How Tortoises Compete With Hares
The quiet attributes of slow-growth businesses.
The Wall Street Journal’s Jason Zweig informs me that I understated my case in “The Strange and Happy Tale of Voya Corporate Leaders Trust.”
To recap, that fund bought 30 stocks at its 1935 inception, to be held indefinitely. Management has not traded those positions, although if its holdings were acquired by another firm in a stock-for-stock deal, it would retain the new owner’s equity. My column observed that the fund’s founders were poor futurists. They not only bypassed all financials when creating the original portfolio but also skipped IBM and automobile manufacturers.
John Rekenthaler does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.