What is Wilson's "peace without victory"? what was the reasoning behind president Wilson's concept?

President Woodrow Wilson presented the "Peace Without Victory" speech on 22 January 1717 before the joint session of the Congress which became iconic for its reference to a neutral stance of the United States in the War that had torn Europe apart.

The reason for the speech is the vision of a peaceful world in which there would be peace in the sea, no arms race and where the United States would act as a peace broker. Secondly, he believed that victory signifies humiliation and it would outburst in the future and his belief came true in the form of Second World war.