Word: pension
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...most powerful men in the market are the managers of the fastest-growing pools of investment capital-the mutual funds, profit-sharing funds, and corporate-and union-pension funds. To a surprising degree, the institutional managers are men in their 30s and early 40s, and they are changing many of the old rules with new attitudes. Instead of aiming to preserve capital or achieve steady dividends, they are confidently committed to a cult of growth. In their search for short-term gain, many are taking longer risks for larger profits, trading in and out for the quick turn...
...1970s. From 1955 through 1966-the latest date for which totals are available-the market value of stocks owned by institutions rose tremendously: from $9 billion to $19 billion for insurance companies, $12 billion to $37 billion for mutual funds, and from $6 billion to $38 billion for pension funds...
Companies that once refused to risk their pension funds in common stocks have changed their policies with a vengeance; they now spread their funds among the trust departments of several banks, setting up a competition to see which can "perform" the most profitably. Instead of managing those portfolios through large and cautious investment committees, banks now tend to put them under a single manager. And instead of channeling their funds into several hundred stocks, the managers tend to concentrate them in several dozen issues on which they can keep a close watch...
Probably the largest accumulation of investment capital is held by Manhattan's Morgan Guaranty Trust Co., a lineal descendant of J. P. Morgan & Co. By the best estimates, it administers 250 pension funds with assets totaling about $7 billion. All its stock trading decisions are initiated by one man: Carl Hathaway, 34, a Harvard graduate. He weighs the recommendations of the bank's analysts, makes his choices, and then presents them to a small group of senior officers-who almost always go along with his advice. Morgan has concentrated one-third of its equity investments in just...
Managers of mutual funds and, to a lesser degree, pension funds are operating so exuberantly that in this year's first month volume rose 62% on the American Stock Exchange and went up 20% on the New York Stock Exchange. Trouble is, the exchanges and the back offices of brokerage firms have not expanded and automated fast enough to keep up with the increase. In the resulting snarl of tape and paper, countless buyers have either received the wrong confirmation slips and stock certificates or failed to receive any at all. As they struggle to straighten out the mess...