ABSTRACT
The principles adopted by the investment committee basically reflected the College’s objectives and out look. Up to 1953 the College had held no equities, but had had its endowment invested partly in real property and partly in government securities. With the real property the policy had been a "buy and hold" policy, under which there were few if any attempts to buy a property with a view to re-sale in a few years, and little or nothing in the way of active development beyond such minor improvements as building a new barn for a farmer-tenant. The main objective of the mem bers of the Finance Committee who wanted to shift from gilt-edged securities to equities was to avoid the
decision to hold no more "guilt-edged'’ securities);
W. B. Reddaway
MAIN RESULTS
Capital Value and Income from £100 Invested in 1953
Results of Investing £100 in 1953, on an Accumulation Basis
Table 2
The Accumulating Unit at 1953 Prices
W. B. Reddaway
INDIVIDUAL SECURITIES AND THE ANNUAL REVIEWS
RELATION TO THE THEORY OF PORTFOLIO SELECTION
First, there is what I had vaguely pictured as the classic literature, dealing with the theory of how an investor should select a portfolio to maximise his expected rate of return for any given willingness to
THE EFFICIENT MARKETS THEORY
CONCLUDING REMARKS
expenses, but the professionals’ average equals it.
