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Equities

In: A Theory of Hedge Investment

Author

Listed:
  • Brendan Brown

Abstract

A diversifed portfolio of equities thrives on good news. Its returns are especially high in realities where there is economic boom. Yet at times it has been fashionable to suggest that a market portfolio should be a hedge against inflation. Certain sectors of the equity market are reputed to possess further hedge properties; oil and Swiss bank equities are perceived as energy hedges, and armaments shares as war hedges. These claims can be assessed more fully once certain principles about the relationship of equity valuations to the total value of assets owned by the corporation are developed. This is the first topic of the present chapter.

Suggested Citation

  • Brendan Brown, 1982. "Equities," Palgrave Macmillan Books, in: A Theory of Hedge Investment, chapter 6, pages 111-130, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06103-7_6
    DOI: 10.1007/978-1-349-06103-7_6
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