Investment, an exact science

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Monograph

Identifikator:: 865521182

URN:: urn:nbn:de:zbw-retromon-48767

Document type:: Monograph

Author:: Lowenfeld, Henry

Title:: Investment, an exact science

Place of publication:: London

Publisher:: The Financial Review of Reviews

Year of publication:: 1906

Scope:: 1 Online-Ressource (X, 160 Seiten)

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter I - On investment risks

Collection:: Economics Books

G our illustration to its full possibility, we could bave shown even a more calamitous loss than £1,260 upon £6,109, the original capital sum invested. So that, without in any way straining our illustration, we are able to depict a loss of rather more than 20 per cent, upon three Trustee stocks, each of which seemingly represents interests widely differing from those influencing the other two. Now, if so deplorable a result as this is produced by the purchase of three stocks which are supposed to represent all that is most solid in English finance, it would seem that there is just as much fluctuation in a stock with a gilt edge as in a sound stock not so adorned. Briefly, the tabular results displayed above conclusively prove that capital safety is not arrived at by merely forming a combined Investment List of stocks of unquestionable individual soundness. It therefore follows that in order to achieve stability of capital an Investment List must be endowed with some other characteristic in addi tion to the intrinsic merit of individual stocks, if the investor is to ensure capital safety. But before we begin the discussion of this further requisite quality, let us first establish the simple rudimentary principles which must be the foundation of all successful investment.

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