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Copyright © 2019, Michael D. Jenkins, Esq. and Ronin Software
All Rights Reserved



  • Version 1.23 -- Released March 20, 2019 (minor improvement):

    (Free upgrade from Versions 1.20, 1.21, or 1.22)

    • Bond Portfolio Listing of Convertibles: The bond portfolio listings of corporate convertible bonds owned by players or corporations now indicate, with the abbreviation "cv." before the coupon rate, that the bonds are convertibles. As such, you can now tell at a quick glance which bonds in a bond portfolio have equity features.

    • Version 1.23 is file-compatible with saved game files from all prior versions of Speculator.

  • Version 1.22 -- Released January 1, 2019 (minor improvement):

    • Refinement to Database Searches: The additional search parameter that was added in v. 1.20, which allowed you to exclude financial companies from Database Searches, has been changed to also exclude industrial companies, if less than 20% of the company's total assets are "business assets" (plant, equipment, etc.), since those companies are much like a holding company. Factors like improving industry supply/demand are not that relevant to a company that has the vast majority of its assets invested in stocks, options, cash, T-bills, and commodities, rather than in business (operating) assets.

  • Version 1.21 -- Released October 15, 2018 (minor improvement):

    • Changed Timing of Options/Futures Expiration: Previously, the program made an announcement, on the last day of the month, if any options or futures contracts of the player were expiring in the middle of the next month. In some cases, that was not useful, where there were two or more human players, if one player's turn was ending at the end of the month, giving that player little or no time to take any action after seeing the announcement, such as by closing the position early or changing the Exercise Options? setting.

      This version makes such announcements now at the beginning of the month in which the options or futures will expire, so the player now has time (about a half-month of game play time) to take any needed actions, if he or she doesn't want to simply let the contract expire on the scheduled expiration date.

    • File Compatibility: Version 1.21 is file-compatible with games saved by any of the earlier versions of Speculator.

  • Version 1.20 -- Released September 1, 2018 (minor uprgrade):

    • Additional Search Parameters: The Database Search functions have been improved, by adding a new search parameter, which allows you to exclude financial companies (banks, insurance companies, and holding companies) from search results. Thus, you can now do searches that are confined to the 67 categories of industrial companies.

    • File Compatibility: Version 1.20 is file-compatible with games saved by any of the earlier versions of Speculator.

  • Version 1.15 -- Released March 11, 2018 (major uprgrade):

    • Currencies Update: Updated the default currency exchange rates for the 18 non-U.S. currencies as of March 11, 2018. A player can modify the default exchange rate at the beginning of a new game, if the exchange rate for the non-U.S. currency has changed to a significant degree from the default value.

    • Readability: Improved the screen formatting of various text tables, so that very large numbers such as 74938459311 will now display as 74,938,459,311, which is much more readable. Also made changes to allow for much larger numbers than in earlier versions, as we found some players were able to accumulate astoundingly large sums of money, nearly crashing the program.

    • Options Pricing Algorithm: Modified the options pricing algorithm, which was generating values that we felt were unrealistically high for options that were very far "out-of-the-money."

    • Bankruptcy Changes: Made changes so that companies that are about to go broke due to losing interest rate swap positions will now default on the swaps before being completely wiped out, since the other creditors (bank lender, bondholders) should have higher priority than the counterparty on a swap agreement, as senior creditors in case a company goes under.

    • ETF Investment Strategy: Changed the investment strategy of ETFs (Exchange Traded Funds) to make them more aggressive by keeping them more fully invested, instead of maintaining such large cash reserves.

    • Stopping Play When Player's Turn Ends: Made change to stop the stock ticker from running when the game is in the background, behind the screen from some other software program, and there are two or more human players, and one player's turn ends. Otherwise, the other human player could lose part or all of his/her turn if time continued to progress, which was not fair.

    • File Compatibility: Version 1.15 is file-compatible with games saved by any of the earlier versions.

  • Version 1.10 -- released October 15th, 2016, with numerous improvements, as listed below:

    • Setting Currency Exchange Rates: If you own the software for a few months or years, and you like to configure it to play in currencies other than the U.S. dollar, you will find before long that the currency exchange rates built into the program get to be out of date, as real world exchange rates can change significantly over time. This version lets you change the "default" exchange rate by entering a current exchange rate when you start a new game in a non-U.S. currency.

    • Convertible Bond Database Search Improved: In the new version, if you do a database search, you are given the choice of excluding "busted" convertibles from the search (those bonds whose conversion price is so far above the stock price, because the stock price has sunken, that the conversion feature has very little effect on the bond price, unless the stock makes a very large up move). You can enter a percentage, such as 20%, for the maximum conversion premium (the bond's price over its current value if it were converted into stock). In that case, the search would exclude convertible bonds that trade at more than a 20% premium. This is useful, if you are looking for convertible bonds to buy that will act pretty much like the underlying stock.

