Paul Codman Cabot
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Paul Codman Cabot (October 21, 1898 – September 1, 1994) was an American businessman. He served as chief executive and chairman of the State Street Investment Corporation. He was also treasurer of Harvard University.


Early life

A Boston Brahmin and a member of the Cabot family, Cabot was born in
Brookline Brookline may refer to: Places in the United States * Brookline, Massachusetts, a town near Boston * Brookline, Missouri * Brookline, New Hampshire * Brookline (Pittsburgh), a neighborhood in Pittsburgh, Pennsylvania * Brookline, Vermont See ...
, Massachusetts. His father, Henry Bromfield Cabot, was a lawyer and investor. His brother was
Charles Codman Cabot Charles Codman Cabot (November 22, 1900 – 1976) was an American judge of the Supreme Court of Massachusetts. Early life Cabot was born in Brookline, Massachusetts. His father was Henry Bromfield Cabot family, Cabot, a lawyer. His mother wa ...
. Cabot was educated at Harvard College and then
Harvard Business School Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...
from which he graduated cum laude.


Career

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."Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot'' by Michael R. Yogg (2014) 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.


Personal life

In September 1924, Cabot was married to Virginia Converse, a daughter of
Frederick S. Converse Frederick Shepherd Converse (January 5, 1871 – June 8, 1940), was an American composer of classical music, whose works include four operas and five symphonies. Life and career Converse was born in Newton, Massachusetts, the son of Edmund Winch ...
, a prominent American composer. Together, they had five children. He died on September 1, 1994 at Deaconess-Glover Hospital in Needham.


Further reading

* ''Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot'' by Michael R. Yogg (2014)


References

{{DEFAULTSORT:Cabot, Paul Codman People from Needham, Massachusetts American treasurers 1898 births 1994 deaths Harvard College alumni Harvard University administrators People from Brookline, Massachusetts Harvard Business School alumni Cabot family American chief executives of financial services companies 20th-century American politicians