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 IV - Why geographical distribution protects both capital and income

Collection:: Economics Books

CHAPTER IV. WHY GEOGRAPHICAL DISTRIBUTION PROTECTS BOTH CAPITAL AND INCOME. By means of the examples already given in this book we have clearly established the fact that every individual purchase of stock is strongly tinged with the element of specula tion, and that this speculative element cannot be eliminated from any isolated purchase or from any individual holding, for it is impossible to predict the exact future of any individual stock. It is true that a close investigation of the inherent safety and value of a particular security may serve as a most useful and, indeed, a very necessary guide to future proba bilities. But probabilities are by no means certainties, and anyone who pronounces this or that investment to be a practical certainty should be regarded with distrust by all prudent investors. It would, perhaps, be impossible to find a more convincing example of the slender foundation upon which all investment cer tainties rest than is furnished by Consols.

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