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 II - What influences the realisable value of stocks

Collection:: Economics Books

34 any one country is speculating on the future trading pi'ofits of that country. We also see, by comparing these annual totals with the price-movements of individual stocks on the chart, that the final result which an investor will achieve by investing in British stocks is practically unaffected by the number of stocks he may select. Although the rule that the price of every stock is mainly controlled by the trading con ditions of the country in which it is chiefly dealt in is universal in its application, there are, of course, many exceptions to this rule. But the exceptions, although by no means in frequent, are seldom to be met with amongst the representative stocks of any country. There are stocks in existence which so seldom change hands that their quoted prices may be said to solidify to an extent which renders them insensible to the prevailing Trade Influence. Moreover, individuals or groups of individuals frequently create artificial exceptions to this rule. We will illustrate our meaning by giving an example of an artificially solidified stock. We have already shown that British stocks started from a low level of prices in 1893, steadily rose until 1896-7, and then fell away again more or less rapidly. This was the

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