By Sykuta M.E., Cook M.L.
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Extra resources for A New Institution Economics Approach to Contracts and Cooperatives
It is not nearly enough to say the aim is to make money out of the stock exchange. The process involves: ᔡ Deciding the acceptable amount of risk. Compared with the return on a safe home for the cash like gilt-edged securities or a deposit account at a building society, is the profit from shares enough to compensate for the risks? How much risk am I prepared to accept, first in general, for investing in shares at all, then in the particular sort of shares to go for – such as accepting that small and new companies are more in danger of failing but do have the potential for a larger percentage growth in both share price and dividend; some companies are seasonal or more reactive to economic fluctuations; overseas shares include an element of currency risk?
But if you are aiming for capital appreciation, the shares will be sold to crystallize the profit, while income shares will be retained until they stop producing an adequate flow of cash. ________________________________________ How to pick a share 43 Experienced investors, experts and people prepared to devote time and serious effort deal. It entails bouncing in and out to take advantage of the short-term oscillations of the market. You spot a takeover trend, say among food companies, and get in as the other companies start rising; or you detect a growing fashion for a technology – computers, internet, biotech, etc – and pile in as the boom starts to sweep the shares to unrealistic heights.
So on average – which is always the important word of warning to bear in mind – shares provide a good long-term home for spare cash. The return on shares is almost always higher than gilts, and certainly so over the long term. This is to compensate for the greater risk: index-linked gilts are guaranteed, while companies are subject to the vagaries of economic circumstances. The resulting difference – the greater return on equities – is therefore called the ‘equity-risk premium’. On the assumption you will not have to sell the shares to raise cash at any particular moment, you can afford to take the long view over which shares perform best.
A New Institution Economics Approach to Contracts and Cooperatives by Sykuta M.E., Cook M.L.