_(cropped).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Everybody_works_but_the_vacant_lot_%28cropped%29.jpg/220px-Everybody_works_but_the_vacant_lot_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Everybody_works_but_the_vacant_lot_%28cropped%29.jpg/330px-Everybody_works_but_the_vacant_lot_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Everybody_works_but_the_vacant_lot_%28cropped%29.jpg/440px-Everybody_works_but_the_vacant_lot_%28cropped%29.jpg 2x" data-file-width="1863" data-file-height="1268" /></a><figcaption>1914 billboard criticizing speculation on land, which cites <a href="/wiki/Henry_George" title="Henry George">Henry George</a></figcaption></figure> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · 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.sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar nomobile nowraplinks hlist"><tbody><tr><th class="sidebar-title"><a href="/wiki/Financial_market_participants" title="Financial market participants">Financial market participants</a></th></tr><tr><th class="sidebar-heading"> Organisations</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Credit_union" title="Credit union">Credit unions</a></li> <li><a href="/wiki/Development_finance_institution" title="Development finance institution">Development finance institution</a></li> <li><a href="/wiki/Insurance" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Investment_fund" title="Investment fund">Investment funds</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Prime_brokerage" title="Prime brokerage">Prime brokers</a></li> <li><a href="/wiki/Trust_company" title="Trust company">Trusts</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Terms</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></li> <li><a href="/wiki/Finance" title="Finance">Finance</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a href="/wiki/Public_finance" title="Public finance">Public finance</a></li> <li><a href="/wiki/Bank" title="Bank">Banks and banking</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">Financial analyst</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">Financial planner</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Financial regulation</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Stock_Market" class="mw-redirect" title="Stock Market">Stock Market</a></li> <li><a href="/wiki/Super_angel" title="Super angel">Super angel</a></li></ul></td> </tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Capitalism" title="Category:Capitalism">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="padding:0.2em;"><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Austerity" title="Austerity">Austerity</a></li> <li><a href="/wiki/Business" title="Business">Business</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Businessperson" title="Businessperson">Businessperson</a></li> <li><a href="/wiki/Capital_(economics)" title="Capital (economics)">Capital</a></li> <li><a href="/wiki/Capital_accumulation" title="Capital accumulation">Capital accumulation</a></li> <li><a href="/wiki/Capital_market" title="Capital market">Capital markets</a></li> <li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competitive markets</a></li> <li><a href="/wiki/Economic_interventionism" class="mw-redirect" title="Economic interventionism">Economic interventionism</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Economic surplus</a></li> <li><a href="/wiki/Entrepreneurship" title="Entrepreneurship">Entrepreneurship</a></li> <li><a href="/wiki/Fictitious_capital" title="Fictitious capital">Fictitious capital</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Free_price_system" title="Free price system">Free price system</a></li> <li><a href="/wiki/Free_market" title="Free market">Free market</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Invisible_hand" title="Invisible hand">Invisible hand</a></li> <li><a href="/wiki/Visible_hand_(economics)" title="Visible hand (economics)">Visible hand</a></li> <li><a href="/wiki/Liberalization" title="Liberalization">Liberalization</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Money" title="Money">Money</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Rent_seeking" class="mw-redirect" title="Rent seeking">Rent seeking</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a></li> <li><a href="/wiki/Surplus_value" title="Surplus value">Surplus value</a></li> <li><a href="/wiki/Value_(economics)" title="Value (economics)">Value</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic systems</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anglo-Saxon_capitalism" class="mw-redirect" title="Anglo-Saxon capitalism">Anglo-Saxon</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Free_market#General_principles" title="Free market">Free-market</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><i><a href="/wiki/Laissez-faire_capitalism" class="mw-redirect" title="Laissez-faire capitalism">Laissez-faire</a></i></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Market_capitalism" class="mw-redirect" title="Market capitalism">Market</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Mixed_capitalism" class="mw-redirect" title="Mixed capitalism">Mixed</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">Monopoly</a></li> <li><a href="/wiki/National_capitalism" class="mw-redirect" title="National capitalism">National</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Nordic_capitalism" class="mw-redirect" title="Nordic capitalism">Nordic</a></li> <li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Private</a></li> <li><a href="/wiki/Raw_capitalism" class="mw-redirect" title="Raw capitalism">Raw</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated market</a></li> <li><a href="/wiki/Regulatory_capitalism" title="Regulatory capitalism">Regulatory</a></li> <li><a href="/wiki/Rhine_capitalism" class="mw-redirect" title="Rhine capitalism">Rhine</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social</a></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State</a></li> <li><a href="/wiki/State-sponsored_capitalism" class="mw-redirect" title="State-sponsored capitalism">State-sponsored</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic theories</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">MMT</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a></li></ul></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxist</a></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarist</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Origins</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Age_of_Enlightenment" title="Age of Enlightenment">Age of Enlightenment</a></li> <li><a href="/wiki/Capitalism_and_Islam" title="Capitalism and Islam">Capitalism and Islam</a></li> <li><a href="/wiki/Commercial_Revolution" class="mw-redirect" title="Commercial Revolution">Commercial Revolution</a></li> <li><a href="/wiki/Feudalism" title="Feudalism">Feudalism</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Simple_commodity_production" title="Simple commodity production">Simple commodity production</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Development</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advanced_capitalism" title="Advanced capitalism">Advanced</a></li> <li><a href="/wiki/Consumer_capitalism" title="Consumer capitalism">Consumer</a></li> <li><a href="/wiki/Community_capitalism" title="Community capitalism">Community</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Crony_capitalism" title="Crony capitalism">Crony</a></li> <li><a href="/wiki/Finance_capitalism" title="Finance capitalism">Finance</a></li> <li><a href="/wiki/Global_capitalism" class="mw-redirect" title="Global capitalism">Global</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Illiberal</a></li> <li><a href="/wiki/Late_capitalism" title="Late capitalism">Late</a></li> <li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Marxist</a></li> <li><a href="/wiki/Merchant_capitalism" title="Merchant capitalism">Merchant</a></li> <li><a href="/wiki/Progressive_capitalism" title="Progressive capitalism">Progressive</a></li> <li><a href="/wiki/Rentier_capitalism" title="Rentier capitalism">Rentier</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">State monopoly</a></li> <li><a href="/wiki/Technocapitalism" title="Technocapitalism">Technological</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Intellectuals</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Ayn_Rand" title="Ayn Rand">Rand</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Richard_M._Weaver" title="Richard M. Weaver">Weaver</a></li> <li><a href="/wiki/Max_Weber" title="Max Weber">Weber</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Coase</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Capitalist_propaganda" title="Capitalist propaganda">Capitalist propaganda</a></li> <li><a href="/wiki/Capitalist_realism" title="Capitalist realism">Capitalist realism</a></li> <li><a href="/wiki/Capitalist_state" title="Capitalist state">Capitalist state</a></li> <li><a href="/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism of capitalism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Cronyism" title="Cronyism">Cronyism</a></li> <li><a href="/wiki/Culture_of_capitalism" title="Culture of capitalism">Culture of capitalism</a></li> <li><a