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,