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Which Group Of Shares Or Currencies Should You Trade In?

Here are questions which should be askedinspection of your supermarket's shelves.
about any stock group you are studying. SomePlastic squeeze-bottles of one sort or
of the answers will be contradictory; theanother have cut into glass as far as the
significance of all of them will be relative.packaging  of  cosmetics  is  concerned.
But each will contribute a plus or minus
factor to your thinking about the industryOn the other hand, the appearance of liquid
you  may  wish  to  invest  in.soaps has given glass an opportunity in a
field that was exclusively the paper-carton
1) Does the industry deal in necessities orsupplier's. The paper-carton manufacturer,
"postponables"? Does it produce things peoplemeanwhile, has benefited from frozen foods at
have to have in good times or bad-food,the expense of the tin-can producer. But the
drugs, power, or heating supplies? Or cantin-can man has a new area in the pressure
people put off buying its products to anothercontainers now used to dispense shaving
year? There is one investor who holdscream, toothpaste, hair lotions, and anything
meat-packing and distillery stocks, notelse that can be squirted or sprayed-and that
notably high-grade issues, because of hisisn't  already  in  a plastic squeeze-bottle.
conviction that, come hell or high water,
beef and bourbon will be staples of the5) Are wages a big item in the industry? How
American  diet.large a percentage of total sales are they?
This, of course, can bear heavily on net
The same question on a different level: Isearnings and, consequently, dividends. In the
the industry involved in durable or capitalchemical industry, the ratio of wages to
goods, such as locomotives, trucks, freightsales  is  quite  small.
cars, ships, large buildings? These are
expensive items with a long life, and areIn steel and railroading, which have vast
usually financed with long-term, fixednumbers of employees and huge payrolls, it is
obligations. In a pinch, they are among thequite  large.
first things customers are prepared to do
without.6) Do raw materials come from domestic
sources or from abroad? Are their prices
2)Is the industry depression-resistant?traditionally stable or volatile? This, of
Retail stores, tobacco, metal containers,course, applies to the oil, rubber, and sugar
and, again, food products have a reputationcompanies, to some of the mining and metals
for stability, not only in terms ofcompanies, and to a few of the chemicals.
continuing consumer demand, but in terms ofThis is, possibly, not so important as it
production costs and price structures whichonce was, considering that few industries are
make them attractive as so-called defensivetotally dependent on foreign resources, and
issues.that political upheavals or wars are so
far-reaching these days that almost everyone
3)Is it an extractive industry? Does it dealis affected to some degree, at home and
in natural raw materials, such as oil,abroad.
lumber, asbestos, metals? Stocks of these
companies are considered good hedges againstThe question should also be broadened to
inflation because they represent a primaryinclude foreign markets: What percentage of
material, an asset already owned. Theincome derives from sales abroad? This would
acquisition cost of oil underground, foraffect air and shipping lines, distributors
instance, may already have been rationalized;like W. R. Grace and U. S. Industries, and
henceforth all that can be inflated are thethe export trade of the auto, machinery,
extraction  and  distribution  costs.movie,  and  electrical-equipment industries.
4)How keen is competition within theThe investor will have to decide, too,
industry? Usually competition is keenestwhether he considers foreign trade a positive
where the differences are least. Automobiles,or negative item. Overseas markets may be
soaps and detergents, drugs, tobaccos,uncertain or undependable, but they are also
gasolines and motor oils-within thesefrontier areas of tremendous potentiality for
categories the companies all offer thean economy like that of the United States,
consumer pretty much the same thing. Thewhich has lived so largely off its own
local power and light company, the telephonepeople.
company, and the natural gas companies
(except for the scramble to run pipelinesWith Forex trading economic indicators will
here or there) are virtually withouthave  to  be  studied  as  well.
competition.
Good Forex software can greatly help you with
Cross-competition between industries is alsothis  task.
a factor. This is not the struggle of Coke
vs. Pepsi, or Tide vs. All, but whether newForex software has become so good that it has
office buildings are going to have a skin ofartificial intelligence and can predict
brick and mortar, aluminum sheets, or glassfuture currency movements with some accuracy.
panels.
You still need to be aware of the risks
The container and packaging people are ainvolved in any financial investing and only
lovely example of round-robin competition, asinvest what you can afford to lose.
is perfectly evident from five minutes'



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