... speculation has been introduced into the common-stock arena from outside the companies. It comes from the attitude and viewpoint of the stock-buying public and their advisers—chiefly us security ... corporate stocks. The “own-a-stock” strategy of yore became the “rent-a-stock” strategy of today.In what I’ve called the happy conspiracy” between corporate managers, directors, accountants, ... efforts.Nonetheless, after months of study, the directors of the funds accepted my recommendation that we separate the activities of the funds themselves from their adviser and distributor, so that the...