An Unassailable Institutional Growth Stock Tops

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An Unassailable Institutional Growth Stock Tops

In June 1974, we put Xerox on our institutional sell list at $115. We received unbelievable flack because Xerox was then one of the most widely held institutional stocks and had been amazingly successful up to that point. However, our research indicated it had topped and was headed down in price.

Institutions made Xerox their most widely purchased stock for that year. Of course that didn't stop it from tumbling in price. What it did prove was how sick the stock really was at that time, since it declined steadily in spite of such buying. The episode did bring us our first large insurance company account in New York City in 1974.

They had been buying Xerox on the way down in the $80s until we persuaded them they should be selling instead of buying.