What is "speculated"

Speculate \Spec"u*late\, v. i. [imp. & p. p. Speculated; p. pr. & vb. n. Speculating.] [L. speculatus, p. p. of speculari to spy out, observe, fr. specula a lookout, fr. specere to look. See Spy.]

1. To consider by turning a subject in the mind, and viewing it in its different aspects and relations; to meditate; to contemplate; to theorize; as, to speculate on questions in religion; to speculate on political events.

   It is remarkable that persons who speculate the most boldly often conform with the most pefect quietude to the external regulations of society.
   --Hawthorne.

2. (Philos.) To view subjects from certain premises given or assumed, and infer conclusions respecting them a priori.

3. (Com.) To purchase with the expectation of a contingent advance in value, and a consequent sale at a profit; -- often, in a somewhat depreciative sense, of unsound or hazardous transactions; as, to speculate in coffee, in sugar, or in bank stock.

vb. (en-past of: speculate)