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

investments which cover the world’s area depends largely upon the world’s trade. The trade of the world, considered as a whole, however, is not subject to alternating cycles of boom and depression, but is con stantly expanding. Similarly, the total value of an Invest ment List comprising stocks which prac tically cover the world’s area in their geographical distribution must have a tendency to appreciate in value. It is the constant growth of the world’s trade which reduces to a minimum the element of speculation from the future of a 'well- distributed Investment List. A proper system of Investment Averages established. In order to maintain the average realisable total value of an Invest ment List, it is necessary that the depre ciation in value of some of the stocks comprised therein should be counter-* balanced by an appreciation in the value of others. A sound investment scheme is the result of an accurately balanced system of poise and counterpoise. But the central idea of counterpoise is altogether lost sight of when the choice of stocks is made indiscriminately, without due regard to the probable extent of their future movements,

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