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A primitive version of what today would most likely be a "mutual fund" or similar instrument. The origins of the term date to the stock market bubble of the Roaring Twenties, where at the peak of the frenzy [individual] speculators were offering just short of "$600 for radio" - in this case, not an actual AM radio receiver, but one share of stock in RCA, which was being hyped in those days as vociferously as Internet-related stocks at the turn of the millennium. A share valued at $1 or $1.50 less than a decade ago went for the equivalent of $568 before a 1:5 stock split; aviation stocks were similarly overpriced. That was a lot of money in those days, so those who couldn't afford to buy a stock directly would collectively buy into a bucket fund and the bucket fund would buy the stock, hold it briefly, then sell it to repay the [individual] speculators. [Eventually] the bubble burst and [everyone] lost their shirt.
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