href="/wiki/Evergreening" title="Evergreening">Evergreening</a></li> <li><a href="/wiki/Exploitation_of_labour" title="Exploitation of labour">Exploitation of labour</a></li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/wiki/History_of_capitalism" title="History of capitalism">History</a></li> <li><a href="/wiki/History_of_capitalist_theory" title="History of capitalist theory">History of theory</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market economy</a></li> <li><a href="/wiki/Periodizations_of_capitalism" title="Periodizations of capitalism">Periodizations of capitalism</a></li> <li><a href="/wiki/Perspectives_on_capitalism" class="mw-redirect" title="Perspectives on capitalism">Perspectives on capitalism</a></li> <li><a href="/wiki/Post-capitalism" title="Post-capitalism">Post-capitalism</a></li> <li><a class="mw-selflink selflink">Speculation</a></li> <li><a href="/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li> <li><a href="/wiki/Venture_philanthropy" title="Venture philanthropy">Venture philanthropy</a></li> <li><a href="/wiki/Wage_slavery" title="Wage slavery">Wage slavery</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Ideologies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Anarcho</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Classical_liberalism" title="Classical liberalism">Classical liberalism</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigisme</a></li> <li><a href="/wiki/Eco-capitalism" title="Eco-capitalism">Eco</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><a href="/wiki/Inclusive_capitalism" title="Inclusive capitalism">Inclusive</a></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Liberalism" title="Liberalism">Liberalism</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Neo-Capitalism" class="mw-redirect" title="Neo-Capitalism">Neo</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></li> <li><a href="/wiki/Objectivism" title="Objectivism">Objectivism</a></li> <li><a href="/wiki/Ordoliberalism" title="Ordoliberalism">Ordoliberalism</a></li> <li><a href="/wiki/Privatism" title="Privatism">Privatism</a></li> <li><a href="/wiki/Right-libertarianism" title="Right-libertarianism">Right-libertarianism</a></li> <li><a href="/wiki/Third_Way" title="Third Way">Third Way</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Capitalismlogo.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/16px-Capitalismlogo.svg.png" decoding="async" width="16" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/24px-Capitalismlogo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/32px-Capitalismlogo.svg.png 2x" data-file-width="959" data-file-height="912" /></a></span> </span><a href="/wiki/Portal:Capitalism" title="Portal:Capitalism">Capitalism portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Capitalism_sidebar" title="Template:Capitalism sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Capitalism_sidebar" title="Template talk:Capitalism sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Capitalism_sidebar" title="Special:EditPage/Template:Capitalism sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In <a href="/wiki/Finance" title="Finance">finance</a>, <b>speculation</b> is the purchase of an asset (a <a href="/wiki/Commodity" title="Commodity">commodity</a>, <a href="/wiki/Good_(economics)" class="mw-redirect" title="Good (economics)">goods</a>, or <a href="/wiki/Real_estate" title="Real estate">real estate</a>) with the hope that it will become more valuable shortly. It can also refer to <a href="/wiki/Short_sales" class="mw-redirect" title="Short sales">short sales</a> in which the speculator hopes for a decline in value. </p><p>Many speculators pay little attention to the <a href="/wiki/Fundamental_value" class="mw-redirect" title="Fundamental value">fundamental value</a> of a security and instead focus purely on price movements.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2022)">citation needed</span></a></i>]</sup> In principle, speculation can involve any tradable good or <a href="/wiki/Financial_instrument" title="Financial instrument">financial instrument</a>. Speculators are particularly common in the markets for <a href="/wiki/Stock" title="Stock">stocks</a>, <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>, <a href="/wiki/Commodity_futures" class="mw-redirect" title="Commodity futures">commodity futures</a>, <a href="/wiki/Currency" title="Currency">currencies</a>, <a href="/wiki/Cryptocurrency" title="Cryptocurrency">cryptocurrency</a>, <a href="/wiki/Fine_art" title="Fine art">fine art</a>, <a href="/wiki/Collectible" class="mw-redirect" title="Collectible">collectibles</a>, <a href="/wiki/Real_estate" title="Real estate">real estate</a>, and <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">financial derivatives</a>. </p><p>Speculators play one of four primary roles in financial markets, along with <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedgers</a>, who engage in transactions to offset some other pre-existing risk, <a href="/wiki/Arbitrage" title="Arbitrage">arbitrageurs</a> who seek to profit from situations where <a href="/wiki/Fungibility" title="Fungibility">fungible</a> instruments trade at different prices in different market segments, and <a href="/wiki/Investor" title="Investor">investors</a> who seek profit through long-term ownership of an instrument's underlying attributes. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>With the appearance of the <a href="/wiki/Stock_ticker_machine" class="mw-redirect" title="Stock ticker machine">stock ticker machine</a> in 1867, which removed the need for traders to be physically present on the stock exchange floor, stock speculation underwent a dramatic expansion through the end of the 1920s. The number of shareholders increased, perhaps, from <span class="nowrap">4.4 million</span> in 1900 to <span class="nowrap">26 million</span> in 1932.<sup id="cite_ref-Stäheli_2013_4_2-0" class="reference"><a href="#cite_note-Stäheli_2013_4-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Speculation_vs._investment">Speculation vs. investment</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=2" title="Edit section: Speculation vs. investment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The view of what distinguishes <a href="/wiki/Investment" title="Investment">investment</a> from speculation and speculation from excessive speculation varies widely among pundits, legislators and academics. Some sources note that speculation is simply a higher-risk form of investment. Others define speculation more narrowly as positions not characterized as hedging.<sup id="cite_ref-Szado_3-0" class="reference"><a href="#cite_note-Szado-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/U.S._Commodity_Futures_Trading_Commission" class="mw-redirect" title="U.S. Commodity Futures Trading Commission">U.S. Commodity Futures Trading Commission</a> defines a speculator as "a trader who does not hedge, but who trades with the objective of achieving profits through the successful anticipation of price movements".<sup id="cite_ref-CFTC_4-0" class="reference"><a href="#cite_note-CFTC-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The agency emphasizes that speculators serve important market functions, but defines excessive speculation as harmful to the proper functioning of futures markets.<sup id="cite_ref-Staffreport_5-0" class="reference"><a href="#cite_note-Staffreport-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>According to <a href="/wiki/Benjamin_Graham" title="Benjamin Graham">Benjamin Graham</a> in <i><a href="/wiki/The_Intelligent_Investor" title="The Intelligent Investor">The Intelligent Investor</a></i>, the prototypical defensive investor is "one interested chiefly in safety plus freedom from bother". He adds that "some speculation is necessary and unavoidable, for, in many common-stock situations, there are substantial possibilities of both profit and loss, and the risks therein must be assumed by someone." Thus, many long-term investors, even those who buy and hold for decades, may be classified as speculators, excepting only the rare few who are primarily motivated by income or safety of principal and not eventually selling at a profit.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Economic_benefits">Economic benefits</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=3" title="Edit section: Economic benefits"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Sustainable_consumption_level">Sustainable consumption level</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=4" title="Edit section: Sustainable consumption level"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Philippine-stock-market-board.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/220px-Philippine-stock-market-board.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/330px-Philippine-stock-market-board.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/440px-Philippine-stock-market-board.jpg 2x" data-file-width="640" data-file-height="480" /></a><figcaption>Speculation usually involves more risks than investment.