Module 5 · Workbook chapters 17–20

Investing Directly: Shares, Bonds and Government Schemes

This part is about holding securities directly rather than through a fund that holds them on your behalf. It follows the life of a security in order: a company issues shares to the public, those shares then trade between investors, and alongside both sits the lending side — bonds and government securities — together with the government-backed schemes. Investing directly asks more of you: more judgement, more record-keeping, more discipline. That is a difference in what is required of the investor, not a ranking of the products. Some people find that funds do everything they need; others hold shares, bonds and schemes directly and do perfectly well; many use a combination. Understand each avenue on its own terms, then decide which of them belongs in your portfolio.

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