Word: pension
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Dates: during 1960-1969
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...institutional impact is destined to become stronger in the market. Mutual-fund assets have grown by an average 14% annually in recent years, and more and more labor settlements call for increased pension benefits. This tide of new money can have a major effect on the market, often helping to stabilize stock prices. Says Robert Driscoll, president of the Manhattan-based Affiliated Fund: "When the market goes up, we sell-and when the market goes down we buy." As the past few weeks have illustrated, the institutions' very size can make them an unsettling force, even when they...
...only $6 billion. Much more active in the market are the fire and casualty insurance companies (assets: $40 billion), the private foundations ($14 billion) and college endowment funds ($8 billion, of which $1 billion belongs to Harvard). By far the most important, however, are the fast-growing private pension funds (assets: $77 billion) and the nation's 500 mutual funds ($34 billion...
...private pension funds usually keep a high and rising 40% of their funds in the stock market. Some of the employees' funds have assets as big as huge companies: the A.T. & T. fund amounts to $4.7 billion, and U.S. Steel, General Motors and Sears, Roebuck each approach $2 billion. The pension funds, into which the employer usually pays all the money, are run by a mixed board of management and labor, which heeds the advice of a bank or a Wall Street investment house...
...Growing. The mutual funds are only half as big as the pension funds, but weigh almost as heavily in the market because they commonly put $4 out of every $5 into stocks. In the 100 most important funds, tremendous buy-or-sell power is wielded by small committees of managers, who think of potential loss before they think of potential gain and place one factor above all others: the quality of a company's management. The biggest funds-such as Investors' Mutual, Massachusetts Investors' Trust and the Wellington Fund-have a small turnover and aim to find...
European bankers, who consider Martin the most prescient economic seer in the U.S., opened the week with a burst of sell orders. Small investors at first did little selling, but nobody did much buying, either. The pension funds, mutual funds and insurance companies -which account for about one-third of all trading-conspicuously sat on their millions and waited for stocks to fall still lower in hopes of scooping up bargains. At midweek individual investors began to unload; larger numbers of 100-share and 200-share transactions danced across the illuminated ticker tape in the stock exchange...