</figcaption></figure> <p><a href="/wiki/Nicholas_Kaldor" title="Nicholas Kaldor">Nicholas Kaldor</a><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> has long argued for the price-stabilizing role of speculators, who tend to even out "price-fluctuations due to changes in the conditions of demand or supply", by possessing "better than average foresight". This view was later echoed by the speculator <a href="/wiki/Victor_Niederhoffer" title="Victor Niederhoffer">Victor Niederhoffer</a>, in "The Speculator as Hero",<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> who describes the benefits of speculation: </p> <blockquote><p>Let's consider some of the principles that explain the causes of shortages and surpluses and the role of speculators. When a harvest is too small to satisfy consumption at its normal rate, speculators come in, hoping to profit from the scarcity by buying. Their purchases raise the price, thereby checking consumption so that the smaller supply will last longer. Producers encouraged by the high price further lessen the shortage by growing or importing to reduce the shortage. On the other side, when the price is higher than the speculators think the facts warrant, they sell. This reduces prices, encouraging consumption and exports and helping to reduce the surplus. </p></blockquote> <p>Another service provided by speculators to a market is that by risking their own <a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a> in the hope of profit, they add <a href="/wiki/Market_liquidity" title="Market liquidity">liquidity</a> to the market and make it easier or even possible for others to offset <a href="/wiki/Risk" title="Risk">risk</a>, including those who may be classified as <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedgers</a> and arbitrageurs. </p> <div class="mw-heading mw-heading3"><h3 id="Market_liquidity_and_efficiency">Market liquidity and efficiency</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=5" title="Edit section: Market liquidity and efficiency"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>If any market, such as <a href="/wiki/Pork_belly" title="Pork belly">pork bellies</a>, had no speculators, only producers (hog farmers) and consumers (butchers, etc.) would participate. With fewer players in the market, there would be a larger <a href="/wiki/Bid/offer_spread" class="mw-redirect" title="Bid/offer spread">spread</a> between the current bid and the asking price of pork bellies. Any new entrant in the market who wanted to trade pork bellies would be forced to accept this <a href="/wiki/Market_liquidity" title="Market liquidity">illiquid market</a> and might trade at market prices with large <a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">bid–ask spreads</a> or even face difficulty finding a co-party to buy or sell to. </p><p>By contrast, a <a href="/wiki/Commodity" title="Commodity">commodity</a> speculator may profit from the difference in the spread and, in competition with other speculators, reduce the spread. Some schools of thought argue that speculators increase the liquidity in a market, and therefore promote an <a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">efficient market</a>.<sup id="cite_ref-chicagofed.org_9-0" class="reference"><a href="#cite_note-chicagofed.org-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> This efficiency is difficult to achieve without speculators. Speculators take information and speculate on how it affects prices, producers and consumers, who may want to hedge their risks, needing counterparties if they could find each other without markets it certainly would happen as it would be cheaper. A very beneficial by-product of speculation for the economy is <a href="/wiki/Price_discovery" title="Price discovery">price discovery</a>. </p><p>On the other hand, as more speculators participate in a market, underlying real demand and supply can diminish compared to trading volume, and prices may become distorted.<sup id="cite_ref-chicagofed.org_9-1" class="reference"><a href="#cite_note-chicagofed.org-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Bearing_risks">Bearing risks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=6" title="Edit section: Bearing risks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Speculators perform a risk-bearing role that can be beneficial to society. For example, a farmer might consider planting corn on unused <a href="/wiki/Farmland" class="mw-redirect" title="Farmland">farmland</a>. However, he might not want to do so because he is concerned that the price might fall too far by harvest time. By selling his crop in advance at a fixed price to a speculator, he can now hedge the price risk and plant the corn. Thus, speculators can increase production through their willingness to take on risk (not at the loss of profit). </p> <div class="mw-heading mw-heading3"><h3 id="Finding_environmental_and_other_risks">Finding environmental and other risks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=7" title="Edit section: Finding environmental and other risks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Speculative <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a> that do fundamental analysis "are far more likely than other investors to try to identify a firm's off-balance-sheet exposures" including "environmental or social liabilities present in a market or company but not explicitly accounted for in traditional numeric valuation or mainstream investor analysis". Hence, they make the prices better reflect the true quality of operation of the firms.<sup id="cite_ref-uh_10-0" class="reference"><a href="#cite_note-uh-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Shorting">Shorting</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=8" title="Edit section: Shorting"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Short_(finance)" title="Short (finance)">Shorting</a> may act as a "canary in a coal mine" to stop unsustainable practices earlier and thus reduce damages and form market bubbles.<sup id="cite_ref-uh_10-1" class="reference"><a href="#cite_note-uh-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Economic_disadvantages">Economic disadvantages</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=9" title="Edit section: Economic disadvantages"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Winner's_curse"><span id="Winner.27s_curse"></span>Winner's curse</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=10" title="Edit section: Winner's curse"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Auctions are a method of squeezing out speculators from a transaction, but they may have their own <a href="/wiki/Perverse_effects" class="mw-redirect" title="Perverse effects">perverse effects</a> by the <a href="/wiki/Winner%27s_curse" title="Winner's curse">winner's curse</a>. The winner's curse is, however, not very significant to markets with high liquidity for both buyers and sellers, as the auction for selling the product and the auction for buying the product occur simultaneously, and the two prices are separated only by a relatively small spread. That mechanism prevents the winner's curse phenomenon from causing mispricing to any degree greater than the spread. </p> <div class="mw-heading mw-heading3"><h3 id="Economic_bubbles">Economic bubbles</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=11" title="Edit section: Economic bubbles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Speculation is often associated with <a href="/wiki/Economic_bubble" title="Economic bubble">economic bubbles</a>.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> A bubble occurs when the price for an asset exceeds its intrinsic value by a significant margin,<sup id="cite_ref-Fleischer_12-0" class="reference"><a href="#cite_note-Fleischer-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> although not all bubbles occur due to speculation.<sup id="cite_ref-LNP_2001_831_13-0" class="reference"><a href="#cite_note-LNP_2001_831-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Speculative bubbles are characterized by rapid market expansion driven by word-of-mouth <a href="/wiki/Feedback_loop" class="mw-redirect" title="Feedback loop">feedback loops</a>, as initial rises in asset price attract new buyers and generate further inflation.<sup id="cite_ref-Rosser_14-0" class="reference"><a href="#cite_note-Rosser-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The growth of the bubble is followed by a precipitous collapse fueled by the same phenomenon.<sup id="cite_ref-Fleischer_12-1" class="reference"><a href="#cite_note-Fleischer-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Shiller_15-0" class="reference"><a href="#cite_note-Shiller-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Speculative bubbles are essentially social epidemics whose contagion is mediated by the structure of the market.<sup id="cite_ref-Shiller_15-1" class="reference"><a href="#cite_note-Shiller-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Some economists link asset price movements within a bubble to fundamental economic factors such as cash flows and discount rates.