Investment, an exact science

Bibliographic data

Monograph

Identifikator:: 1023136384

URN:: urn:nbn:de:zbw-retromon-39354

Document type:: Monograph

Author:: Neumann, Paul

Title:: Der Salzhandel, die Salinen und Salzbergwerke Württembergs im 19. Jahrhundert

Place of publication:: Tübingen

Publisher:: Druck von H. Laupp jr.

Year of publication:: 1912

Scope:: 1 Online-Ressource (III, 175 Seiten)

Digitisation:: 2018

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: I. Abschnitt. Allgemeine Darstellung

Collection:: Economics Books

Who, for instance, would have believed, in 1897, when Consols were 114, that in seven years’ time they would have fallen to 85 ? Or, again, who would have calculated on any statistical basis that Canadian Pacific Railway Common stock would rise from 35 to 182 within the space of ten years, or that Atchison, Topeka and Santa Fé Railway Ordinary would rise from $9 to $91 during the same period ? Whether in adversity or in prosperity, the future of any given investment must always remain a matter of considerable speculation. No doubt there exists a large body of in vestors who, by shutting their eyes to obvious facts, endeavour to deny that the element of speculation enters in any way into the act of investment. Such wilful perversity, however, is only a fruitful cause of disastrous capital losses. Investors of this type will be heard to assert that, having bought none but the safest of stocks, their capital must be secure. Further, they argue that, so long as their income remains undiminished, they can afford to let the realis able value of their capital take care of itself. But although such specious arguments may seem indefinitely to postpone the day of reckoning, yet sooner or later the actual situation will have to be faced, and no investor can afford to delude himself with the idea that

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