Markets assume and deserve some rationality.

Speculators, say in stock and currency markets, can serve a useful purpose.

They provide liquidity and so more dept to markets. Not least and this is not bad, take advantage of mkt. discrepancies.

The problem in recent years is they have become more and more prevalent with all kinds of high-frequency tech or even AI tools. When markets become overly-dominated by speculators its like a harmless bacteria just taking over -then making the patient sick. This is what has happened too often in recent years and often is the fault of brokers wanting to view everybody as a trader/speculator which is not the same as investing.

On Thailand stock exchange this has been far too prevalent for far too long..., resulting in just very few stocks regularly dominating even while they are far overvalued on any standard, while barely paying any dividends.

What is increasingly "saving the day" here, is the so called "yield gap"; as many "bargains which go begging" are now yielding 20-25 more in annual percentage-dividends, as compared Thai bank savings' accounts.  Sorry for the repeat!