    • Limits on Position Size: As a game focused on trading (and realism), the previous versions already limited a player's ownership of any company to 5% of the stock, which is the general real world limit, since beyond that, the S.E.C. requires onerous filing and regulatory requirements that make it difficult to trade in and out of a stock. However, we did not place any limits on short sales or option positions, so that if you made enough money, you could theoretically short 5 times or 10 times (or more) as many shares of a company than actually exist, or buy options on more shares than exist, which was not realistic.

      In order to keep the simulation as realistic as possible, this version imposes a similar 5% limit on short sales and a 10% (of the public stock "float") on call option positions, and a separate 10% limit on put option positions on a stock.

    • Improved Listings of Stock, Bond, and Other Asset Listings: We didn't expect players who started with $100,000 in this simulation to run their wealth into the hundreds of billions. We're not sure how they did it, but we were wrong (largely because of the loopholes noted in the preceding paragraph). In this version, we have made room in all the various portfolio, balance sheet, and cash flow listings of assets for much larger numbers. Also, many players have said they would prefer, in portfolio listings, to see their per share (or per bond) cost, shown next to the current price per share, rather than their total cost of the position. Also, some players who got into very large numbers found them hard to decipher when the numbers were not comma-delimited, such as "12398434849" instead of a more readable "12,398,434,849." We have made those requested changes in Version 1.10 and expanded the width of the various tables or listings to accommodate much larger numbers.

    • Turnarounds of Sick Companies: In the prior versions, companies that got in financial trouble almost always continued to fall deeper and deeper into the hole, often eventually going bankrupt, which made it easy to short such stocks and wait until the companies eventually went bankrupt and all their stock was canceled, for a 100% profit on shorts, or bigger profits on put options. In this version, the odds of "management improvements" that result in an earnings turnaround have been made somewhat greater, so that shorting such stocks is now less of a "sure thing."

  • Version 1.05 -- Released June 1, 2016 (Shareware changes mainly)

    • The shareware version was changed to enable short selling, options trading, and futures trading features. However, since (as in the 30-year registered version) it is necessary to achieve a net worth of $300,000, $400,000 or $500,000 respectively, to become eligible for short selling, options or futures trading, it will be somewhat difficult to achieve those levels in the 3 years of game play allowed in the shareware version of the program.

      A number of minor tweaks were made in both the shareware and registered versions.

  • Version 1.03 -- Released April 15, 2016 (Minor text wording changes, fixed several typos)

  • Version 1.02 -- Released March 23, 2016 (Bug Fix Only)

    • Found and fixed bug that could sometimes cause program to crash during a computer player's turn during first quarter of a game, if a computer player was using Strategy #12 of the 12 randomly-assigned computer player strategies that are assigned at the start of each game.

  • Version 1.01 -- Released: February 1, 2016 (Initial Release)

    • This was the first release of Speculator, The Stock Trading Simulation (initially named Speculator, The Stock Market Simulation). Please see the extensive 'Help' files and Glossary that are included with the software (F1 Key for both or click on 'Help Menu' at top of main screen), for an overview of how the program works, plus a detailed discussion of each feature of the program, suggested strategies, how the program does accounting, computes earnings, and calculates taxes, and much more.


  • DOWNLOAD A FREE ("SHAREWARE") VERSION HERE: We believe in "Try before you buy," so you can download a copy of the free "shareware version" by CLICKING HERE. The shareware version is generally the same as the Registered Version, except that games are limited to 3 "years" of play. Also, stock charts are not always available in the shareware version and it uses fictional company names. The Registered Version allows you to play games of up to 30 years in length and stock charts are enabled for all stocks, plus the Registered Version mainly uses real company names for the 1500+ stocks. In addition, the Registered Version comes with a "Customizer Utility" program that lets you change the names, stock symbols, and nation of incorporation for any of the companies in the simulation.


  • ORDER REGISTERED (FULL) VERSION: If you liked what you saw in the "shareware" version, CLICK HERE to order the registered version ($19.95 U.S.), and start working your way up the investor food chain to Short Seller, Options Trader, or Futures Trader status!

  • HALF-PRICE FOR REGISTERED USERS OF WALL STREET RAIDER. The price is reduced to $9.95 for anyone who is a registered user of Wall Street Raider or Speculator. (E-mail the author at MDJENK {a t} A O L ... [.] ....C O M for the $9.95 ordering link if you are a registered user.)

Copyright © 2019 Michael D. Jenkins, Esq. and Ronin Software