Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever by Robin Wigglesworth
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.
Roxy by Neal & Jarrod Shusterman
The freeway is coming. It will cut the neighborhood in two. Construction has already started, pushing toward this corridor of condemned houses and cracked concrete with the momentum of the inevitable. Yet there you are, in the fifth house on the left, fighting for your life. The victim of the bet between two manufactured gods: the seductive and lethal Roxy (Oxycontin), who is at the top of her game, and the smart, high-achieving Addison (Adderall), who is tired of being the helpful one and longs for a more dangerous, less wholesome image. The wager – a contest to see who can bring their mark to “the Party” first – is a race to the bottom of a rave that has raged since the beginning of time. And you are only human, dazzled by the lights and music. Drawn by what the drugs offer – tempted to take that step past helpful to harmful…and the troubled places that lie beyond. But there are two I Rameys – Isaac, a soccer player thrown into Roxy’s orbit by a bad fall and a bad doctor, and Ivy, his older sister, whose increasing frustration with her untreated ADHD leads her to renew her acquaintance with Addy. Which one are you? Roxy is authored by the best-selling father and son team, Neal and Jarrod Shusterman.