Word: portfolios
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Dates: during 1950-1959
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Prime Minister John Diefenbaker last week chose a longtime political intimate to take Canada's foreign affairs portfolio. The new Minister is Howard Charles Green, a Conservative Member of Parliament since 1935 and-since the 1957 Tory victory-leader of the House, Minister of Public Works, and deputy Prime Minister. Three times he served as Diefenbaker's alter ego when the P.M. was abroad...
...trust listed the market value of its stock at just half of what it had paid for it. M.I.T. slimmed its portfolio from 128 to 77 stocks, concentrated in defensive stocks (utilities, foods, tobacco, etc.), better able to withstand the Depression. By 1933 Robinson and his staff saw light ahead, and M.I.T. began switching out of defensive stocks and into railroads, automobiles, mining and steel. With a poker player's eye, Robinson could look at a company's present and guess its future. He personally researched the Texas Co. (now Texaco, Inc.), persuaded the trustees...
...pour their money into M.I.T., the trust moved into first place among the nation's mutual funds in 1936, with assets of $130 million (v. $15.1 million in 1930). Despite its bullish position, M.I.T. sailed through the sharp market break of 1937 with hardly a change in its portfolio; it simply put new cash into Treasury notes as a defensive measure. In that year, Dwight Robinson was rewarded for his work by being moved up to trustee. In 1954, when Merrill Griswold moved up to honorary chairman of the advisory board, Robinson slipped into his chair to guide M.I.T...
...shunned it as a prince-and-pauper industry, saw its hopes for steel realized when the value of its investment grew from $65 million to $142 million. When the recession began in 1957, M.I.T. reckoned that it would be brief. It stayed in growth stocks throughout, now needs little portfolio shifting for the economic recovery...
...funds have a quick rejoinder: they argue that the charge includes the cost of selling out as well as buying, is the price of broad diversification and professional management. If an investor with $4,200 (the average size of a mutual fund holding) tried to buy a diversified portfolio of stocks on the New York Stock Exchange, claim the funds, he would easily have to pay 8% to get in and out of the market...