John C. “Jack†Bogle (1991) demonstrated how total return can be divided into two meaningful components: “fundamental return†and “speculative return.†In this paper, we explore how speculative return can be further split into industry-specific and firm-specific components.  Dissecting speculative return in such a manner may be useful for assessing managerial performance in a prior period. Specifically, it can help distinguish management’s contributions to total return from that of exogenous factors.