After 1956, however, worldwide overproduction appeared and both the industry and, in most cases, the stocks therein lost their growth characteristics. The Stocks for the Surging Sixties Every decade has produced its special fashions in financial stock market darlings that advanced on the basis of great enthusiasm for an industry or a particular company. In the early 1920's it was the rails”later, utilities, tank and motor shares. In the thirties, re-Organization rails and chemical shares were in vogue. In the forties, after the war, there was a big upsurge in oil stocks, television shares, and pharmaceutical companies. In the fifties, drug stocks continued in fashion; there was a flurry in uranium; and toward the end of the decade a splurge in camera, electronic, missile, automation, and leisure time shares.

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The Commission concluded that, over this period as a whole, no significant difference existed between the performance of investment companies and that of the common stock index. The performance of investment companies was slightly poorer than the index during years of rising security prices and better than the index during periods of declining stock prices. The study goes on to say: "As the performance of these investment companies was substantially that of a common stock index”which may be regarded essentially as an unmanaged portfolio”it appears that the typical investment company over the past decade failed to meet the sometimes avowed objective of a performance surpassing such an index." The Commission also noted that in the period 1930-1935 an investor would have been better off if he had kept his funds on deposit in a savings bank, or in government or other high-grade bonds, than in a typical or average investment company. This statement was qualified by the admission that there was no indication of the extent to which the average individual investor in securities actually achieved a performance as good as the common stock index or typical investment company. Various studies tend strongly to support the view that most investors would be happy if their results approximated the stock market average.

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" Incidentally, in mergers the shares of the company sought, rather than those of the buyer, are more likely to advance rapidly. In all of these fields of speculation, keep in mind marketability. When you buy for an upswing, you will want an assembly of eager buyers waiting for you when you are ready to sell. Don't get trapped in thin, inactive markets. The big active issues will usually provide the best arena for your trading forays. Resume

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Despite this price recovery, many high-quality issues such as the ten "discount bonds" recommended by the October 5, 1960, edition of Financial World were found still selling at fairly wide discount from par. They were: Alabama Power 3½'s, 1972; American Tel. & Tel. 2¾'s, 1975; American Tobacco 3's, 1969; Cleveland Elec. Ilium. 3's, 1970; General Motors Acceptance 3's, 1969; Minneapolis-Honeywell 3.

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