TY - JOUR T1 - The Smith Company JF - The Journal of Portfolio Management SP - 81 LP - 87 DO - 10.3905/jpm.2001.81 VL - 28 IS - 1 A2 - , Y1 - 2001/10/31 UR - https://pm-research.com/content/28/1/81.abstract N2 - The Smith Company is a private investment company whose primary investment objective is to provide an endowment-like stream of dividends to the members of the Smith family. The company invests primarily in publicly traded equities, although it also owns a few municipal bonds. The president's letter to shareholders for the year 2000 discusses the so-called Great Internet Bubble, the returns to growth and value stocks, the company's pre-tax equity track record since the family sold its operating businessin 1974, the dividend behavior of the S&P 500, and the misuse of corporate cash. ER -