Said one of Wall Street's shrewdest speculators: "If I could find somebody who could tell me a sure way of keeping one-fourth of my fortune, I would cheerfully give him the other three-fourths." Nobody in Wall Street has yet found the "sure way." But in a world of welfare states populated with security-minded people, more investors than ever are engaged in a ceaseless search of their own for security.
Out of this quest has arisen the lustiest, fastest-growing phenomenon in U.S. finance: the investment trust, notably the "open-end" or "Boston-type" trust. Though...
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