To invest is to allocate money in the expectation of some benefit in the future. In finance, the benefit from an investment is called a return; the return may consist of a gain realised from the sale of property or an investment, unrealised capital appreciation, or investment income such as dividends, rental income etc. or a combination of capital gain and income. The return may include currency gains or losses due to changes in the foreign currency exchange rates. Investors expect higher returns from riskier their investments; when a low risk investment is made, the return is generally low. High risk comes with high returns. Investors novices, are advised to adopt a particular investment strategy and diversify their portfolio. Diversification has the statistical effect of reducing overall risk. An investor may bear a risk of loss of all of their capital invested. Investment differs from arbitrage, in which profit is generated without investing capital or bearing risk. Savings bear the risk. Foreign currency savings bear foreign exchange risk: if the currency of a savings account differs from the account holder's home currency there is the risk that the exchange rate between the two currencies will move unfavorably, so that the value of the savings account decreases, measured in the account holder's home currency.

In contrast with savings, investments tend to carry more risk, in the form of both a wider variety of risk factors, a greater level of uncertainty. The Code of Hammurabi provided a legal framework for investment, establishing a means for the pledge of collateral by codifying debtor and creditor rights in regard to pledged land. Punishments for breaking financial obligations were not as severe as those for crimes involving injury or death. In the medieval Islamic world, the qirad was a major financial instrument; this was an arrangement between one or more investors and an agent where the investors entrusted capital to an agent who traded with it in hopes of making profit. Both parties received a settled portion of the profit, though the agent was not liable for any losses. Many will notice that the qirad is identical to the institution of the commenda used in western Europe, though whether the qirad transformed into the commenda, or the two institutions evolved independently cannot be stated with certainty.

In the early 1900s, purchasers of stocks and other securities were described in media and commerce as speculators. Since the Wall Street crash of 1929, by the 1950s, the term investment had come to denote the more conservative end of the securities spectrum, while speculation was applied by financial brokers and their advertising agencies to higher risk securities much in vogue at that time. Since the last half of the 20th century, the terms speculation and speculator have referred to higher risk ventures. A value investor buys assets. To identify undervalued securities, a value investor uses analysis of the financial reports of the issuer to evaluate the security. Value investors employ accounting ratios, such as earnings per share and sales growth, to identify securities trading at prices below their worth. Warren Buffett and Benjamin Graham are notable examples of value investors. Graham and Dodd's seminal work, Security Analysis, was written in the wake of the Wall Street Crash of 1929; the price to earnings ratio, or earnings multiple, is a significant and recognized fundamental ratio, with a function of dividing the share price of stock, by its earnings per share.

This will provide the value representing the sum investors are prepared to expend for each dollar of company earnings. This ratio is an important aspect, due to its capacity as measurement for the comparison of valuations of various companies. A stock with a lower P/E ratio will cost less per share than one with a higher P/E, taking into account the same level of financial performance. An instance in which the price to earnings ratio has a lesser significance is when companies in different industries are compared. For example, although it is reasonable for a telecommunications stock to show a P/E in the low teens, in the case of hi-tech stock, a P/E in the 40s range is not unusual; when making comparisons, the P/E ratio can give you a refined view of a particular stock valuation. For investors paying for each dollar of a company's earnings, the P/E ratio is a significant indicator, but the price-to-book ratio is a reliable indication of how much investors are willing to spend on each dollar of company assets.

In the process of the P/B ratio, the share price of a stock is divided by its net assets. It is a crucial factor of the price-to-book ratio, due to it indicating the actual payment for tangible assets and not the more difficult valuation of intangibles. Accordingly, the P/B could be considered a comparatively conservative metric. Investments are made indirectly through intermediary financial institutions; these intermediaries include pension funds and insurance companies. They may pool money received from a number of individual end investors into funds such as investment trusts, unit trusts, SICAVs, etc. to make large-scale investments. Each individual investor holds an indirect or direct claim on the assets purchased, subject to charges levied by the intermediary, which may be large and varied. Approaches to investment sometimes referred to in marketing of collective investments include dollar cost averag

David Rodrigo Lo is a Spanish football manager. He was in charge of the Andorran national team. Sports teacher by education Rodrigo started his coaching career as a youth coach for UE Lleida, he moved to CD Binéfar in the third Spanish league. With Rodrigo as coach the team earned promotion to the second league and won a regional cup, he was offered to become the head coach of the Andorra national team. Rodrigo organised a youth team. Still the team had to wait for several years for the first win in a competitive game. Only in the 2006 FIFA World Cup qualifying game against Macedonia the single goal by Marc Bernaus gave Andorra its first and historic win, it was followed by another success for the Andorra team - a draw in Macedonia. Andorra earned one draw against Finland. In September 2006 Rodrigo drew the ire of many when he told Israel captain Yossi Benayoun that Israel was a "nation of killers" and threatened to have Benayoun's legs broken. Andorra midfielder Juli Fernandez offered his apologies to Benayoun on behalf of his team.

Rodrigo has denied making these comments. The Andorran government could take action against Rodrigo. In order to combat Andorra's poor results, he developed defensive tactics for the team; as commentator David Pleat described: "They will park the bus". UEFA biography "David Rodrigo competition coaching record". UEFA

The Katie Melua Collection is a compilation album by Georgian-born British singer and songwriter Katie Melua. The album is a two disc set with 17 songs, three unreleased, a DVD, filmed in Rotterdam, Netherlands; the album includes the singles "When You Taught Me How to Dance" from the film Miss Potter, "What a Wonderful World" with a recording of Eva Cassidy, three new songs: "Toy Collection", "Two Bare Feet", "Somewhere in the Same Hotel". "The Closest Thing to Crazy" "Nine Million Bicycles" "What a Wonderful World" "If You Were a Sailboat" "Piece by Piece" "Call Off the Search" "On the Road Again" "Mary Pickford" "Spider's Web" "Thank You, Stars" "I Cried for You" "Crawling up a Hill" "Tiger in the Night" "When You Taught Me How to Dance" "Two Bare Feet" "Toy Collection" "Somewhere in the Same Hotel" A 90-minute DVD – The Arena Tour 2008, Live from Rotterdam. Behind the Screens – a short film about the preparation and design of the tour production. Three extra tracks have been released as downloads only, by different vendors: "Kozmic Blues" – iTunes "How Sweet It Is to Be Loved by You" – available on Tesco Digital download "By the Light of the Magical Moon" – free download from The Times Official website