Agree with what he is saying, speculation has ensured the failure of every new tld that has come out.
The only exceptions are the ones where the domainers don't even bother or it is closed to general registrations, they've failed on their own. I guess the question is would a new tld become successful if speculation where prohibited? I don't think it would be a big change, there is no real scope for new extensions, and how does one actually prohibit speculation? Look at all the red tape .com.au had, and there was still speculators.
In short this issue was resolved in the 1980's, that is when the standards for internet addressing were set. For new tlds operators they would be wise to allow speculation because that is their primary market in my view. Personally if I were running such an enterprise I'd target domainers as the main buyers and pepper it with some "enduser" stuff for show, much like .co I guess.