Word: growth
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Dates: during 1950-1959
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Huge Appetite. M.I.T.'s aggressive leadership spawned a whole line of imitators and variations: ¶ The unrestricted common stock funds such as M.I.T., which like to keep a balance between dividend and growth stocks. ¶ The growth funds, which are concerned not with dividends but with long-term capital gains (M.I.T.'s own growth fund). ¶ The balanced funds (Philadelphia's Wellington Fund), which keep their money in both stocks and bonds and shift the balance as the market changes. ¶ The income funds, liked by elderly or retired investors, which concentrate on high-yielding stocks (Manhattan...
...frankly speculative funds (Townsend Growth and Keystone 8-4 funds), which warn the investor that the risks are greater, along with the rewards...
...other four trustees, with help from the six-man advisory board. In the tradition that the trustee shares in the rewards he brings to others, they are among the best-paid men in U.S. industry. Vice Chairman Kenneth Isaacs, Robinson's righthand man and the president of the Growth Stock Fund, made $360,989 last year. The junior trustee made more than...
...Treasury notes as a defensive measure. In that year, Dwight Robinson was rewarded for his work by being moved up to trustee. In 1954, when Merrill Griswold moved up to honorary chairman of the advisory board, Robinson slipped into his chair to guide M.I.T. through its greatest period of growth. In four years the fund has nearly doubled in size...
...when most other funds shunned it as a prince-and-pauper industry, saw its hopes for steel realized when the value of its investment grew from $65 million to $142 million. When the recession began in 1957, M.I.T. reckoned that it would be brief. It stayed in growth stocks throughout, now needs little portfolio shifting for the economic recovery...