All advisors interested in the development of their craft will profit from - and richly enjoy - this lovely book. As Michael R. Yogg makes clear in his readable, short biography, 'Passion for Reality,' Paul Cabot was a central figure in the remarkable 20th century democratization of capitalism Recommended for those who like business biographies of successful men living in interesting time. from the foreword by John C. Bogle, Founder and former CEO, the Vanguard Group:This book is thoroughly researched, comprehensive, candid, elegantly written, and eminently readable. I applaud it as a vital link to returning the mutual fund industry to the high fiduciary standards that were once its hallmark. Glyn A. Holton, author of Value at Risk: Theory and Practice:Anyone who works in the mutual fund industry will want to read this compelling biography of Paul Cabot, a Boston Brahmin and cofounder of one of the first mutual funds. Read about early stock pickers at a time when markets were unregulated and sufficiently inefficient so that outperforming was as easy as visiting a few corporations and asking questions. Then there was the 1929 crash and Depression-era regulation. Cabot's life provides a front row seat. Highly recommended! Bernard Bailyn, Pulitzer Prize-winning historian, Harvard University:Passion for Reality is a special kind of social history, a piece of Harvard's history, and a compelling biographical study, but above all it is a history of major financial developments. And it is a very readable book. Harry Markopolos, financial fraud investigator, author of No One Would Listen
Paul Cabot (1898-1994) was an innovative mutual fund manager and executive known for his strong character, charismatic personality, and trendsetting financial achievements. Iconoclastic and rebellious, Cabot broke free from the Boston Brahmin trustee mold to pursue new ways of investing and serving investment clients.Cabot founded one of the first mutual funds--State Street Investment Corporation--in the early 1920s, campaigned against the corrupt practices of certain other funds in the late 1920s, and lobbied on behalf of key New Deal securities legislation in the 1930s. As Harvard University treasurer, he increased the allocation of the endowment to equities just in time for the bull market of the 1950s, and as a corporate director in the 1960s he campaigned against conglomerates' abusive takeover strategies.Having spent nearly two decades working for Cabot's company, State Street Research & Management, as an analyst, research director, portfolio manager, and chief investment officer, Michael R. Yogg is well positioned to share the secrets behind Cabot's extraordinary success and relate the life of an extraordinary man. Cabot pioneered the use of fundamental stock analysis and was likely the first to take up the progressive practice of interviewing company managements. His accomplishments all stemmed from his passion for facts, finance, and creative thinking, as well as his unbreakable will, facets Yogg illuminates through privileged access to Cabot's papers and a wealth of interviews