This document discusses speculation and speculators. It defines speculation as attempting to profit from anticipated price movements rather than long-term investment. There are four types of speculators: bulls anticipate price rises; bears anticipate declines; stags cautiously invest in new issues; lame ducks struggle when unable to meet commitments. Speculative transactions include options, margin trading, arbitrage, wash sales, and cornering/rigging markets. Speculation provides liquidity and risk-bearing but can also cause bubbles and volatility.