80

is  immaterial),  all  of  which  show  a  great
capital  variation  year  by  year,  and  are
spread  over  the  largest  possible  geographical
area.  A  list  of  this  description,  worked
on  the  principles  explained  in  the  previous
chapter,  should  be  non-speculative  as  a  whole
and  yet  give  the  maximum  chance  of  a  large
increase  in  capital,  for  the  largest  imaginable
falls  in  some  directions  will  be  counterbalanced
by  corresponding  rises  in  value  in  others  ;  whilst
the  intermittent  purchase  of  cheap  stocks  by
the  realisation  of  other  stocks  which  have
materially  improved  in  value  as  described  in
the  foregoing  chapter,  will  lead  to  the  investor
securing  the  large  profits  which  will  accrue
to  him.  Only  investors  who  consider  themselves ­
  to  possess  financial  skill  and  who  are
fair  judges  of  the  probabilities  of  new
investments  should  undertake  the  construction
and  the  subsequent  management  of  an
investment  list  of  this  description.  They
must  be  prepared  to  see  some  of  their
investments  result  in  total  failure,  a^id  they
must  rely  upon  the  very  large  profits  made  on
others  to  produce  a  constantly  appreciating  total.
The  above  suggestions  are  made  with  the
double  object  of  showing,  in  the  first  place,
that  every  individual  Investmeut  Aim  is  to
be  achieved  in  a  fashion  peculiar  to  itself,