Word: term
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Dates: during 1950-1959
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...York City's Chief Magistrate John M. Murtagh, 48, who from the bench has studied the sordid side of narcotics law enforcement and its failures for ten years. For addicts he urges medical treatment, both physical and psychiatric, as well as help in rehabilitating themselves, and long-term doctors' care. Only thus, he argues, can the illicit traffic in marijuana and narcotics, estimated at $400 million a year in underworld profits, be wiped...
...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...
...with a brand new idea. Until then, the investment field had been dominated by "closed-end" investment companies; they sold a specific number of their own shares that were traded in the open market, concentrated on quick profits. M.I.T. shunned the lure of the fast profit, concentrated on long-term gains. More important, it threw out the closed-end idea by continually selling shares to anyone who wanted to buy, redeeming them when anyone wanted out at the net asset value per share on the day they sold (for M.I.T.: $14 per share last week...
Huge Appetite. M.I.T.'s aggressive leadership spawned a whole line of imitators and variations: ¶ The unrestricted common stock funds such as M.I.T., which like to keep a balance between dividend and growth stocks. ¶ The growth funds, which are concerned not with dividends but with long-term capital gains (M.I.T.'s own growth fund). ¶ The balanced funds (Philadelphia's Wellington Fund), which keep their money in both stocks and bonds and shift the balance as the market changes. ¶ The income funds, liked by elderly or retired investors, which concentrate on high-yielding stocks (Manhattan...
...interest, Thompson often executes orders over a period of several weeks or disperses them widely. M.I.T. never puts more than 5% of its assets into one company, or more than 25% into one industry. Since it buys for the long pull, it is not bothered by short-term fluctuations. "When the market turns down," says Dwight Robinson, "we just try to ride...