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The two women listened open-mouthed to his story of the strike, and feeling where the sympathy lay Dresser spoke largely to them. "You seem to have found something to do?" Sommers remarked significantly at the close. "I'm assistant editor of a paper," Dresser explained. Sommers laughed. "Herr Most's old sheet?" "The Investor's Monthly."
I took it, not that I wanted it, but for the reason that he was a friend who asked me to help him and as was the case with every such investment, except Caine's, it was distinctly understood that the risk of loss was the investor's.
It may be that his eye too rigidly followed the foreign investor's point of view, and that by adopting a more conciliatory attitude towards the national ideal, he might have strengthened his position at home without impairing his reputation abroad; but his position was really made impossible by a force quite beyond his control, the irresponsible and often intolerable behaviour which Turkey, under whatever régime, has always practised towards foreign powers, and especially towards those Balkan states which have won their freedom in her despite, while perforce abandoning a large proportion of their race to the protracted outrage of Turkish misgovernment.
The value of an investor's holdings is determined by the income he stands to receive from them. No income no value. But capital gains though also driven by earnings hype do not feature in financial models of stock valuation. Faced with a dearth of dividends, market participants and especially Wall Street firms could obviously not live with the ensuing zero valuation of securities.
"I wish you could keep him away from Dresser. The converted socialist is likely to be a bad lot." "Socialist!" Miss M'Gann exclaimed disdainfully. "He isn't any socialist. He's after a rich girl." Sommers left Miss M'Gann with a half-defined purpose of finding Webber and inducing him to give up the vain hope of rivalling the editor of The Investor's Monthly.
Miss M'Gann evidently knew all about this; she smiled as if the world were a pretty good place. Dresser, too, had his boast. He had finally been given charge of The Investor's Monthly, which had absorbed the La Salle Street Indicator.
If now and then a mine proved to have no bottom and the small investor's insignificant sums dropped out of sight in this bottomless pit, that did not concern him it was all in the game, and the game was an enticing one to be played to the end. The two facts that nothing is certain at all times, and that everything is uncertain at some time, added the excitement of chance to his business interest.
Economics also failed until recently to account for the role of innovation in growth and development. Their underlying assumption the opportunity cost of delayed consumption fails when applied beyond the investor's useful economic life expectancy. People care less about their grandchildren's future than about their own.
"Yes; it might be done, Belgard, if " But someone just then proposed the toast, "The Rose Tree Mine!" and the souls of these men waxed proud and merry, for they had seen the investor's palm filled with gold, the maker of conquest. While Antoine was singing with his wife, they were holding revel within the sound of Bow Bells.
A loan to Germany, on Germany's own credit, yielding, say, 8 to 10 per cent., would not in my opinion be an investor's proposition in any part of the world, except on a most trifling scale.
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