Hound pompous fool engaged in speculative venture (6)
I believe the answer is:
basset
'hound' is the definition.
(basset hound is an example)
'pompous fool engaged in speculative venture' is the wordplay.
'pompous fool' becomes 'ass' (I've seen this in another clue).
'engaged in' is an insertion indicator.
'speculative venture' becomes 'bet' (bet is a kind of venture. I am not sure about the 'speculative' bit.).
'ass' placed inside 'bet' is 'BASSET'.
Can you help me to learn more?
(Other definitions for basset that I've seen before include "Smooth-haired, long-eared hound" , "Hare-hunting hound among beasts" , "GAME" , "Type of hound" , "Short-legged hound that hunts hares" .)