Word: mutually
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Dates: during 1950-1959
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...investors also flock to the funds: such schools as Massachusetts Institute of Technology, the University of Oklahoma, and Texas Christian University have invested part of their endowments. The funds have been copied abroad in Great Britain, West Germany, Switzerland, Mexico. Ten years ago, most people had never heard of mutual funds; now, the term is a household word...
Fish-Bowl Policy. The fund that has done more than any other to put shares in the household sugar bowl is Massachusetts Investors Trust, oldest and big gest of the mutual funds and the one that set the pattern for all the rest. M.I.T is a child of Boston, which has raised the handling of O.P.M. (other people's money) to the status of a fine art. The art was born of an 1830 court decision, the "Prudent Man Rule." In settling a suit charging a trustee with negligence in investing in common stocks, the judge held that...
When the 1929 crash came, the closed-end shareholders were forced to dump their shares in a sinking market at prices that had no relation to their real value. Their companies went down to disaster-while the mutual funds rode out the storm. The debacle of the closed-end trusts was helped by all sorts of financial jiggery-pokery; in some companies, officers unloaded their own holdings of shaky stocks on the trusts...
Says M.I.T.'s Robinson: "Within their range, mutual funds can fit the need of almost any investor." They can also find a host of critics. Many critics charge that the funds, along with other institutional buyers, have needled the roaring bull market to artificial highs, that their constant buying, chiefly of blue chips, has helped create the present shortage of stocks. The funds' answer: they hold only 3.4% of all stock on the New York Stock Exchange, and do not hoard it; they turn their shares over faster than the exchange as a whole...
...market, fewer in a falling market, thus making the funds a balancing force. This may be the shareholder's form of profit-taking, but it is more likely a sign of his confidence in the funds; when the market is uncertain, he feels safer with his money in mutual funds, but when he thinks it is heading for the sky, he succumbs to the temptation to take his money and get into a more lively stock...