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

capital safety and the realisable value of his investments are matters which can be dis regarded with impunity. But, it may well be asked, if every purchase of stock is a speculation, what should the investor do who desires entirely to eschew speculation ? The answer to this question is that precisely as a carefully-studied system of averages eliminates all taint of gambling from a sound system of insurance business, so a sound system of averages, based upon the Geographical Distribution of Capital, should reduce to a minimum the taint of speculation from the act of investment. From their very nature, insurance and investment are both highly speculative trans actions, which can only be raised to the dignity of solid business by a carefully studied system of averages. We have already shown that the realisable value of all important and intrinsically sound stocks is dominantly influenced by the trading conditions of the particular country in which they are principally held and dealt in, and that the trade of every country moves in cycles of prosperity, followed by cycles of adversity. Further, we have shown that the course of trade of countries which are under different

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