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Is there an adjective to express a quality of being risky and dangerous but highly rewarding?
In the context of finance/investment High risk, high reward is often used.
There are numerous phrases (not single word adjectives) suggesting these characteristics, mostly deriving from betting or sports idioms, including
go for broke
shoot the moon
shoot the works
buck the odds
take a flyer
hail mary pass
Per M-W Unabridged, something that's speculative is anything "involving relatively high risk and usually an unusual potentiality for gain."
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