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ins and outs of institutional investing by dean lebaron

Ins and outs of Institutional Investing by Dean Le Baron


Chicago : Nelson Hall, 1976. First edition, first printing. Hardcover. 179 pages ; Illustrated graphs ; 22 cm. $9.95 dust jacket with minimal wear. Pages are clean and unmarked. Binding is firm.

Ins and Outs of Institutional Investing
Dean LeBaron

Institutional investors, such as employee pension funds, foundations, mutual funds, and universities, have become the dominant source of stock-market trading in the U.S., almost the sole investors in bonds, and, increasingly, the controlling factor in venture-capital investment. Since they represent about 75 percent of the total volume of trading done on the New York Stock Exchange, a knowledge and awareness of the who, when, what, where, and how of institutional investing is crucial to anyone who wants to understand the problems and promises that affect U.S. economic and social well-being.

Dean LeBaron, president of Batterymarch Financial Management Corporation of Boston, has written this book to fill a need for a balanced, middle-of-the-road review of how institutional investing really operates and how institutional investors function as majority owners of the equity capital and voting stock in a large percentage of America's publicly-owned companies.

LeBaron's real-life account of institutional investors in action tells it like it is. Wall Street is depicted as a confusing and complex place where the right decision often is the wrong decision. It's a place where in a bullish market almost anyone can make money and gain a reputation for market savvy, but it's also a place where the same reputation can hit the skids as fast as the Dow Jones can go into an unexpected decline.

Ins and Outs of Institutional Investing includes a penetrating look inside the financial community. It describes the institutional broker and his service to the institutional investor. It explains the relationship of the investment broker to an institutional committee and to corporate management. It reveals the techniques used to maintain broker-investor-corporation communications. And it sets the record straight on the adversary relation¬ship of investors and companies.

There are discussions of how to construct a portfolio, how to select securities, how to achieve diversification, and how to deal with fluctuating market forces. There are analyses of the roles and positions of academics, government, brokers, and institutions in the over-all dynamics of the market

Significant, humorous, and dramatic personal recollections describe the life and times of an investment professional in a wide range of financial sellings. LeBaron recounts episodes with Jim Ling of Ling-Temco-Vought, General Curtis LeMay of Executive Jet Aircraft, Henry Kissinger, John Stubbs of F. S. Moseley A Co., and others. He re-creates a typical luncheon meeting which, for many, is the most important part of the day and the place whore most of their business is done. Finally, he characterizes the institutional and brokerage community as one that does a lot own communicating than it does thinking and decision making.

Ins and Outs of Institutional Investing will have special appeal for three groups of readers: the institutional and brokerage community, individual investors who are uncertain about the investment activities of large institutions, and students planning to enter the investment field. It reveals the real workings of the system at it is today and it takes a look into the future. The prediction is that things are never going to be the same and that government controls are going to be more in evidence than they are now. It makes some provocative recommendations, one of which is the establishment of a Federal Stock Exchange that would serve the investment community in the same way that the Federal Reserve System serves the banking community.

Most important, it is an absorbing inside view of a fascinating and vital force that touches the lives of every man, woman, and child in this country and probably in the world.


DEAN Le BARON is president of Batterymarch Financial Management Corporation of Boston, a firm he founded in 1969. He had been a vice president, portfolio manager, and director of research for Keystone Custodian Funds. Earlier he was director of research for F. S. Moseley & Co. The material for this book has come from his experience as a professional Investor with these firms.

After receiving an A.B. degree from. Harvard College, he entered the Harvard School of Business and discovered an affinity for finance and Investment. He interned with a Boston firm and eventually received an M.B.A. with distinction In 1960.

LeBaron has contributed to the Journal of Portfolio Management, Trust t Estates, and is a member of Chartered Financial Analysts and the Society of Security Analysts.


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