Paul Codman Codman Cabot Edit Profile
Bachelor of Arts, Harvard University, 1921; Master of Business Administration with distinction, Harvard University, 1923; Doctor of Laws, Harvard University, 1966; Doctor of Laws, Yale University, 1965.
He served as chief executive and chairman of the State Street Investment Corporation. He was also treasurer of Harvard University. In 1924 he formed the State Street Investment Corporation. which was the second open-end mutual fund legally incorporated but the first to operate.
He was one of the first practitioners of fundamental equity research including on-site management interviews and also among the first to favor the price-earnings ratio in his valuation work over dividend yield. These innovations contributed to outstanding investment performance for decades. During the 1920s he uncovered the unethical practices of certain other funds.
Due to the fame this gained him he was able to influence important New Deal securities legislation such as the Revenue Act of 1936 and the Investment Company Act of 1940. He was treasurer of Harvard University between 1948 and 1965, during which period the university's endowment grew from $177 million to over $1 billion. He retired as chief executive of State Street in 1958, although he retained his position as chairman.
Served to Second lieutenant artillery United States Army, World War-I. Served with War Production Board, World World War World War II. Member Business Council Clubs: Harvard (Boston).
Porcellian (Cambridge). Dedham Country and Polo (Massachusetts).
Married Virginia Converse, September 20, 1924. Children: Virginia Wood, Elizabeth Minot, Paul C., Frederick C., Edmund C.
1924 - 1994
1924 - 1994
1948 - 1965