To diversify or not to diversify — is that still in question?
The W.K. Kellogg Foundation isn’t the only charitable organization with an addiction to an oversize stake in one stock. The $5.9 billion Pennsylvania-based Hershey Trust Co. and the $2 billion Atlanta-based Robert W. Woodruff Foundation are holding on to their vast holdings in, respectively, Hershey Co. and Coca-Cola Co. shares. Thirty-eight percent of the assets of the Hershey Trust, which supports the Pennsylvania-based Milton Hershey School for underprivileged children, are in the chocolate company’s shares — the rest are in a diversified...