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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.

spec

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

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Cutting down on time spent with clients is one of the best reasons to build on spec.

By building custom and spec, you can keep your crews busy when you don't have a custom home, and you can slack off on spec homes when the custom side is busy.

Spec for success

Says Leo Bender, Elyria plant manager for Catalyst Resources, "We decided to look at all our customers to find who had the strictest requirements and produce everything to that spec.