Los Banos Rotary Club History
Investment Expert Is Speaker Here

Dick Tufts, of Los Angeles, vice president of one of the largest money management firms in the United States, addressed the Rotary and Lions Clubs here Tuesday on the subject of investments.

Describing the stock market as a mirror reflecting all the hopes and fears of the American public, Tufts said that the market always has and always will fluctuate in exact ratio to public thinking. Also, he declared, continued inflation of the dollar is inevitable, primarily because the country has a $300 billion debt and this debt must be paid with cheap dollars.

Tufts refuted the common expression that the price of commodities has gone up the past 15 years. Rather, he said, the value of the dollar has gone down—but it still represents only what you can buy with it or trade it for.
As a guide to prospective stock and bond investors, Tufts said he believed the American dollar, in itself, is a guaranteed loss, and pointed out there has never been a time in our history when a person could afford to own a dollar. Invest your money in companies, he said, that are young and have their growth ahead of them; study your investments continuously to weed out those with less than normal earnings.

The speaker was introduced by Manuel DeParsia, local investment salesman.

April 22, 1955

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