[Right Wing Professor]

In my way of thinking, all theory is conjecture, but not all conjecture is theory. Do we agree?

No.

Conjecture: inference based on inconclusive or incomplete evidence; guesswork.

Theory: Systematically organized knowledge applicable in a relatively wide variety of circumstances; especially, a system of assumptions, accepted principles, and rules of procedure devised to analyze predict, or otherwise explain the nature or behavior of a specified set of phenomena

Both definitions from the American Heritage Dictionary, Collegiate edition, 1976.

[AntiGuv]

You'll need the following definition as well.

Wild-Ass Guess: fantasy pulled out one's behind.

[Fester Chugabrew]

Unless you understand that "theory" entails conjecture you are not working with the correct definition of theory. Do you see the words "system of assumptions" in the American Heritage Dictionary definition of "theory", or does cognative dissonance kick in whenever those words come up?