investments  which  cover  the  world’s  area
depends  largely  upon  the  world’s  trade.
The  trade  of  the  world,  considered  as  a
whole,  however,  is  not  subject  to  alternating
cycles  of  boom  and  depression,  but  is  constantly ­
  expanding.
Similarly,  the  total  value  of  an  Investment ­
  List  comprising  stocks  which  practically ­
  cover  the  world’s  area  in  their
geographical  distribution  must  have  a
tendency  to  appreciate  in  value.  It  is  the
constant  growth  of  the  world’s  trade  which
reduces  to  a  minimum  the  element  of
speculation  from  the  future  of  a  'welldistributed
  Investment  List.
A  proper  system  of  Investment  Averages
established.  In  order  to  maintain  the
average  realisable  total  value  of  an  Investment ­
  List,  it  is  necessary  that  the  depreciation ­
  in  value  of  some  of  the  stocks
comprised  therein  should  be  counter-*
balanced  by  an  appreciation  in  the  value  of
others.  A  sound  investment  scheme  is  the
result  of  an  accurately  balanced  system  of
poise  and  counterpoise.  But  the  central
idea  of  counterpoise  is  altogether  lost  sight
of  when  the  choice  of  stocks  is  made
indiscriminately,  without  due  regard  to  the
probable  extent  of  their  future  movements,