Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
- ISBN-10
- 0593087690
- ISBN-13
- 9780593087695
- Category
- Business & Economics
- Pages
- 352
- Language
- English
- Published
- 2021-10-12
- Publisher
- Penguin
- Author
- Robin Wigglesworth
Description
From the Financial Times's global finance correspondent, the incredible true story of the iconoclastic geeks who defied conventional wisdom and endured Wall Street's scorn to launch the index fund revolution, democratizing investing and saving hundreds of billions of dollars in fees that would have otherwise lined fat cats' pockets. Fifty years ago, the Manhattan Project of money management was quietly assembled in the financial industry's backwaters, unified by the heretical idea that even many of the world's finest investors couldn't beat the market in the long run. The motley crew of nerds—including economist wunderkind Gene Fama, humiliated industry executive Jack Bogle, bull-headed and computer-obsessive John McQuown, and avuncular former WWII submariner Nate Most—succeeded beyond their wildest dreams. Passive investing now accounts for more than $20 trillion, equal to the entire gross domestic product of the US, and is today a force reshaping markets, finance and even capitalism itself in myriad subtle but pivotal ways. Yet even some fans of index funds and ETFs are growing perturbed that their swelling heft is destabilizing markets, wrecking the investment industry and leading to an unwelcome concentration of power in fewer and fewer hands. In Trillions, Financial Times journalist Robin Wigglesworth unveils the vivid secret history of an invention Wall Street wishes was never created, bringing to life the characters behind its birth, growth, and evolution into a world-conquering phenomenon. This engrossing narrative is essential reading for anyone who wants to understand modern finance—and one of the most pressing financial uncertainties of our time.
Get the book
Other editions
-
- 2021-10-12
- 353 pages
- Paperback
- Penguin
-
- 2012-08-29
- 272 pages
- Ebook
- John Wiley & Sons
Similar books
-
Taxation for Decision Makers, Binder Ready Version
By Shirley Dennis-Escoffier, Karen A. Fortin[LO 8.2] The Timberlake Corporation has an opportunity to sell its manufacturing facility to Carroll Corporation for $4,500,000. The property has a basis of ...
-
Taxation for Decision Makers, 2019 Edition
By Shirley Dennis-Escoffier, Karen A. Fortin[LO 9.2] The Timberlake Corporation has an opportunity to sell its manufacturing facility to Carroll Corporation for $4,500,000. The property has a basis of ...
-
Taxation for Decision Makers, 2020
By Shirley Dennis-Escoffier, Karen A. Fortin[LO 9.2] The Timberlake Corporation has an opportunity to sell its manufacturing facility to Carroll Corporation for $4,500,000. The property has a basis of ...
-
Keeping House in Lusaka
By Karen Tranberg Hansen1934. Memorandum on the Native Tribes and Tribal Areas of Northern Rhodesia . Lusaka : Government Printer . Timberlake , Michael , ed . 1985.
-
Encyclopedia of Community: From the Village to the Virtual World
By DAVID LEVINSON, KAREN CHRISTENSENTimberlake, L. (1987). Only one Earth. London: BBC Books: Earthscan. Tinker, I. (1987). Street foods: Testing assumptions about informal sector by women and ...
-
Taxation for Decision Makers 2006
By Shirley Dennis-Escoffier, Karen FortinThe Timberlake Corporation has an opportunity to sell its manufacturing facility to Carroll Corporation for $ 4,500,000 . The property has a basis of ...
-
Handbook of Organizational Performance: Behavior Analysis and Management
By William K Redmon, Thomas C Mawhinney, Carl Merle JohnsonTimberlake (1980, 1984) promulgated a behavioral-regulation analysis of learned performance that emphasizes the importance of behavioral.
-
Money and the Rule of Law: Generality and Predictability in Monetary Institutions
By Peter J. Boettke, Alexander William Salter, Daniel J. Smith190; Timberlake 1993, pp. 356–357). By increasing fiscal expenditures, President Carter may have successfully cornered the Fed into delaying tighter ...
-
Economic Politics: The Costs of Democracy
By William R. Keech, William R Keech( Timberlake , 1993 , p . 4 ) The same was true of the second Bank of the United States , which was chartered in 1816. However , under the leadership of ...
-
Handbook of Organizational Performance: Behavior Analysis and Management
By William K Redmon, Thomas C Mawhinney, Carl Merle JohnsonSchlinger, H. and Blakely, E. (1987). Function-altering effects of ... Timberlake, W. and Allison, J. (1974). Response deprivation: An empirical 48 HANDBOOK ...