<sup id="cite_ref-Siegel_16-0" class="reference"><a href="#cite_note-Siegel-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>In 1936, <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> wrote: "Speculators may do no harm as bubbles on a steady stream of <a href="/wiki/Entrepreneurship" title="Entrepreneurship">enterprise</a>. But the situation is serious when enterprise becomes the bubble on a whirlpool of speculation. (1936:159)"<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Keynes himself enjoyed speculation to the fullest, running an early precursor of a <a href="/wiki/Hedge_fund" title="Hedge fund">hedge fund</a>. As the Bursar of the Cambridge University King's College, he managed two investment funds, one of which, called Chest Fund, invested not only in the then 'emerging' market US stocks, but to a smaller extent periodically included commodity futures and foreign currencies (see Chua and Woodward, 1983). His fund was profitable almost every year, averaging 13% per year, even during the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, thanks to very modern investment strategies, which included inter-market <a href="/wiki/Diversification_(finance)" title="Diversification (finance)">diversification</a> (it invested in stocks, commodities and currencies) as well as <a href="/wiki/Shorting" class="mw-redirect" title="Shorting">shorting</a> (selling borrowed stocks or futures to profit from falling prices), which Keynes advocated among the principles of successful investment in his 1933 report: "a balanced investment position... and if possible, opposed risks".<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>It is controversial whether the presence of speculators increases or decreases short-term <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> in a market. Their provision of capital and information may help stabilize prices closer to their true values. On the other hand, crowd behavior and positive feedback loops in market participants may also increase volatility. </p> <div class="mw-heading mw-heading2"><h2 id="Government_responses_and_regulation">Government responses and regulation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=12" title="Edit section: Government responses and regulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The economic disadvantages of speculation have resulted in a number of attempts over the years to introduce regulations and restrictions to try to limit or reduce the impact of speculators. States often enact such <a href="/wiki/Financial_regulation" title="Financial regulation">financial regulation</a> in response to a crisis. Note for example the <a href="/wiki/Bubble_Act_1720" class="mw-redirect" title="Bubble Act 1720">Bubble Act 1720</a>, which the British government passed at the height of the <a href="/wiki/South_Sea_Bubble" class="mw-redirect" title="South Sea Bubble">South Sea Bubble</a> to try to stop speculation in such schemes. It remained in place for over a hundred years until repealed in 1825. The <a href="/wiki/Glass%E2%80%93Steagall_Act" class="mw-redirect" title="Glass–Steagall Act">Glass–Steagall Act</a> passed in 1933 during the <a href="/wiki/Great_Depression_in_the_United_States" title="Great Depression in the United States">Great Depression in the United States</a> provides another example; most of the Glass-Steagall provisions were repealed during the 1980s and 1990s. The <a href="/wiki/Onion_Futures_Act" title="Onion Futures Act">Onion Futures Act</a> bans the trading of <a href="/wiki/Futures_market" class="mw-redirect" title="Futures market">futures contracts</a> on onions in the United States, after speculators successfully cornered the market in the mid-1950s; it remains in effect as of 2021<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Speculation&action=edit">[update]</a></sup>. </p><p>The <a href="/wiki/Soviet_Union" title="Soviet Union">Soviet Union</a> regarded any form of private trade with the intent of gaining profit as speculation (<a href="/wiki/Russian_language" title="Russian language">Russian</a>: <span lang="ru">спекуляция</span>) and a criminal offense and punished speculators accordingly with fines, imprisonment, confiscation and/or <a href="/wiki/Corrective_labor_colony" title="Corrective labor colony">corrective labor</a>. Speculation was specifically defined in article 154 of the Penal Code of the USSR.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Food_security">Food security</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=13" title="Edit section: Food security"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Food_security" title="Food security">food security</a></div> <p>Some nations have moved to limit foreign ownership of <a href="/wiki/Cropland" class="mw-redirect" title="Cropland">cropland</a> to ensure that food is available for local consumption, while others have leased food land abroad despite receiving aid from the <a href="/wiki/World_Food_Programme" title="World Food Programme">World Food Programme</a>.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>In 1935, the <a href="/wiki/British_Raj" title="British Raj">Indian government</a> passed a law allowing the government partial restriction and direct control of <a href="/wiki/Food_production" class="mw-redirect" title="Food production">food production</a> (Defence of India Act, 1935). It included the ability to restrict or ban the trading in derivatives on food commodities. After achieving independence in 1947, India in the 1950s continued to struggle with feeding its population and the government increasingly restricted trading in food commodities. Just at the time the <a href="/wiki/Forward_Markets_Commission_(India)" class="mw-redirect" title="Forward Markets Commission (India)">Forward Markets Commission</a> was established in 1953, the government felt that derivative markets increased speculation, which led to increased food costs and price instabilities. In 1953 it finally prohibited options- and futures-trading altogether.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> The restrictions were not lifted until the 1980s. </p> <div class="mw-heading mw-heading3"><h3 id="Regulations">Regulations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=14" title="Edit section: Regulations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the <a href="/wiki/United_States" title="United States">United States</a>, following passage of the <a href="/wiki/Dodd-Frank_Wall_Street_Reform_and_Consumer_Protection_Act" class="mw-redirect" title="Dodd-Frank Wall Street Reform and Consumer Protection Act">Dodd-Frank Wall Street Reform and Consumer Protection Act</a> of 2010, the <a href="/wiki/Commodity_Futures_Trading_Commission" title="Commodity Futures Trading Commission">Commodity Futures Trading Commission</a> (CFTC) has proposed regulations aimed at limiting speculation in futures markets by instituting position limits. The CFTC offers three basic elements for their regulatory framework: "the size (or levels) of the limits themselves; the exemptions from the limits (for example, hedged positions) and; the policy on aggregating accounts for purposes of applying the limits".<sup id="cite_ref-CFTC_Limits_22-0" class="reference"><a href="#cite_note-CFTC_Limits-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> The proposed position limits would apply to 28 physical commodities traded in various exchanges across the US.<sup id="cite_ref-CFTC_Position_Limits_23-0" class="reference"><a href="#cite_note-CFTC_Position_Limits-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>Another part of the Dodd-Frank Act established the <a href="/wiki/Volcker_Rule" title="Volcker Rule">Volcker Rule</a>, which deals with speculative investments of banks that do not benefit their customers. Passed on 21 January 2010, it states that those investments played a key role in the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Proposals">Proposals</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=15" title="Edit section: Proposals"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a>, <a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a>, <a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday</a>, <a href="/wiki/Fictitious_capital" title="Fictitious capital">Fictitious capital</a>, <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a>, <a href="/wiki/Land_value_tax" title="Land value tax">Land value tax</a>, <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a>, <a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a>, and <a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a></div> <p>Proposals made in the past to try to limit speculation – but never enacted – included: </p> <ul><li>The <a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a> is a tax intended to reduce short-term currency speculation, ostensibly to stabilize foreign exchange.</li> <li>In May 2008, German <a href="/wiki/Leader" class="mw-redirect" title="Leader">leaders</a> planned to propose a worldwide ban on oil trading by speculators, blaming the 2008 <a href="/wiki/Price_of_oil" title="Price of oil">oil price</a> rises on manipulation by <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a>.<sup id="cite_ref-Ban_25-0" class="reference"><a href="#cite_note-Ban-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li> <li>On 3 December 2009, Representative <a href="/wiki/Peter_DeFazio" title="Peter DeFazio">Peter DeFazio</a>, who blamed "reckless speculation" for the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, proposed the introduction of a <a href="/wiki/Let_Wall_Street_Pay_for_the_Restoration_of_Main_Street_Bill" title="Let Wall Street Pay for the Restoration of Main Street Bill">financial transaction tax</a>, which would have specifically targeted speculators by taxing financial-market <a href="/wiki/Security_(finance)" title="Security (finance)">securities transactions</a>.