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Paul Cabot (1898-1994) was an innovative mutual fund manager and
executive known for his strong character, charismatic personality,
and trendsetting financial achievements. Iconoclastic and
rebellious, Cabot broke free from the Boston Brahmin trustee mold
to pursue new ways of investing and serving investment clients.
Cabot founded one of the first mutual funds-State Street Investment
Corporation-in the early 1920s, campaigned against the corrupt
practices of certain other funds in the late 1920s, and lobbied on
behalf of key New Deal securities legislation in the 1930s. As
Harvard University treasurer, he increased the allocation of the
endowment to equities just in time for the bull market of the
1950s, and as a corporate director in the 1960s he campaigned
against conglomerates' abusive takeover strategies. Having spent
nearly two decades working for Cabot's company, State Street
Research & Management, as an analyst, research director,
portfolio manager, and chief investment officer, Michael R. Yogg is
well positioned to share the secrets behind Cabot's extraordinary
success and relate the life of an extraordinary man. Cabot
pioneered the use of fundamental stock analysis and was likely the
first to take up the progressive practice of interviewing company
managements. His accomplishments all stemmed from his passion for
facts, finance, and creative thinking, as well as his unbreakable
will, facets Yogg illuminates through privileged access to Cabot's
papers and a wealth of interviews.
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