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Investment
Investing-the commitment of resources to achieve a return-affects individuals, families, companies, and nations, and has done so throughout history. Yet until the sixteenth century, investing was a privilege of only the elite classes. The story behind the democratization of investing is bound up with some of history's most epic events. It is also a tale rich with lessons for professional and everyday investors who hope to make wiser choices.
This entertaining history doubles as a sophisticated account of the opportunities and challenges facing the modern investor. It follows the rise of funded retirement; the evolution of investment vehicles and techniques; investment misdeeds and regulatory reform; government economic policy; the development of investment theory; and the emergence of new investment structures. Norton Reamer and Jesse Downing map these trends and profile the battle between low cost index and exchange-traded funds, on the one hand, and the higher-fee hedge funds and private equity, on the other. By helping us understand this history and its legacy of risk, Reamer and Downing hope to better educate readers about the individual and societal impact of investing and ultimately level the playing field.
eBook
Investment
Investing—the commitment of resources to achieve a return—affects individuals, families, companies, and nations, and has done so throughout history. Yet until the sixteenth century, investing was a privilege of only the elite classes. The story behind the democratization of investing is bound up with some of history's most epic events. It is also a tale rich with lessons for professional and everyday investors who hope to make wiser choices.This entertaining history doubles as a sophisticated account of the opportunities and challenges facing the modern investor. It follows the rise of funded retirement; the evolution of investment vehicles and techniques; investment misdeeds and regulatory reform; government economic policy; the development of investment theory; and the emergence of new investment structures. Norton Reamer and Jesse Downing map these trends and profile the battle between low cost index and exchange-traded funds, on the one hand, and the higher-fee hedge funds and private equity, on the other. By helping us understand this history and its legacy of risk, Reamer and Downing hope to better educate readers about the individual and societal impact of investing and ultimately level the playing field.
Publication
Investment
An expansive analysis of investing triumphs and failures, with a discussion of what investing will (and should) look like in the future.
eBook
Investment
A privilege of the power elite -- The democratization of investment -- Retirement and its funding -- New clients and new investments -- Fraud, market manipulation and insider trading -- Progress in managing cyclical crises -- The emergence of investment theory -- More new investment forms -- Innovation creates a new elite
Book
Retirement and Its Funding
ONE OF THE MOST PROFOUND MANIFESTATIONS of the democratization of investment is the emergence of the concept of retirement and its funding. Wider acceptance of “retirement” began to appear only 150 years ago and has expanded steadily since. Today, financing retirement has produced the largest aggregation of investment capital in the world. In the United States alone, retirement assets total an astounding $24 trillion.IThe focus on funding retirement has vastly changed our institutions and the investment vehicles they employ, begetting the need for a new set of skills from people involved in managing retirement resources. The idea that funding
Book Chapter
Fraud, Market Manipulation, and Insider Trading
THIS CHAPTER IS ABOUT INVESTMENT’S unscrupulous: those who have committed fraud, engaged in market manipulation, or traded on insider information. While these three offenses do not encompass every form of securities violation, they most endanger fair markets and are highly covered in the media. Furthermore, these violations come with a clear intent to profit from malfeasance and unethical behavior. Indeed, the crafty and crooked operators who engage in this behavior inspire a sense of profound injustice, visceral indignation, and a desire to right the wrong. These strong emotions can drive a search for meaning: What can we learn from the
Book Chapter
A Privilege of the Power Elite
THIS BOOK EXPLORES THE HISTORICALLY dramatic development of the democratization of investment. Simply put, this means that a much larger proportion of the population in advanced societies has been able to participate meaningfully in the enterprise of investment. This process of democratization has transpired as a result of several fundamental changes: the advent of collective ownership through the modern corporate form and public markets; the spread of investable surpluses beginning with the Industrial Revolution; the development of the concept of retirement, motivating the need for sizable savings; the enhancement of the regulatory environment that aided the leveling of the playing
Book Chapter
New Clients and New Investments
AS THE INVESTMENT LANDSCAPE democratized in the eighteenth century, new clients and new forms of investments began to emerge. These new clients included individuals who were not members of the socioeconomic elite and eventually their retirement plans, endowments, foundations, and still later, as mineral wealth discoveries became widespread in undeveloped and developing countries, sovereign wealth funds. The needs of these new clients were met by life insurance, savings accounts, investment advisers, and mutual funds. This chapter examines these new clients and the forms of investment that were developed to serve them. These developments represented a new form of economic freedom,
Book Chapter