</li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=16" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 10em;"> <ul><li><a href="/wiki/Adventurer" class="mw-redirect" title="Adventurer">Adventurer</a></li> <li><a href="/wiki/Behavioral_finance" class="mw-redirect" title="Behavioral finance">Behavioral finance</a></li> <li><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></li> <li><a href="/wiki/Carbon_credits" class="mw-redirect" title="Carbon credits">Carbon credits</a></li> <li><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></li> <li><a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a></li> <li><a href="/wiki/Day_trading" title="Day trading">Day trading</a></li> <li><a href="/wiki/DeFazio_financial_transaction_tax" class="mw-redirect" title="DeFazio financial transaction tax">DeFazio financial transaction tax</a></li> <li><a href="/wiki/Domain_name_speculation" title="Domain name speculation">Domain name speculation</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/European_crime" class="mw-redirect" title="European crime">European crime</a></li> <li><a href="/wiki/Fictitious_capital" title="Fictitious capital">Fictitious capital</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Financial_regulatory_reform" class="mw-redirect" title="Financial regulatory reform">Financial regulatory reform</a></li> <li><a href="/wiki/Flipping" title="Flipping">Flipping</a></li> <li><a href="/wiki/Food_speculation" title="Food speculation">Food speculation</a></li> <li><a href="/wiki/George_Soros" title="George Soros">George Soros</a></li> <li><a href="/wiki/Jesse_Lauriston_Livermore" class="mw-redirect" title="Jesse Lauriston Livermore">Jesse Lauriston Livermore</a></li> <li><a href="/wiki/Seasonal_traders" class="mw-redirect" title="Seasonal traders">Seasonal traders</a></li> <li><a href="/wiki/Short_selling" class="mw-redirect" title="Short selling">Short selling</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage (finance)</a></li> <li><a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a></li> <li><a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a></li> <li><a href="/wiki/Stock_market_bubble" title="Stock market bubble">Stock market bubble</a></li> <li><a href="/wiki/Stock_trader" title="Stock trader">Stock trader</a></li> <li><a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a></li> <li><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania</a></li> <li><a href="/wiki/Volcker_Rule" title="Volcker Rule">Volcker Rule</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=17" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFTaylorAllen1992" class="citation journal cs1">Taylor, Mark P.; Allen, Helen (1992-06-01). <a rel="nofollow" class="external text" href="https://dx.doi.org/10.1016/0261-5606%2892%2990048-3">"The use of technical analysis in the foreign exchange market"</a>. <i>Journal of International Money and Finance</i>. <b>11</b> (3): 304–314. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2F0261-5606%2892%2990048-3">10.1016/0261-5606(92)90048-3</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0261-5606">0261-5606</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+International+Money+and+Finance&rft.atitle=The+use+of+technical+analysis+in+the+foreign+exchange+market&rft.volume=11&rft.issue=3&rft.pages=304-314&rft.date=1992-06-01&rft_id=info%3Adoi%2F10.1016%2F0261-5606%2892%2990048-3&rft.issn=0261-5606&rft.aulast=Taylor&rft.aufirst=Mark+P.&rft.au=Allen%2C+Helen&rft_id=https%3A%2F%2Fdx.doi.org%2F10.1016%2F0261-5606%252892%252990048-3&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-Stäheli_2013_4-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-Stäheli_2013_4_2-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFStäheli2013">Stäheli 2013</a>, p. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Oi0YwSX0GBwC&pg=PA4">4</a>.</span> </li> <li id="cite_note-Szado-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-Szado_3-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSzado2011" class="citation journal cs1">Szado, Edward (2011). "Defining Speculation: The First Step toward a Rational Dialogue". <i>The Journal of Alternative Investments</i>. <b>14</b>. CAIA Association: 75–82. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.3905%2Fjai.2011.14.1.075">10.3905/jai.2011.14.1.075</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154097642">154097642</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Alternative+Investments&rft.atitle=Defining+Speculation%3A+The+First+Step+toward+a+Rational+Dialogue&rft.volume=14&rft.pages=75-82&rft.date=2011&rft_id=info%3Adoi%2F10.3905%2Fjai.2011.14.1.075&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154097642%23id-name%3DS2CID&rft.aulast=Szado&rft.aufirst=Edward&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-CFTC-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-CFTC_4-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120818123029/http://www.cftc.gov/consumerprotection/educationcenter/cftcglossary/glossary_s">"CFTC Glossary: A guide to the language of the futures industry"</a>. <i>cftc.gov</i>. Commodity Futures Trading Commission. Archived from <a rel="nofollow" class="external text" href="https://www.cftc.gov/consumerprotection/educationcenter/cftcglossary/glossary_s">the original</a> on 18 August 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">28 August</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=cftc.gov&rft.atitle=CFTC+Glossary%3A+A+guide+to+the+language+of+the+futures+industry&rft_id=http%3A%2F%2Fwww.cftc.gov%2Fconsumerprotection%2Feducationcenter%2Fcftcglossary%2Fglossary_s&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-Staffreport-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-Staffreport_5-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/cftcstaffreportonswapdealers09.pdf">"Staff Report on Commodity Swap Dealers & Index Traders with Commission Recommendations"</a> <span class="cs1-format">(PDF)</span>. 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HarperCollins Books. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-06-055566-1" title="Special:BookSources/0-06-055566-1">0-06-055566-1</a>.</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Nicholas Kaldor, 1960. Essays on Economic Stability and Growth. Illinois: The Free Press of Glencoe.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Victor Niederhoffer, The Wall Street Journal, 10 February 1989 <a rel="nofollow" class="external text" href="http://www.dailyspeculations.com/vic/spec_as_hero.html">Daily Speculations</a></span> </li> <li id="cite_note-chicagofed.org-9"><span class="mw-cite-backlink">^ <a href="#cite_ref-chicagofed.org_9-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-chicagofed.org_9-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHeckinger2013" class="citation book cs1">Heckinger, Richard (August 2013). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20221012041520/http://www.chicagofed.org/-/media/publications/understanding-derivatives/understanding-derivatives-chapter-1-derivatives-overview-pdf.pdf">"Derivatives Overview"</a> <span class="cs1-format">(PDF)</span>. <i>Understanding Derivatives: Markets and Infrastructure</i> (Revised ed.). Federal Reserve Bank of Chicago. Archived from <a rel="nofollow" class="external text" href="http://www.chicagofed.org/-/media/publications/understanding-derivatives/understanding-derivatives-chapter-1-derivatives-overview-pdf.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 12 October 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Derivatives+Overview&rft.btitle=Understanding+Derivatives%3A+Markets+and+Infrastructure&rft.edition=Revised&rft.pub=Federal+Reserve+Bank+of+Chicago&rft.date=2013-08&rft.aulast=Heckinger&rft.aufirst=Richard&rft_id=http%3A%2F%2Fwww.chicagofed.org%2F-%2Fmedia%2Fpublications%2Funderstanding-derivatives%2Funderstanding-derivatives-chapter-1-derivatives-overview-pdf.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-uh-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-uh_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-uh_10-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.economist.com/businessfinance/displayStory.cfm?story_id=15536305">Unlikely heroes - Can hedge funds save the world? One pundit thinks so</a>, The Economist, 16 February 2010</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTeeterSandberg2017" class="citation journal cs1">Teeter, Preston; Sandberg, Jorgen (2017). "Cracking the enigma of asset bubbles with narratives". <i>Strategic Organization</i>. <b>15</b> (1): 91–99. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1177%2F1476127016629880">10.1177/1476127016629880</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:156163200">156163200</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Strategic+Organization&rft.atitle=Cracking+the+enigma+of+asset+bubbles+with+narratives&rft.volume=15&rft.issue=1&rft.pages=91-99&rft.date=2017&rft_id=info%3Adoi%2F10.1177%2F1476127016629880&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A156163200%23id-name%3DS2CID&rft.aulast=Teeter&rft.aufirst=Preston&rft.au=Sandberg%2C+Jorgen&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-Fleischer-12"><span class="mw-cite-backlink">^ <a href="#cite_ref-Fleischer_12-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Fleischer_12-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHollander2011" class="citation book cs1">Hollander, Barbara Gottfried (2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=1ZASrmGg6uIC&q=speculative+speculation+bubbles&pg=PA40"><i>Booms, Bubbles, & Busts (The Global Marketplace)</i></a>. Heinemann Library. pp. 40–41. