ABSTRACT
Few subjects connected with foreign exchange cause more discussion, inflame tempers more severely, or test the ingenuity of the accurate thinker or speaker more than does the term 'speculator' and the idea of speculation. There are in fact two kinds of so-called speculators. Before we discuss whether speculation is always right or always wrong or merely sometimes right and sometimes wrong, depending on the circumstances, we must try to differentiate between the two quite different kinds of people who are often described as speculators.
