Word: robinson
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Dates: during 1950-1959
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...Very Model. Few men are better suited to present the public image of trust and integrity fostered by the funds than Dwight Robinson. He is the very model of a Proper Bostonian, from his steel-rimmed spectacles and dark, conservative suits-he always wears a vest in the office -to his clubs (Union, Longwood Cricket) and his finely polished sense of discretion...
...Ride It Out." Every investment decision and matter of importance is left to Robinson and the other four trustees, with help from the six-man advisory board. In the tradition that the trustee shares in the rewards he brings to others, they are among the best-paid men in U.S. industry. Vice Chairman Kenneth Isaacs, Robinson's righthand man and the president of the Growth Stock Fund, made $360,989 last year. The junior trustee made more than...
...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...
Quirk of Fate. Robinson joined M.I.T. in 1932, eight years after a stock salesman named Edward Leffler teamed up with Boston Broker Charles Learoyd to form the trust. Leffler thought that the ordinary investor usually bought the wrong stock, should have help in investing. At first the financial world laughed at him for his radical new ideas: the redemption feature of the fund and the disclosure of portfolio. He bowed out of M.I.T. six months later, and in came Boston Banker Merrill Griswold, an early buyer of M.I.T. shares who became M.I.T.'s first chairman...
...Robinson walked into M.I.T.'s offices and suggested that Griswold and the trustees needed a research staff to back up their own investment judgment. He had the right background. True, he had been born in Seattle, but only by a quirk of fate (his engineer father had taken his family there while working on a construction job). He was indisputably a Boston product. He had gone to Noble & Greenough and Harvard (1920), taken a dutiful fling at engineering, gone back to Harvard Business School to study finance, put in his time in a Boston investment banking house. The trustees...