Word: investment
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Dates: during 1970-1979
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Where the Rich Invest...
...Harvard, Universities, he said are "not hierarchical like armies. Power is shared widely by varying groups." He cited how budget priorities are set and tenured faculty selected as examples of this. The President, however, did not mention the unchecked power of the Harvard Corporation--which he heads--to invest Harvard's endowment. When it comes to investment policy, the Corporation does not share its power, it hoards it. Thomas Gould, a professor of classics at Yale, observed this same phenomenon in a different context...
...rich and the professional economic advisers are also puzzled about where to place their money. But, since they have more of it to worry about, they also tend to spend more time pondering ways to invest it. Here is what some of them are doing with their funds...
Reggie Jackson, 32, outfielder, New York Yankees. The baseball millionaire chooses to invest in "tangibles," including a Volkswagen dealership in Canoga Park, Calif., a condominium project in Reno, a twin-engine Beechcraft plane, and five antique cars. Jackson advises friends: "Start building a cash reserve. And then buy things, things you can touch...
...back to the 1920s to show that "putting money out at the shortest intervals has been the best hedge against inflation." So Samuelson recommends that investors place their cash in six-month certificates of deposit in savings banks; or in the money-market funds-open-ended mutual funds that invest in short-term securities such as certificates of deposit, commercial paper and Treasury bills-that offer check-writing privileges...