Defensive Investment

Brendan Brown

Chapter 1 in A Theory of Hedge Investment, 1982, pp 3-24 from Palgrave Macmillan

Abstract: Abstract A fundamental motive for saving is self-defence against nature. Just as Man builds shelter against the elements, he saves to provide himself with means of survival during periods of economic hardship caused, for example, by famine, sickness or war. The accumulation of personal capital makes life less nasty, less brutish, and hopefully less short. In more advanced societies, another motive for saving increases in importance — to raise one’s living standards. By sacrificing present consumption and investing in so-called ‘growth assets’, the saver hopes to ‘become rich’.

Keywords: Real Income; Energy Crisis; Series Price; Loan Portfolio; Spot Prex (search for similar items in EconPapers)
Date: 1982
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DOI: 10.1007/978-1-349-06103-7_1

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