The Money Flood

Praise for Michael J. Clowes and the money flood ' What a fine book! As an active participant in the revolution in pension investing, I could almost feel the times and tides of the past half-century shifting beneath me. Mike Clowess splendid and articulate tour through the era is destined to become a landmark on the bookshelves of everyone interested in this illuminating history of the past, as well as its portents of the future.' -John C. Bogle, founder, The Vanguard Group ' The corporate pension fund ranks high among the spectacular financial innovations of the twentieth century. Mike Clowes has built a fascinating story about the impact of this flood of money on the theory and practice of investing, the financial markets, the labor force, corporate management, and the general economy. The far-reaching consequences of these changes make this authoritative and lively book must-reading for everyone.' -Peter L. Bernstein, President, Peter L. Bernstein, Inc., author, Against the Gods: The Remarkable Story of Risk ' The definitive history of the rise of pension fund capitalism in America.' -Keith Ambachtsheer, President, KPA Advisory, author, Pension Fund Excellence: Creating Value for Shareholders ' Beautifully written, broad in coverage of all the best parts of a great American story, Mike Clowess new book gives us an easy-to-read and easy-to-enjoy explanation of who did what and when in the investment revolution of the past half-century.' -Charles D. Ellis, Partner, Greenwich Associates, author, The Investors Anthology: Original Ideas from the Industrys Greatest Minds

Revolution. The Way Things Were. The Flood Begins. The Rules Change. New Players Enter. Accelerated Change. Realty Revolution. Profit Sharing. Inflationary Doldrums. Social Investing. Consolidation. Portfolio Insurance. Metzenbaum Wins. Pension Exports. Trouble Ahead. Appendix. Notes. Index.