MONTHLY JOURNALISM AWARD

...The Monthly Journalism Award is presented each month to the best newspaper or magazine article (or series of articles) on our political system...

...Nominations from any newspaper or magazine in the country are welcome...

...The Business Week writers offer convincing evidence that if money managers continue to churn their portfolios, the companies that choose to invest in research and development rather than maximize quarterly profits—the companies America needs—will be the principal victims...

...Nominations will close November 15...

...One especially notable villain in this gallery of short-term, thinkers is the pension funds, which last year, dumped an average of 62.1 percent of the stocks in their portfolios and replaced them with other shares (as compared to a turnover rate of 21 percent ten years ago...

...The award for articles published in October will be announced in the January issue...

...They started an anti-ITT stock stampede that dropped the price of the company's stock by a third and made it a potential candidate for a takeover...

...THE WASHINGTON MONTHLY Journalism Award for August 1984 is presented to Business Week When ITT announced fast July that going to cut dividends by two-thirds in order to divert more money into investment—in other words, when it did just what it should be doing to help rebuilt its productive base-money managers panicked...

...Nominations should be accompanied by two copies of the article or articles...

...Such is the power of the individual who control the billions of dollars amassed in pension funds, insurance companies, mutual fund's, and the Like, Business Week illustrates how the incessant quest for mediate gain can do real harm to our long-term economic health...

...The subject can be government in its federal, state, or municipal manifestation...