The best replacement for speculation is hedging.

The best alternatives to speculation are rated as following:
★★★★★  hedging
★★★  investment
★★★  gambling
★★★  investing
★  arbitrage
★  conjecture
★  hedge
★  value investing
  fact
  buying on margin
  speculative
  postponement

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Google Trends

Scale is based on the average worldwide traffic of speculation in all years. Click on graph for more.
speculation
hedging
investment