Full text : Investment, an exact science

103

In  all  cases  where  none  of  the  examples
of  Investment  Aims  given  in  the  previous
chapter  really  fit  in  with  the  actual  object
desired  by  the  investor,  he  should  either
endeavour  to  make  up  a  combination,  fitting
his  case  for  himself,  or  he  should  consult  a
competent  adviser.
It  is  just  as  useless  to  expect  a  toy  terrier
to  grow  three  feet  in  height  as  it  would  be  to
expect  a  dearly  purchased  fixed  charge  stock
to  show  a  considerable  increase  in  capital
value.  There  are  certain  future  possibilities  in
every  stock,  and  unless  these  possibilities  carry
out  the  investment  aims  of  its  holder,  disappointment ­
  is  bound  to  be  the  ultimate  result.
Before  any  alterations  in  the  existing
investment  list  are  made,  a  definite  investment ­
  scheme,  setting  forth  the  number  of
stocks  to  be  bought,  the  class  of  security
selected  and  the  Geographical  Divisions  to  be
covered,  should  be  made  out,  and  then  such
existing  investments  as  do  not  fit  into  this
scheme  should  be  sold  and  the  proceeds  invested ­
  in  stocks  which  answer  every  requirement ­
  of  the  scheme.
In  some  cases  it  is  wise  to  carry  out  an
entire  reconstruction  forthwith  ;  in  others,  it  is
preferable  to  do  so  gradually.  It  is  quite  impossible ­
  to  give  any  rigid  directions  in  this
            
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