Paul Cabot looked up from breakfast at his New York gentleman´s club to the club´s president, who was glaring down at him.
""You mustn´t do that again, what you did last night,"" the president cautioned.
Feigning innocence, Paul asked, ""What did I do last night that I shouldn´t do? Was I disorderly, making too much racket or something?""
""Oh, no, no, no! You brought Sidney Weinberg in here and there´s a rule that you can´t bring a Jew into this club.""
""I read all your by-laws and there was no such statement in there, and if that is the way you feel about it, you can stick your club up your ass. I am through. I hereby resign."" Paul walked out the door, never to return.
Paul Cabot is best known for his many contributions to the investment management business. He and his partners founded the first operating mutual fund, compiling an extraordinary investment record with it, largely through their innovative practice of interviewing company managements at their headquarters and other facilities. Cabot discovered and publicized financial fraud in the fund industry in the 1920s, which put him in position to lobby on behalf of key New Deal securities legislation, such as the Revenue Act of 1936 and the Investment Company Act of 1940. As Harvard Treasurer, he increased the endowment´s allocation to equities, just in time for the bull market of the 1950s. And as a corporate director in the 1960s, he campaigned against the abusive takeover tactics of the conglomerates.
But Cabot biographer Michael Yogg wrote this book as much for who Paul was as for what he did. A friend who read a New Yorker profile that portrayed a ""ruddy stentorian Cabot"" both nattily attired and bluntly spoken declared the magazine accurate. ""No reporter would have had enough imagination to create the real Cabot,"" he wrote. While a product of Boston, Cabot outgrew his provincial roots to become a quintessential American, a man of extraordinary force and accomplishment. It would have taken the combined talents of Melville, Twain, and Whitman to invent a character of such passion, humor, and joy.
--This text refers to the
Kindle Edition
edition.
""You mustn´t do that again, what you did last night,"" the president cautioned.
Feigning innocence, Paul asked, ""What did I do last night that I shouldn´t do? Was I disorderly, making too much racket or something?""
""Oh, no, no, no! You brought Sidney Weinberg in here and there´s a rule that you can´t bring a Jew into this club.""
""I read all your by-laws and there was no such statement in there, and if that is the way you feel about it, you can stick your club up your ass. I am through. I hereby resign."" Paul walked out the door, never to return.
Paul Cabot is best known for his many contributions to the investment management business. He and his partners founded the first operating mutual fund, compiling an extraordinary investment record with it, largely through their innovative practice of interviewing company managements at their headquarters and other facilities. Cabot discovered and publicized financial fraud in the fund industry in the 1920s, which put him in position to lobby on behalf of key New Deal securities legislation, such as the Revenue Act of 1936 and the Investment Company Act of 1940. As Harvard Treasurer, he increased the endowment´s allocation to equities, just in time for the bull market of the 1950s. And as a corporate director in the 1960s, he campaigned against the abusive takeover tactics of the conglomerates.
But Cabot biographer Michael Yogg wrote this book as much for who Paul was as for what he did. A friend who read a New Yorker profile that portrayed a ""ruddy stentorian Cabot"" both nattily attired and bluntly spoken declared the magazine accurate. ""No reporter would have had enough imagination to create the real Cabot,"" he wrote. While a product of Boston, Cabot outgrew his provincial roots to become a quintessential American, a man of extraordinary force and accomplishment. It would have taken the combined talents of Melville, Twain, and Whitman to invent a character of such passion, humor, and joy.
