Until 1930, the usual form of U. S. investment trust was the general managership type, in which the management has the power to change investments at will. The bear market reminded investors that management may be fallible. Popular fancy then turned to the fixed trust, a U. S.-originated form. The fixed trust starts with a stated list of stocks which usually may be sold under certain contingencies such as the passing of a dividend. But no substitutions may be made. Prime reason for the fixed trust's success is the small investor's desire to share...
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