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The Wise Investor

an open mind, and was anxious to learn.
Some of his comments had surprised her, but she had
never lost faith in him and had always listened until the story
was over. Invariably, he had demonstrated some new and
important insight.
"John," Kate said with a weak smile, "you've worn me
out. I think I need a rest."
"Heaven forbid, my dear," her grandfather replied with a
devilish grin, "you must restore your energy. We still have a
long journey ahead of us today." For a change, it was Kate
who had called for a break. The rest would do them both
good, though, so they sat together on the park bench, silently,
and soaked up the afternoon sun.
3.8 Markets and cycles
Kate had rested a long time, and John had also taken
advantage of the time to relax and enjoy the cool breeze. At
length, Kate spoke. "Very well, John," she said grinning. "Let
me have it. What is the next item on the agenda?"
"Well my dear," he said enthusiastically, "we have
discussed markets in detail. A few more points, however,
will not go astray.
Market forces, and the consequences they produce, are
There are obvious markets, like the grocery market and
the second-hand furniture market. These operate in one
place and at one time.
There are also less obvious markets, such as the market
for houses. This is a market, the same as any other, but it
does not operate in a single place or at a single time.
However, the property market is subject to the same
principles as a vegetable market. I will give you two
examples of markets you have probably never thought about,
yet they affect your finances every day.