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.

Traces the history of money and discusses stocks, bonds, mutual funds, futures, and options.

A New York Times Editors' Choice Book Named a Most Anticipated Book of 2022 by Literary Hub and Goodreads A playful history of the humble index and its outsized effect on our reading lives. Most of us give little thought to the back of the book—it’s just where you go to look things up. But as Dennis Duncan reveals in this delightful and witty history, hiding in plain sight is an unlikely realm of ambition and obsession, sparring and politicking, pleasure and play. In the pages of the index, we might find Butchers, to be avoided, or Cows that sh-te Fire, or even catch Calvin in his chamber with a Nonne. Here, for the first time, is the secret world of the index: an unsung but extraordinary everyday tool, with an illustrious but little-known past. Charting its curious path from the monasteries and universities of thirteenth-century Europe to Silicon Valley in the twenty-first, Duncan uncovers how it has saved heretics from the stake, kept politicians from high office, and made us all into the readers we are today. We follow it through German print shops and Enlightenment coffee houses, novelists’ living rooms and university laboratories, encountering emperors and popes, philosophers and prime ministers, poets, librarians and—of course—indexers along the way. Revealing its vast role in our evolving literary and intellectual culture, Duncan shows that, for all our anxieties about the Age of Search, we are all index-rakers at heart—and we have been for eight hundred years.

First published in 1983, this classic has sold nearly 150,000 copies. It is the informed businessperson's and consumer's guide to the important financial and investing information found in The Wall Street Journal.