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1432954772" title="Special:BookSources/978-1432954772"><bdi>978-1432954772</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Booms%2C+Bubbles%2C+%26+Busts+%28The+Global+Marketplace%29&rft.pages=40-41&rft.pub=Heinemann+Library&rft.date=2011&rft.isbn=978-1432954772&rft.aulast=Hollander&rft.aufirst=Barbara+Gottfried&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D1ZASrmGg6uIC%26q%3Dspeculative%2Bspeculation%2Bbubbles%26pg%3DPA40&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-LNP_2001_831-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-LNP_2001_831_13-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFLeiNoussairPlott2001">Lei, Noussair & Plott 2001</a>, p. 831: "In a setting in which speculation is not possible, bubbles and crashes are observed. The results suggest that the departures from fundamental values are not caused by the lack of common knowledge of rationality leading to speculation, but rather by behavior that itself exhibits elements of irrationality."</span> </li> <li id="cite_note-Rosser-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-Rosser_14-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRosser2000" class="citation book cs1">Rosser, J. Barkley (2000). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=mIluNwn5K8IC&q=From+Catastrophe+to+Chaos:+a+General+Theory+of+Economic+Discontinuities"><i>From Catastrophe to Chaos: A General Theory of Economic Discontinuities: Mathematics, Microeconomics, Macroeconomics, and Finance</i></a>. Springer. p. 107. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780792377702" title="Special:BookSources/9780792377702"><bdi>9780792377702</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=From+Catastrophe+to+Chaos%3A+A+General+Theory+of+Economic+Discontinuities%3A+Mathematics%2C+Microeconomics%2C+Macroeconomics%2C+and+Finance&rft.pages=107&rft.pub=Springer&rft.date=2000&rft.isbn=9780792377702&rft.aulast=Rosser&rft.aufirst=J.+Barkley&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DmIluNwn5K8IC%26q%3DFrom%2BCatastrophe%2Bto%2BChaos%3A%2Ba%2BGeneral%2BTheory%2Bof%2BEconomic%2BDiscontinuities&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-Shiller-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-Shiller_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Shiller_15-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFShiller2012" class="citation web cs1">Shiller, Robert J. (23 July 2012). <a rel="nofollow" class="external text" href="http://www.project-syndicate.org/commentary/bubbles-without-markets">"Bubbles without Markets"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">29 August</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Bubbles+without+Markets&rft.date=2012-07-23&rft.aulast=Shiller&rft.aufirst=Robert+J.&rft_id=http%3A%2F%2Fwww.project-syndicate.org%2Fcommentary%2Fbubbles-without-markets&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-Siegel-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-Siegel_16-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSiegel2003" class="citation journal cs1">Siegel, Journal (2003). <a rel="nofollow" class="external text" href="http://www.blackwellpublishing.com/pdf/EUFM_Siegel.pdf">"What Is an Asset Price Bubble? An Operation Definition"</a> <span class="cs1-format">(PDF)</span>. <i>European Financial Management</i>. <b>9</b> (1): 11–24. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2F1468-036x.00206">10.1111/1468-036x.00206</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154819558">154819558</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Financial+Management&rft.atitle=What+Is+an+Asset+Price+Bubble%3F+An+Operation+Definition&rft.volume=9&rft.issue=1&rft.pages=11-24&rft.date=2003&rft_id=info%3Adoi%2F10.1111%2F1468-036x.00206&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154819558%23id-name%3DS2CID&rft.aulast=Siegel&rft.aufirst=Journal&rft_id=http%3A%2F%2Fwww.blackwellpublishing.com%2Fpdf%2FEUFM_Siegel.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDr._Stephen_Spratt_of_Intelligence_Capital2006" class="citation web cs1">Dr. Stephen Spratt of Intelligence Capital (September 2006). <a rel="nofollow" class="external text" href="http://www.stampoutpoverty.org/?lid=9889">"A Sterling Solution"</a>. <i>Stamp Out Poverty report</i>. Stamp Out Poverty Campaign. p. 15<span class="reference-accessdate">. Retrieved <span class="nowrap">2 January</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Stamp+Out+Poverty+report&rft.atitle=A+Sterling+Solution&rft.pages=15&rft.date=2006-09&rft.au=Dr.+Stephen+Spratt+of+Intelligence+Capital&rft_id=http%3A%2F%2Fwww.stampoutpoverty.org%2F%3Flid%3D9889&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChuaWoodward1983" class="citation journal cs1">Chua, J. H.; Woodward, R. S. (1983). "The Investment Wizardry of J. M. 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Спекуляция ЗАКОН РСФСР от 27-10-60 ОБ УТВЕРЖДЕНИИ УГОЛОВНОГО КОДЕКСА РСФСР (вместе с УГОЛОВНЫМ КОДЕКСОМ РСФСР)"</a>. <i>zakonbase.ru</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2020-05-02</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=zakonbase.ru&rft.atitle=%D0%A1%D1%82%D0%B0%D1%82%D1%8C%D1%8F+154.+%D0%A1%D0%BF%D0%B5%D0%BA%D1%83%D0%BB%D1%8F%D1%86%D0%B8%D1%8F+%D0%97%D0%90%D0%9A%D0%9E%D0%9D+%D0%A0%D0%A1%D0%A4%D0%A1%D0%A0+%D0%BE%D1%82+27-10-60+%D0%9E%D0%91+%D0%A3%D0%A2%D0%92%D0%95%D0%A0%D0%96%D0%94%D0%95%D0%9D%D0%98%D0%98+%D0%A3%D0%93%D0%9E%D0%9B%D0%9E%D0%92%D0%9D%D0%9E%D0%93%D0%9E+%D0%9A%D0%9E%D0%94%D0%95%D0%9A%D0%A1%D0%90+%D0%A0%D0%A1%D0%A4%D0%A1%D0%A0+%28%D0%B2%D0%BC%D0%B5%D1%81%D1%82%D0%B5+%D1%81+%D0%A3%D0%93%D0%9E%D0%9B%D0%9E%D0%92%D0%9D%D0%AB%D0%9C+%D0%9A%D0%9E%D0%94%D0%95%D0%9A%D0%A1%D0%9E%D0%9C+%D0%A0%D0%A1%D0%A4%D0%A1%D0%A0%29&rft_id=https%3A%2F%2Fzakonbase.ru%2Fcontent%2Fpart%2F417416&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text">Compare: Valente, Marcela. <a rel="nofollow" class="external text" href="http://english.aljazeera.net/indepth/features/2011/05/2011517133358914599.html">"Curbing foreign ownership of farmland."</a> <i>IPS</i>, 22 May 2011. "The governments of Argentina, Brazil and Uruguay are drafting laws to curb acquisition by foreigners of extensive tracts of their fertile agricultural land. [...] China, Egypt, Japan, South Korea, Saudi Arabia, India, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates are all buying or leasing fertile land in other countries where food is not always abundant, the Grain report says.<br /> The study says Cambodia, which receives aid from the World Food Programme, has leased rice fields to Qatar and Kuwait, while Uganda has granted concessions on its wheat and maize fields to Egypt, and interested parties from Saudi Arabia and the United Arab Emirates are making approaches to the Philippines."</span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFrida_Youssef2000" class="citation web cs1">Frida Youssef (October 2000). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120303100446/http://www.fmc.gov.in/htmldocs/reports/rep14.htm">"Integrated report on Commodity Exchanges And Forward Market Commission (FMC)"</a>. FMC. Archived from <a rel="nofollow" class="external text" href="http://www.fmc.gov.in/htmldocs/reports/rep14.htm">the original</a> on 2012-03-03<span class="reference-accessdate">. Retrieved <span class="nowrap">2012-09-05</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Integrated+report+on+Commodity+Exchanges+And+Forward+Market+Commission+%28FMC%29&rft.pub=FMC&rft.date=2000-10&rft.au=Frida+Youssef&rft_id=http%3A%2F%2Fwww.fmc.gov.in%2Fhtmldocs%2Freports%2Frep14.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-CFTC_Limits-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-CFTC_Limits_22-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.cftc.gov/IndustryOversight/MarketSurveillance/SpeculativeLimits/index.htm#P6_864">"Speculative Limits"</a>. U.S. Commodity Futures Trading Commission<span class="reference-accessdate">. Retrieved <span class="nowrap">21 August</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Speculative+Limits&rft.pub=U.S.+Commodity+Futures+Trading+Commission&rft_id=http%3A%2F%2Fwww.cftc.gov%2FIndustryOversight%2FMarketSurveillance%2FSpeculativeLimits%2Findex.htm%23P6_864&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-CFTC_Position_Limits-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-CFTC_Position_Limits_23-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.cftc.gov/PressRoom/PressReleases/pr6260-12">"CFTC Approves Notice of Proposed Rulemaking Regarding Regulations on Aggregation for Position Limits for Futures and Swaps"</a>. U.S. Commodity Futures Trading Commission<span class="reference-accessdate">. Retrieved <span class="nowrap">21 August</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=CFTC+Approves+Notice+of+Proposed+Rulemaking+Regarding+Regulations+on+Aggregation+for+Position+Limits+for+Futures+and+Swaps&rft.pub=U.S.