That is a retarded way to look at things. If you had a buddy who needed money to start a business, and claimed to you his business would earn a million a year based on a good business plan he wrote. Who you tell him " Well at the moment you are just speculating, and you are actually worth nothing therefore I will not invest in you."??

Is that what you would say? Or would you invest on the speculation of what his business plan said even though you are investing say $50,000 on air at the moment.

The markets revolve around speculation. And good speculation comes from good DD, and I trust my DD.