Can Common Stocks Be Sound Investments?

"It has been frequently asked whether the time may come when the life insurance companies should be authorized to invest in common stocks. That day may come, but how near or distant it may be, would be hazardous to predict. The contention that the earning power of a common stock, demonstrated over a long period, might be considered sufficient security for the funds of fiduciary institutions, has a surface appeal. It must be recognized, however, that the problems involved in such a proposed policy are very grave."

- Forbes, November 15, 1929