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Speculation

An investment with an exceptionally high risk. Speculators may invest in a start-up company or in a volatile commodity. These risks carry the possibility of very high returns. Speculators often trade actively and many have hedging strategies to reduce their risks. See also: Hedge fund.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

spec

Speculative; built without a purchaser or a tenant, but in anticipation of securing one when the project is completed.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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