abstract:Speculative reason or pure reason is theoretical (or logical, deductive) thought (sometimes called theoretical reason), as opposed to practical (active, willing) thought. The distinction between the two goes at least as far back as the ancient Greek philosophers, such as Plato and Aristotle, who distinguished between theory (theoria, or a wide, bird's eye view of a topic, or clear vision of its structure) and practice (praxis), as well as productive knowledge (techne).
The reason to keep the position small is because in my analysis Nokia is a speculative stock and we have firm guidelines for speculative stock that limit the position size.
Even if you never show a profit, you can claim your losses if you can show you had good reason to believe you might make money--a chance for a substantial profit in a speculative venture is enough--and adjusted your strategy or quit the business when it didn't pan out.