MONEY INTERNALS
LOSS-MAKERS vs PROFITABLE · WHY THEY SWING TWO ILLUSTRATIVE COMPANIES
Steady Co—
Future Co—
Return demanded · hopes—

Future Co vs today
—
Return investors demand 8%
Hopes for the later profits ±0%
Steady Co earns £100,000 a year for 10 years · Future Co loses £50,000 a year for 5 years, then earns £190,000 a year for 10
Illustrative companies · data: Ken French Data Library (CRSP), US stocks 1951–2026 · past patterns, not a forecast · educational — not advice