108 
fortunes disappear through a bad distribution 
of risks. 
As long as matters prosper all is serene, 
but the first financial disaster makes a breach 
in the stronghold ; the endeavours to repair 
the breach lead to dabbling in more speculative 
investments, and these again are followed by 
speculation pure and simple, with the final 
result of a complete catastrophe. 
It is too late to lock the stable door after 
the steed has been stolen ; it is much wiser to 
see to the lock whilst the animal is still on the 
premises. Therefore every holder of a ques 
tionably distributed list should at least 
consider his position in its true light. After 
all, this can be done without much trouble or 
expense, and it is no great matter, even if 
ultimately no change is made. It will clear the 
air at all events, and serve to illuminate the 
investor’s real position. An exact knowledge 
of his true position is the first essential of a 
business-like investor. 
Sometimes the reconstruction of an Invest 
ment List is delayed on account of the expense 
which it involves. This objection rests on a 
most shallow foundation, for in most cases 
reconstructions can be so carried out that while 
the new list offers greater capital safety and a 
safer and larger future annual income than the