The Case for an Unmanaged Investment Company
提出非管理型投资公司概念，即追踪市场平均指数的投资工具，并基于1940-1957年共同基金表现劣于指数的数据，建议投资者采用道琼斯工业平均指数进行被动投资。
An "unmanaged investment company" is one that is dedicated to following a representative average. The need for such firms has arisen because of the tremendous growth in investment firms—to the point that the average investor has difficulty finding a firm that can do better than the market average. With the rise in open-end mutual funds, investment firm assets rose from $1,062 million in 1940 to $9,924 million in 1957. The findings to date indicate that, on average, however, these funds have provided performance that is inferior to the broad stock indexes. We recommend that investors use the DJIA as the basis for an unmanaged approach to equity investing that aims to match the market's performance, and we discuss the issues involved in doing so. Based on our conclusions, we wonder why the unmanaged investment company has not yet come into being.