12 
Investing at its Best and 
Chapter II. 
THE PRACTICAL WORKING OF THE PLAN. 
P RIOR to the introduction of Geographical Distri 
bution of Capital, one good investment was 
considered as suitable for any investor’s purpose as 
another, provided that it appeared to afford ample safety 
and returned the required yield. 
The quantity of any stock held was deemed imma 
terial, so long as too large a portion of the capital was 
not staked in a single enterprise. 
A predominant holding of so-called “ gilt-edged 
securities ” was favoured, their low yield being fre 
quently augmented by the addition of a number of 
inferior investments which gave a larger return. To 
these stocks of varying qualities a few entirely specula 
tive ventures were sometimes added as likely to increase 
the capital. 
The bulk of the money was placed at home, as this 
was considered to be the only thoroughly safe country 
to invest in. Foreign countries, and even British