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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  questionably ­
  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  Investment ­
  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