What does the term 'on spec' mean?

What does the term 'on spec' mean? I repeat myself when under stress. I repeat myself when under stress. I repeat myself when under stress. I repeat myself when under stress....

"On Spec" -- "On speculation" -- means that you agree to bear all expenses of creating the work with NO kill fee and NO promise that the work will be published. Most likely it will be given a five minute reading and tossed away unless you have a very good relationship with the publisher.

I have done "on spec" but you really have to limit it to works where you don't have a great investment of money and time because it is so unlikely that they will actually buy the piece.

They are asking you to commit to creating the entire work without committing to giving you even a 5 or 10 percent kill fee. Sorry. It's a bad thing. It's fine for fiction where you have no investment in research costs but it is completely unfair for nonfiction.

The conservation movement is a breeding ground of communists
and other subversives. We intend to clean them out,
even if it means rounding up every birdwatcher in the country.
--John Mitchell, US Attorney General 1969-72

... elephant talk :)