The Money Flood: How Pension Funds Revolutionized Investing: 78 (Wiley Investment) - Tapa dura

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 Clowes's 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 Clowes's 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 Investor's Anthology: Original Ideas from the Industry's Greatest Minds

"Michael Clowes has produced a classic chronicling the phenomenal growth of pension funds over the last fifty years and their pervasive impact upon the world we live in. Our world, however, should take note of his sobering warning about what we have to lose if defined benefit pension plans continue to be replaced by the currently more popular defined contribution plans."?Russell Olson, author of The Independent Fiduciary: Investing for Pension Funds and Endowment Funds

In 1948, when the National Labor Relations Board ruled that pension issues could be included in union contract negotiations, no one suspected this victory for employees across the country would trigger an economic revolution. Over the past fifty years, the pension fund industry has mushroomed into the largest concentration of managed money in the world. As a result, the decisions of fund managers reverberate throughout the global financial markets. But is there a price to pay for this dramatic reshaping of the economy?

A journalist who has covered the subject for more than twenty-five years now tells the story of how the pension fund industry came to dominate the financial markets?and how its spectacular growth is likely to affect us in the years ahead. Delving into the virtually unexamined history of this landmark decision and the subsequent flood of money that poured into the stock market, Michael Clowes reveals both an intriguing chronicle and a sobering warning signal for what we can expect as the growth of 401(k) plans shifts investing power away from traditional pension managers, and as aging baby boomers begin to cash in.

Expertly written and exceptionally thought-provoking, The Money Flood issues a crucial wake-up call to the investment industry?and to the overwhelming number of those whose futures are dependent on its performance.