I'd really appreciate if you guys could help me with this question.

1-) An opinion column in the Wall Street Journal observes: Speculators earn a profit by absorbing risk that others dont want. Without speculators, investors would find it difficult to quickly hedge or sell their positions. In what sense do speculators earn a profit by absorbing risk? Why would the absence of speculators make it difficult for investors to quickly hedge or sell their positions?