Speculation is the buying and selling of an asset, such as a commodity, financial security, or property, with the sole purpose of achieving a profit through capital gains.1 In principle, this can either be stabilizing, pushing prices closer to their fundamental value, or destabilizing, pushing prices and fundamentals apart.2 In common discourse, however, the term is primarily used to refer to destabilizing speculation.3 Destabilizing speculation is thought to cause procyclical asset price...