ÄÖCii

umm

CHAPTER  V.

THE  PRACTICAL  CONSTRUCTION  OF
INVESTMENT  SCHEMES.
To  most  investors  it  will  prove  quite  a  novel
idea  that  any  necessity  exists  for  an  Investment ­
  Scheme,  and  that  such  a  scheme  requires
construction.
With  the  exception  of  the  managers  of
Banks,  Insurance  and  Finance  companies,  and
perhaps  a  few  isolated  large  private  investors,
the  investing  public  have  always  looked  upon
investment  as  a  haphazard  business,  in  which
luck  was  the  main  factor.  Whenever  money
was  to  be  invested  the  pros  and  cons  of  this
and  that  security  were  considered  mostly
without  any  reference  to  the  investments
already  held,  and  without  weighing  anything
except  the  safety  and  yield  of  the  proposed
purchase.  This  is  the  one  and  only  reason
why  so  few  investors  are  permanently  successful ­
  in  their  operations.
In  the  preceding  chapters  we  have
explained  the  necessity  of  considering  all
investments  held  as  one  harmonious  whole,