spec·u·late /'spe-kyə-ˌlāt/ vb -lat·ed, -lat·ing
vi
1: to theorize on the basis of insufficient evidence
◇ A jury is not permitted to speculate on a matter about which insufficient evidence has been presented in reaching its verdict.
2: to assume a business risk in hope of gain; esp: to buy or sell in expectation of profiting from market fluctuations
vt: to take to be true on the basis of insufficient evidence
spec·u·la·tor /-ˌlā-tər/ n
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.