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2 Ripley, William Z., Main Street and Wall Street , (Scholars Book Company, Lawrence, Kansas, reissue 1972 of original edition in 1926) at p. 78. The quotation from Brandeis is not from his opinions on the Supreme Court, but rather Testimony in New York City on 1/23/15, published in the Industrial Control & Philanthropic Foundation Journal, p.7660.
3 Graham, Benjamin and Dodd, David L., Security Analysis , (New York, McGraw Hill, 1934), 1st Edition, at p. 508.
4 Berle, Adolph A. and Means, Gardiner C., The Modern Corporation and Private Property, p.355.
5 Chayes, A.J., in the Mason Ed.,(1959)
6 Brandeis, J., dissenting in Liggett v. Lee , 288 U.S. 517,548 (U.S. Sup. Ct. 1933).
7 Rosenbery, Nathan & Birdsall, Jr., L.E., How the West Grew Rich, The Economic Transformation of the Industrial World, (Basic Books, 1986), at p. 226.
8 Ellis, Charles D., Investment Policy , Dow Jones-Irwin, 1989, at p. 5.
9 Pension plans in the aggregate own some 22% of the total equity; of this, 2/3 is held by defined benefit plans.