+Commodity+Futures+Trading+Commission&rft_id=http%3A%2F%2Fwww.cftc.gov%2FPressRoom%2FPressReleases%2Fpr6260-12&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDavid_Cho_and_Binyamin_Appelbaum2010" class="citation news cs1">David Cho and Binyamin Appelbaum (22 January 2010). <a rel="nofollow" class="external text" href="https://www.washingtonpost.com/wp-dyn/content/article/2010/01/21/AR2010012104935.html">"Obama's 'Volcker Rule' shifts power away from Geithner"</a>. <i><a href="/wiki/The_Washington_Post" title="The Washington Post">The Washington Post</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">13 February</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Washington+Post&rft.atitle=Obama%27s+%27Volcker+Rule%27+shifts+power+away+from+Geithner&rft.date=2010-01-22&rft.au=David+Cho+and+Binyamin+Appelbaum&rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fwp-dyn%2Fcontent%2Farticle%2F2010%2F01%2F21%2FAR2010012104935.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> <li id="cite_note-Ban-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-Ban_25-0">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEvans-Pritchard2008" class="citation news cs1">Evans-Pritchard, Ambrose (26 May 2008). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080528214654/http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/05/26/cnoil126.xml">"Germany in call for ban on oil speculation"</a>. <i><a href="/wiki/The_Daily_Telegraph" title="The Daily Telegraph">The Daily Telegraph</a></i>. Archived from <a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/05/26/cnoil126.xml">the original</a> on 28 May 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">28 May</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Daily+Telegraph&rft.atitle=Germany+in+call+for+ban+on+oil+speculation&rft.date=2008-05-26&rft.aulast=Evans-Pritchard&rft.aufirst=Ambrose&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Fmoney%2Fmain.jhtml%3Fxml%3D%2Fmoney%2F2008%2F05%2F26%2Fcnoil126.xml&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Books">Books</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=18" title="Edit section: Books"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Covel, Michael. <i><a rel="nofollow" class="external text" href="https://books.google.com/books?id=eg_N2ne2gMcC&q=turtle+trader">The Complete Turtle Trader</a></i>. <a href="/wiki/HarperCollins" title="HarperCollins">HarperCollins</a>, 2007. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780061241703" title="Special:BookSources/9780061241703">9780061241703</a></li> <li>Douglas, Mark. <i>The Disciplined Trader</i>. New York Institute of Finance, 1990. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-13-215757-8" title="Special:BookSources/0-13-215757-8">0-13-215757-8</a></li> <li><a href="/wiki/Max_Gunther" title="Max Gunther">Gunther, Max</a> <i>The Zurich Axioms</i> Souvenir Press (1st print 1985) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-285-63095-4" title="Special:BookSources/0-285-63095-4">0-285-63095-4</a>.</li> <li><a href="/wiki/Justin_Fox" title="Justin Fox">Fox, Justin</a>. <i>The Myth of the Rational Market</i>. Harper Collins, 2009. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780060598990" title="Special:BookSources/9780060598990">9780060598990</a></li> <li>Harper, H. H. <i><a rel="nofollow" class="external text" href="https://www.gutenberg.org/ebooks/73647">The psychology of speculation: The human element in stock market transactions</a></i>, privately printed 1926</li> <li>---- <i><a rel="nofollow" class="external text" href="https://www.gutenberg.org/ebooks/73648">After the stock market crash of November, 1929</a></i> The Torch Press, 1930</li> <li>Lefèvre, Edwin. <i><a rel="nofollow" class="external text" href="https://books.google.com/books?id=tyzu6VETIDsC&q=reminiscences+of+a+stock+operator">Reminiscences of a Stock Operator</a></i> John Wiley & Sons Inc., 2005 (1st print 1923) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0471678767" title="Special:BookSources/0471678767">0471678767</a></li> <li>Neill, Humphrey B. <i>The Art of Contrary Thinking</i> Caxton Press 1954.</li> <li>Niederhoffer, Victor <i>Practical Speculation</i> John Wiley & Sons Inc., 2005 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-471-67774-4" title="Special:BookSources/0-471-67774-4">0-471-67774-4</a></li> <li>Sobel, Robert <i>The Money Manias: The Eras of Great Speculation in America, 1770-1970</i> Beard Books 1973 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-58798-028-2" title="Special:BookSources/1-58798-028-2">1-58798-028-2</a></li> <li>Patterson, Scott <i><a rel="nofollow" class="external text" href="https://archive.org/details/quantshowsmallba0000patt">The Quants, How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed it</a></i> Crown Business, 2010 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780307453372" title="Special:BookSources/9780307453372">9780307453372</a></li> <li>Schwartz, Martin "Buzzy". <i><a rel="nofollow" class="external text" href="https://books.google.com/books?id=aoXXOcQEJh0C&q=pitbull+trader">Pit Bull: Lessons from Wall Street's Champion Trader</a></i> HarperCollins, 2007 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780061844638" title="Special:BookSources/9780061844638">9780061844638</a></li> <li>Schwager, Jack D. <i>Trading with the Market Wizards: The Complete Market Wizards Series</i> John Wiley & Sons 2013 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781118582978" title="Special:BookSources/9781118582978">9781118582978</a></li> <li>Tharp, Van K. <i>Definitive Guide to Position Sizing</i> International Institute of Trading Mastery, 2008. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0935219099" title="Special:BookSources/0935219099">0935219099</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=19" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/34px-Wikiquote-logo.svg.png" decoding="async" width="34" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/51px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/68px-Wikiquote-logo.svg.png 2x" data-file-width="300" data-file-height="355" /></span></span></div> <div class="side-box-text plainlist">Wikiquote has quotations related to <i><b><a href="https://en.wikiquote.org/wiki/Special:Search/Speculation" class="extiw" title="q:Special:Search/Speculation">Speculation</a></b></i>.</div></div> </div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLeiNoussairPlott2001" class="citation journal cs1">Lei, Vivian; Noussair, Charles N.; Plott, Charles R. (2001). <a rel="nofollow" class="external text" href="http://authors.library.caltech.edu/43956/1/non%20speculative%20bubbles%20in%20experimental.pdf">"Nonspeculative Bubbles in Experimental Asset Markets: Lack of Common Knowledge of Rationality Vs. Actual Irrationality"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/Econometrica" title="Econometrica">Econometrica</a></i>. <b>69</b> (4): 831–859. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2F1468-0262.00222">10.1111/1468-0262.00222</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2692246">2692246</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Econometrica&rft.atitle=Nonspeculative+Bubbles+in+Experimental+Asset+Markets%3A+Lack+of+Common+Knowledge+of+Rationality+Vs.+Actual+Irrationality&rft.volume=69&rft.issue=4&rft.pages=831-859&rft.date=2001&rft_id=info%3Adoi%2F10.1111%2F1468-0262.00222&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2692246%23id-name%3DJSTOR&rft.aulast=Lei&rft.aufirst=Vivian&rft.au=Noussair%2C+Charles+N.&rft.au=Plott%2C+Charles+R.&rft_id=http%3A%2F%2Fauthors.library.caltech.edu%2F43956%2F1%2Fnon%2520speculative%2520bubbles%2520in%2520experimental.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStäheli2013" class="citation book cs1">Stäheli, Urs (2013). <i>Spectacular Speculation: Thrills, the Economy, and Popular Discourse</i>. Stanford, CA: <a href="/wiki/Stanford_University_Press" title="Stanford University Press">Stanford University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-804-77131-3" title="Special:BookSources/978-0-804-77131-3"><bdi>978-0-804-77131-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Spectacular+Speculation%3A+Thrills%2C+the+Economy%2C+and+Popular+Discourse&rft.place=Stanford%2C+CA&rft.pub=Stanford+University+Press&rft.date=2013&rft.isbn=978-0-804-77131-3&rft.aulast=St%C3%A4heli&rft.aufirst=Urs&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStuart2017" class="citation book cs1">Stuart, Banner (2017). <i>Speculation: A History of the Fine Line between Gambling and Investing</i>. Oxford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0190623043" title="Special:BookSources/978-0190623043"><bdi>978-0190623043</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Speculation%3A+A+History+of+the+Fine+Line+between+Gambling+and+Investing&rft.pub=Oxford+University+Press&rft.date=2017&rft.isbn=978-0190623043&rft.aulast=Stuart&rft.aufirst=Banner&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlaakman2023" class="citation book cs1">Blaakman, Michael A. (2023). <i>Speculation Nation: Land Mania in the Revolutionary American Republic</i>. University of Pennsylvania Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-5128-2447-6" title="Special:BookSources/978-1-5128-2447-6"><bdi>978-1-5128-2447-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Speculation+Nation%3A+Land+Mania+in+the+Revolutionary+American+Republic&rft.pub=University+of+Pennsylvania+Press&rft.date=2023&rft.isbn=978-1-5128-2447-6&rft.aulast=Blaakman&rft.aufirst=Michael+A.