80 
is immaterial), all of which show a great 
capital variation year by year, and are 
spread over the largest possible geographical 
area. A list of this description, worked 
on the principles explained in the previous 
chapter, should be non-speculative as a whole 
and yet give the maximum chance of a large 
increase in capital, for the largest imaginable 
falls in some directions will be counterbalanced 
by corresponding rises in value in others ; whilst 
the intermittent purchase of cheap stocks by 
the realisation of other stocks which have 
materially improved in value as described in 
the foregoing chapter, will lead to the investor 
securing the large profits which will accrue 
to him. Only investors who consider them 
selves to possess financial skill and who are 
fair judges of the probabilities of new 
investments should undertake the construction 
and the subsequent management of an 
investment list of this description. They 
must be prepared to see some of their 
investments result in total failure, a^id they 
must rely upon the very large profits made on 
others to produce a constantly appreciating total. 
The above suggestions are made with the 
double object of showing, in the first place, 
that every individual Investmeut Aim is to 
be achieved in a fashion peculiar to itself,