Bankpolitik

Investment, an exact science

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Monograph

Identifikator:: 1006296646

URN:: urn:nbn:de:zbw-retromon-19592

Document type:: Monograph

Author:: Somary, Felix http://d-nb.info/gnd/119189518

Title:: Bankpolitik

Place of publication:: Tübingen

Publisher:: Verlag von J.C.B. Mohr (Paul Siebeck)

Year of publication:: 1915

Scope:: 1 Online-Ressource (XI, 289 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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62 governments, and are geographically situated widely apart, will nearly always differ in activity at any given moment. Lastly, we have shown that the trade of the world, considered as a whole, is constantly increasing, and that a decline in the trade of any one country simply means the transfer of it to another country, and not a loss of trade. These three facts taken conjointly and utilised as the basis upon which the fluctuations of investment values should he averaged, con stitute the practical means of freeing the act of investment from the taint of speculation. Their application resolves itself into the Geographical Distribution of Capital. Let us take the important points of this system of invest ment seriatim, and explain their individual importance :— 1.—The Speculative Element Reduced to a Minimum.—Although it is impossible to predict the future of any single invest ment, it is possible to predict the result of distributing invested capital amongst a number of different investments which embrace the world’s area. We have already seen that the value of all sound investments is dominated by the trade of the country to which they belong, and similarly the total value of a number of

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