Word: funded
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Dates: during 1960-1969
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...national network, collaborate on setting her interview with Pat Nixon to music, write the introduction to a German movie on sex education, appear on ABC's The Dating Game, work with a studio on a movie based on her life, and cohost, with Senator George McGovern, a fund-raising benefit for Cesar Chavez, the leader of the migrant workers in California. She turned down all but the last and spent most of the week in her Upper East Side brownstone writing an article...
None of Wall Street's brash young managers of "gogo" mutual funds have gone farther faster than 36-year-old Frederick S. Mates. His $32 million Mates Investment Fund has risen 153% in per-share asset value since the beginning of 1968, the highest growth rate of any fund. A onetime English teacher who learned how money talks in 13 years as a highly successful market analyst and big-account broker, Mates is truly the personification of self-confidence. On one wall of his office, he keeps a framed parody of an old Wall Street slogan: "Invest, Then Investigate...
Discount Prices. Last week Mates suffered an abrupt setback. He was threatened with a sudden run on his fund by investors wanting to turn their shares in for cash, and got unprecedented permission from the Securities and Exchange Commission to shut down for an "indefinite" period. With that, some 3,000 shareholders were locked into the fund. Though Mates' fund is a fairly small, if certainly spectacular member of the U.S. mutual-fund business (total assets: $55 billion), his travail is likely to make investors just a bit more skeptical about some forms of investment...
Signs of trouble appeared as early as June, when Mates' fund, under SEC pressure, stopped offering new shares. They had been selling at a fantastic rate -often more than $1,000,000 a day-largely on the strength of Mates' well-publicized feel for hot stocks. The fund had to turn back business, Mates said, because bookkeepers could not keep up with the incoming flood of cash...
...from new money, the lifeblood of any mutual fund, Mates was unusually vulnerable to a crisis. That came two weeks ago, when the SEC halted trading of a lively over-the-counter stock that had been one of Mates' big winners. The SEC cited "possibly misleading" information about the stock-Omega Equities Corp.-which had been bid up from 40? a share in January to $35 in November. It last traded at $25, which means that the 300,000 shares that Mates had bought in July for just under $1,000,000 now account for about...