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The Wise Investor

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 everywhere.
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