It seemed to provide a focus on long-term investment and management techniques that U.S. corporations could not match and from which it was thought that U.S. management needed to learn if they were going to survive.

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Mr. Russell, of U.S. Bank Wealth Management, said he had thought the recovery would force the Fed to pare back its asset-purchase program as soon as the third quarter of this year.

WSJ: Jobs News Tests Investors' Mettle

In 1997, when Times Mirror Corp. sold its 30% stake in Tejon to funds run by New York investment firm Carl Marks Management Co. and mutual fund manager Martin Whitman, speculators thought Tejon's time had come.

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