120

Scheme  only,  which  ought  to  weigh  with  an
investor,  and  not  the  margin  of  difference
between  its  sale  and  purchase  prices.
Again,  it  is  really  immaterial  to  the  investor ­
  who  holds  a  good  stock  which  particular
Exchange  determines  the  price  of  that  security. ­
  Whether  it  is  quoted  in  England
or  elsewhere,  or  what  may  be  the  small
actual  expenses  of  purchase  or  sale,  are  minor
considerations  so  long  as  it  pays  him  to  hold
the  stock  at  the  nett  cost  price,  including  all
charges.
Every  investor  who  once  grasps  this  important ­
  fact  will  experience  no  difficulty  in
distributing  his  investment  risks  on  the  plan
explained  in  this  book  in  such  a  manner  that
no  conceivable  combination  of  circumstances
can  seriously  reduce  the  realisable  value  of  his
invested  capital.
To  the  investor  who  realises  the  truth  contained ­
  in  the  foregoing  paragraph,  the  world,
so  to  speak,  is  open,  and  he  can  buy  the  safest
and  most  remunerative  securities  in  existence,
and  thereby  free  himself  from  the  confined
limits  of  any  one  financial  centre.  An  international ­
  firm  of  stock  dealers  is  in  a  position  to
supply  him  with  the  best  selection  out  of  all
markets,  together  with  the  necessary  material
for  forming  a  capable  opinion  of  the  stocks  he