Shares as a Home for Savings
This chapter is concerned with the part of ‘voluntary’ savings people have decided to put into shares after their basic asset allocation decisions have been made. The reasons for buying shares in general may be to gain a real return over a relatively long time period. All purchases of equity shares are purchases of risk capital, though the fact is often forgotten. Even institutions, which know this perfectly well, are inclined to treat equities as if they were bonds when they put pressure on companies to maintain dividends in the face of poor results which do not justify them. No one would argue that the risks are equal; some companies are clearly much more speculative than others.
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