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpeculation" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Speculation&action=edit&section=20" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1235681985"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1237033735"><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/40px-Wiktionary-logo-en-v2.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/60px-Wiktionary-logo-en-v2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/80px-Wiktionary-logo-en-v2.svg.png 2x" data-file-width="512" data-file-height="512" /></span></span></div> <div class="side-box-text plainlist">Look up <i><b><a href="https://en.wiktionary.org/wiki/speculation" class="extiw" title="wiktionary:speculation">speculation</a></b></i> in Wiktionary, the free dictionary.</div></div> </div> <ul><li><a rel="nofollow" class="external text" href="https://www.springer.com/business+%26+management/finance/book/978-3-642-03047-5?changeHeader">Hidden Collective Factors in Speculative Trading</a></li> <li><a rel="nofollow" class="external text" href="http://www2.ohchr.org/english/issues/food/docs/Briefing_Note_02_September_2010_EN.pdf">Food Commodities Speculation and Food Price Crises</a></li> <li><a rel="nofollow" class="external text" href="https://www.chicagofed.org/~/media/publications/understanding-derivatives/understanding-derivatives-chapter-1-derivatives-overview-pdf.pdf">Understanding Derivatives: Markets and Infrastructure</a> Federal Reserve Bank of Chicago, Financial Markets Group</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" 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title="Fourth market">Fourth market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Golden_share" title="Golden share">Golden share</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Restricted_stock" title="Restricted stock">Restricted stock</a></li> <li><a href="/wiki/Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Authorised_capital" title="Authorised capital">Authorised capital</a></li> <li><a href="/wiki/Issued_shares" title="Issued shares">Issued shares</a></li> <li><a href="/wiki/Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Broker" title="Broker">Broker</a> <ul><li><a href="/wiki/Floor_broker" title="Floor broker">Floor broker</a></li> <li><a href="/wiki/Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li> <li><a href="/wiki/Broker-dealer" title="Broker-dealer">Broker-dealer</a></li> <li><a href="/wiki/Market_maker" title="Market maker">Market maker</a></li> <li><a href="/wiki/Trader_(finance)" title="Trader (finance)">Trader</a> <ul><li><a href="/wiki/Floor_trader" title="Floor trader">Floor trader</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li> <li><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedger</a></li> <li><a href="/wiki/Speculator" class="mw-redirect" title="Speculator">Speculator</a></li> <li><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrager</a> <ul><li><a href="/wiki/Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <ul><li><a href="/wiki/List_of_stock_exchanges" class="mw-redirect" title="List of stock exchanges">List of stock exchanges</a></li> <li><a href="/wiki/List_of_stock_exchange_trading_hours" class="mw-redirect" title="List of stock exchange trading hours">Trading hours</a></li></ul></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a> (off-exchange)</li> <li><a href="/wiki/Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li> <li><a href="/wiki/Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li> <li><a href="/wiki/Electronic_communication_network" title="Electronic communication network">Electronic communication network</a> (ECN)</li> <li><a href="/wiki/Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li> <li><a href="/wiki/Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li> <li><a href="/wiki/Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li> <li><a href="/wiki/Crossing_network" title="Crossing network">Crossing network</a></li> <li><a href="/wiki/Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha_(finance)" title="Alpha (finance)">Alpha</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)</li> <li><a href="/wiki/Beta_(finance)" title="Beta (finance)">Beta</a></li> <li><a href="/wiki/Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li> <li><a href="/wiki/Book_value" title="Book value">Book value</a> (BV)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li> <li><a href="/wiki/Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li> <li><a href="/wiki/Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li> <li><a href="/wiki/Dividend_yield" title="Dividend yield">Dividend yield</a></li> <li><a href="/wiki/Earnings_yield" title="Earnings yield">Earnings yield</a></li> <li><a href="/wiki/EV/EBITDA" class="mw-redirect" title="EV/EBITDA">EV/EBITDA</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li> <li><a href="/wiki/Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li> <li><a href="/wiki/Security_market_line" title="Security market line">Security market line</a> (SML)</li> <li><a href="/wiki/T-model" title="T-model">T-model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories<br /> and <a href="/wiki/Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Buy_and_hold" title="Buy and hold">Buy and hold</a></li> <li><a href="/wiki/Contrarian_investing" title="Contrarian investing">Contrarian investing</a></li> <li><a href="/wiki/Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Market_timing" title="Market timing">Market timing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li> <li><a href="/wiki/Momentum_investing" title="Momentum investing">Momentum investing</a></li> <li><a href="/wiki/Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li> <li><a href="/wiki/Pairs_trade" title="Pairs trade">Pairs trade</a></li> <li><a href="/wiki/Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li> <li><a href="/wiki/Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li> <li><a href="/wiki/Sector_rotation" title="Sector rotation">Sector rotation</a></li> <li><a href="/wiki/Style_investing" title="Style investing">Style investing</a></li> <li><a href="/wiki/Swing_trading" title="Swing trading">Swing trading</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li> <li><a href="/wiki/Value_averaging" title="Value averaging">Value averaging</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li> <li><a href="/wiki/Block_trade" title="Block trade">Block trade</a></li> <li><a href="/wiki/Cross_listing" title="Cross listing">Cross listing</a></li> <li><a href="/wiki/Dividend" title="Dividend">Dividend</a></li> <li><a href="/wiki/Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li> <li><a href="/wiki/DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li> <li><a href="/wiki/Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li> <li><a href="/wiki/Financial_law" title="Financial law">Financial law</a></li> <li><a href="/wiki/Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a></li> <li><a href="/wiki/Haircut_(finance)" title="Haircut (finance)">Haircut</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a> (IPO)</li> <li><a href="/wiki/Long_(finance)" title="Long (finance)">Long</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Market_anomaly" title="Market anomaly">Market anomaly</a></li> <li><a href="/wiki/Market_capitalization" title="Market capitalization">Market capitalization</a></li> <li><a href="/wiki/Market_depth" title="Market depth">Market depth</a></li> <li><a href="/wiki/Market_manipulation" title="Market manipulation">Market manipulation</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li> <li><a href="/wiki/Momentum_(finance)" title="Momentum (finance)">Momentum</a></li> <li><a href="/wiki/Open_outcry" title="Open outcry">Open outcry</a></li> <li><a href="/wiki/Order_book" title="Order book">Order book</a></li> <li><a href="/wiki/Position_(finance)" title="Position (finance)">Position</a></li> <li><a href="/wiki/Public_float" title="Public float">Public float</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rally_(stock_market)" title="Rally (stock market)">Rally</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li> <li><a href="/wiki/Share_repurchase" title="Share repurchase">Share repurchase</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li> <li><a href="/wiki/Short_squeeze" title="Short squeeze">Short squeeze</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage</a></li> <li><a class="mw-selflink selflink">Speculation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Stock_dilution" title="Stock dilution">Stock dilution</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stock_market_index" title="Stock market index">Stock market index</a></li> <li><a href="/wiki/Stock_split" title="Stock split">Stock split</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Trade_(financial_instrument)" class="mw-redirect" title="Trade (financial instrument)">Trade</a></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li> <li><a href="/wiki/Uptick_rule" title="Uptick rule">Uptick rule</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility</a></li> <li><a href="/wiki/Voting_interest" title="Voting interest">Voting interest</a></li> <li><a href="/wiki/Yield_(finance)" title="Yield (finance)">Yield</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link 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