Word: mutuals
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Dates: during 1960-1969
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...still basically think of themselves as "contemplative." But most convents will probably now be more alert to the world around them, said Redemptoristine Sister Gertrude Wilkinson last week in Woodstock, Md., where representatives from 57 women's contemplative communities in the U.S. and Canada were meeting to discuss mutual problems. "We are becoming more conscious of the sufferings, problems and joys of the world," she explained. "If you know what you are praying for, you pray with greater fervor...
...than about the desperation of speculators and other investors to find a new outlet for their money. "People are hungering for something to get action out of," says Robert T. Allen, vice president of Shearson, Hammill & Co., the big Manhattan brokerage house. Especially hungry are the managers of "performance" mutual funds and hedge funds, both of which have sold themselves to investors on the promise that they could select stocks that would surge ahead no matter what the rest of the market did. The stocks that most of them selected-computer, conglomerate, oceanography and nursing-home issues-have fallen hard...
Lending Is Not Enough. To the policyholder, the most noticeable result has been that his insurance agent now frequently tries to sell him mutual-fund shares. About 150 of the insurance companies have bought mutual funds, started their own or concluded agreements to have their insurance subsidiaries help sell the shares of independent funds. Ten years ago, most life-insurance salesmen were discouraged from selling mutual-fund shares at all. Last year, the National Association of Securities Dealers has registered at least 15,000 life-insurance salesmen, about 7% of the total number...
Life insurers have tied up with mutual funds largely in belated recognition that the two forms of investment compete directly for the consumer's money. Insurance firms are spreading into other businesses at least partly to avoid takeover by the conglomerates, which have lately been casting covetous eyes at the enormous cash reserves maintained by most insurers...
...accustomed to getting only an interest return on loans, says Washington Economist Miles Colean, "an exposure to equities is like the taste of blood to a young lion." The insurance industry's new look may have an even greater impact on the stock market. If insurers could sell mutual-fund shares to all their 132 million policyholders, they might well generate a torrent of cash. The thought of how much that could lift stock prices is enough to elate some Wall Streeters. The prospect frightens many others. They fear that prices could be driven beyond all relation to underlying...