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> Can you name a business that isn’t speculating on anything?

Insurance companies, casinos, stock exchanges, utility companies, universities.

If it were not for government regulation, these companies would have near, infinite riskless profit.

Certainly not riskless. Before government regulation many of these industries went bust often. They are usually credited as some of the first regulated industries due to their societal value and their nature to go under.

All those things are replaceable if the incentives align. So I don’t think large profits would be risk free.

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