Investment, an exact science

Bibliographic data

Monograph

Identifikator:: 1768047243

URN:: urn:nbn:de:zbw-retromon-174903

Document type:: Monograph

Author:: Reibnitz, Kurt von http://d-nb.info/gnd/116394234

Title:: Amerikas internationale Kapitalwanderungen

Place of publication:: Berlin [u.a.]

Publisher:: de Gruyter

Year of publication:: 1926

Scope:: VIII, 123 S.

Digitisation:: 2022

Collection:: Economics Books

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

43 This chart will serve the double purpose of showing that neither in new countries nor in untried issues is it possible to absolutely rely on any theory as to price-movements. It will also be seen from this chart that the solid fixed Income stocks like Tokyo City Bonds and Imperial 5 per Cent. Consolidated Loan indicate the movement, but that the specu lative ventures, the scope of which is not fully understood by the public, do not follow it, but mark out price-movements of their own. In spite of the stocks following a speculative course of their own, irrespective of the course of national trade, there is an undeniable general tendency among all of them to move together. We have now established the fact that it is impossible for any investor safely to invest his capital in any one country. It is true that by limiting his investment area to small local stocks an investor might succeed in purchasing a number of securities which were free from the fluctuations due to trade influence. But stocks of this stamp are attended by all the grave drawbacks of companies which are managed by a small clique. The shareholders are either friends or others with common business interests. Lor example, if a company be created to carry on

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