speculant

Speculant is a noun referring to a person who engages in speculation, especially in financial markets, with the aim of profiting from price changes rather than from the asset’s use or intrinsic value. The term emphasizes the speculative aspect of risk-taking and is largely used in older or more formal writings; in modern English, speculator is the standard term.

Historically, speculant has appeared in economic and commercial writings to describe individuals who undertake price swings for potential gains, often with short time horizons and sometimes with leverage. The scope of speculation can include stocks, commodities, real estate, currencies, and collectibles.

A speculant typically assumes higher risk than an ordinary investor, accepting the possibility of rapid gains as well as rapid losses. Critics of speculation argue that it can contribute to price volatility, asset bubbles, or misallocation of capital; defenders note that speculative activity can improve liquidity, price discovery, and market efficiency.

In contemporary usage, speculant is uncommon and may be perceived as archaic or regional. The related terms speculator, trader, or investor are generally preferred, with speculator specifically signaling speculation as a business or approach rather than long-term value investing.

See also: speculation, speculator, trader, investor, market liquidity.