In 1966, I led Wellington to absorb and merge Boston's investment advisory firm. Four of the company's partners manage the invest fund, which was the product of the short-lived boiling age. Invest fell into the sky after a brief resplendence like a meteor.
1970: "bonds are history, stocks are the future"
My Boston partner doesn't like bonds. When I proposed a bond fund in 1970, one of them tried to stop me and he said, "don't you realize that bonds are history and stocks are the future?" As soon as his voice fell, the market experienced a sharp drop of 50% from 1972 to 1974. In the end, I convinced you to set up an income fund, with 60% in bonds and 40% in High Dividend Stocks. The fund is still in operation today. Today, half a century later, the scale of pioneer Wesley's income fund has exceeded $54 billion.