Word: mutually
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Dates: during 1980-1989
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...this does not necessarily mean that individuals are getting out of the stock market entirely. Instead, increasing numbers of Americans are returning as institutional investors themselves, in the form of shareholders in mutual funds. Nearly half of the 47 million U.S. households that own stock now do so through mutuals. In the past two years alone, the number of mutual-fund shareholders increased by 2.7 million. Says James Van Horne, a professor of finance at the Stanford University Business School: "Individuals increasingly are becoming indirect stock owners." One of them is Bill Blankemeier, 31, a regional sales manager...
...remain in academe, two share a publishing house and a paramour (Judy Geeson), and the most buffoonish (Nathan Lane) achieves the biggest success as a celebrity journalist. Theirs is not a "group" of friends but a crisscross of relationships, some close, some almost hostile despite a depth of mutual insight. They judge each other not by material attainments but by how closely each has clung to the ideals of youth...
...food or medical supplies. Other similar social-investment firms include New Alternatives in Great Neck, N.Y., and the Bethesda, Md.-based Calvert Group, which offers both stock-and-bond and money-market funds. New York City's Dreyfus, one of the largest and most diversified of the general mutual-fund companies, operates a social-investment fund called Third Century, in addition to other standard portfolios...
While investment decisions colored by considerations other than financial merit may seem chancy, the socially oriented funds are so far performing about as well as the rest of the market. According to Lipper Analytical Securities, which tracks mutual funds, the total return on Calvert's Social Investment Managed Growth Portfolio for the year ended Sept. 30 was 28.6%, a bit more than the average 27.4% for standard growth-and-income funds. Says John Guffey, executive vice president of the fund: "Our record has shown that we can do at least as well as broad-based averages...
That performance may not hold up in the long run, but the bottom line is clearly secondary for social-fund investors. "These funds serve excellent purposes for religious organizations, foundations and universities," says Jamie Goodrich-Ziegler, an associate editor of the Mutual Fund Letter in Chicago. "I wouldn't say go into them for a good investment, but go into them if you believe." More and more investors who worry about the social implications of their financial involvements seem to agree...