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 on whom he is a burden. Until the point has been reached at which risk can be afforded, the more austere ideal, which puts safety of income first, second, third and last and renounces all craving after expansion of income and growth in capital value, is unquestionably the one to be cultivated.

After that the spice of adventure and the judicious selection with a view to growing yield may be allowed to come into the picture. But this book will have been written in vain if it has not convinced those of its readers who arrive at the end of it that judicious selection is so difficult a business, owing to the scanty information about securities that is available, that the ordinary individual will be most unwise if he trusts his own knowledge and experience in trying to practise it. He will be well advised if he, by his purchase of securities, hands on the problem of investment to professionals who devote themselves to this business and have access to information which is not to be got at by the general public. By this system, the details of which will be explained later, he will reduce risk and at the same time have an excellent chance of partaking of the joys of expanding income and capital appreciation. And finally, if he finds this system of vicarious investment too humdrum, he can begin when