A contravallation may be constructed in cases where the besieging army is threatened by a field army allied to an enemy fort. Meaning of investment pdf is a second line of fortifications outside the circumvallation, facing away from an enemy fort. This section does not cite any sources.
Thucydides notes the role circumvallation played in the Sicilian Expedition and in the Spartan siege of Plataea during the initial stages of the Peloponnesian War in 429 BC. Another example from the pre-modern period is the siege of Constantinople in 717-718 AD. At that time, the Isaurian dynasty of emperors ruled in Constantinople. The basic objectives and tactics of a military investment have remained the same in the modern era. During the Second World War there were many sieges and many investments.
One of the best known sieges of World War II, which demonstrated the tactical use of investment, was the siege of Stalingrad. Earlier version first published in New English Dictionary, 1889. Earlier version first published in New English Dictionary, 1893. This page was last edited on 8 April 2018, at 20:14. This article is about investment in finance. This article needs additional citations for verification. In finance, the benefit from investment is called a return.
The return may consist of capital gains or investment income, including dividends, interest, rental income etc. Investors generally expect higher returns from riskier investments. Investors, particularly novices, are often advised to adopt a particular investment strategy and diversify their portfolio. Diversification has the statistical effect of reducing overall risk. Investment differs from arbitrage, in which profit is generated without investing capital or bearing risk. Speculation involves a level of risk which is greater than most investors would generally consider justified by the expected return. An alternative characterization of speculation is its short-term, opportunistic nature.
Investors famous for their success include Warren Buffett. In the March 2013 edition of Forbes magazine, Warren Buffett ranked number 2 in their Forbes 400 list. Thorp was a highly successful hedge fund manager in the 1970s and 1980s who spoke of a similar approach. The investment principles of both of these investors have points in common with the Kelly criterion for money management.