From Philip Carret’s The Art of Speculation:
It is unfortunate that the word “speculation” immediately suggests the word “stocks” to most people. When his neighbors gather at the 19th hole of the local country club and discuss the apparent prosperity of Henry Robinson, the local miller, their natural comment is that Henry is a shrewd businessman. It occurs to no one to say that Henry is a successful speculator, though the flourishing state of his business may be due far more to his correctness in judging the wheat market than to his skill as a manufacturer or merchant. Though the speculation involved in the miller’s operations is incidental to his main business, it is speculation nonetheless.
It’s important to consider the extent of any action’s speculative aspect in light of a risk-reward paradigm. Is something more “speculative” or riskier because it entails a higher likelihood of major loss? It’s likely that such an action also entails a higher likelihood of major gain. This is about expected outcomes – if it’s no lower than alternative, less risky investments, then is it any more “speculative”?