The New Power Brokers

Over the course of the last 70 years, asset managers⸺from activist hedge funds to large passive index fund providers⸺have come to own the substantial majority of corporate equities in the United States, and have wielded that ownership to fundamentally reshape the economy. For most of American history, investing was simple: you purchased shares and left the operation of the company to management. If you were dissatisfied with the firm’s performance, you sold your shares. With the rise of asset managers, shareholders now attempt to directly change the companies in which they invest.

The New Power Brokers chronicles the economic, legal and technological changes at the heart of this transformation in our public markets, and provides fresh perspectives on what those changes mean for corporations, investors and society as a whole.