First published 2023
Three Wall Street asset management giants have accumulated unprecedented power through passive investment funds, wielding more combined wealth than history's greatest individual capitalists. Entrepreneur Vivek Ramaswamy exposes how these firms use other people's money to enforce their political preferences across the American economy. While claiming they cannot pick winning stocks, these managers confidently select social policies for entire industries. They mandate racial equity audits and emissions restrictions for US corporations while overlooking human rights violations in China. They pressure Western energy companies to reduce oil production while allowing dirtier operations in Russia to expand. They celebrate companies like FTX for good governance just before their spectacular failures. Meanwhile, they extract high fees from ordinary investors through sustainable funds that mirror cheaper index options. Ramaswamy argues these practices constitute massive fiduciary violations, antitrust abuses, and attacks on free speech that threaten both market capitalism and democratic governance. The book provides accessible analysis for anyone participating in financial markets.
Genres: business, political-science, economics, non-fiction, 21st-century, finance
Vibes: intimate, suspenseful, thought-provoking
Tropes: investigative-journalism, social-commentary
240 pages · Hardcover · Broadside Books