Senior Financial Analysts Look into the Future

Abstract

THE SUNNY CAMPUS of Beloit College was the meeting place in August of 129 senior Financial Analysts who assembled for one week's study covering various phases of the economy and the stock market that encompassed the fundamentals of analysis as well as researching future trends. Representatives from the banking profession were the largest group with Financial Analysts from investment houses and insurance companies making up the next segment. Investment counsellors, mutual fund advisors, industrial corporations, educational institutions, foundations, and one or two free lance advisors were also represented. The program set forth three phases of formal instruction: lectures; discussion groups and panels or working sessions. The after-hour bull sessions provided the occasion for many useful exchange of ideas. The lectures were conducted by men from a variety of colleges ranging from such universities as the Harvard Business School, Massachusetts Institute of Technology, the University of Chicago, and the business school at Stanford University. Nearly all lecturers held advanced academic titles and were specialists in their respective fields. Following the lectures, discussion periods were conducted in the late afternoon and early evening. Meetings were moderated by members of the Board of Regents of the Seminar and the lecturers answered questions posed by Analysts attending the discussion periods. These meetings were lively and informative. The informal get-togethers in the evening provided occasions for lively exchange of ideas. Here, over a little libation, vigorous debates were held covering the outlook for the economy and the stock market; the best methods for handling the gold problem and the balance of payments; the value of electronic computers for Financial Analysis; and many other vital subjects of current interest to all Analysts. As the Beloit Seminar is conducted on an off the record basis to permit both lecturers and participants to express opinions freely, the identity of specific ideas with any one individual will be avoided. Summarizations in this article not only include ideas expressed in lectures and discussion periods but also the various points of view brought up during informal meetings. Monetary Policies and the Balance of Trade