Investment : a history / Norton Reamer, Jesse Downing.

Enhanced descriptions from Syndetics:

Investing--the commitment of resources to achieve a return--affects individuals, families, companies, and nations, and has done so throughout history. Yet until the sixteenth century, investing was a privilege of only the elite classes. The story behind the democratization of investing is bound up with some of history's most epic events. It is also a tale rich with lessons for professional and everyday investors who hope to make wiser choices.

This entertaining history doubles as a sophisticated account of the opportunities and challenges facing the modern investor. It follows the rise of funded retirement; the evolution of investment vehicles and techniques; investment misdeeds and regulatory reform; government economic policy; the development of investment theory; and the emergence of new investment structures. Norton Reamer and Jesse Downing map these trends and profile the battle between low cost index and exchange-traded funds, on the one hand, and the higher-fee hedge funds and private equity, on the other. By helping us understand this history and its legacy of risk, Reamer and Downing hope to better educate readers about the individual and societal impact of investing and ultimately level the playing field.

Reviews provided by Syndetics

CHOICE Review

This work is a history of investment beginning with the earliest agricultural economies. Key is the democratization of investment over centuries through joint-stock companies and public exchange markets. Four concepts unify the book: real ownership, fundamental value, financial leverage, and resource allocation. The newest concept is retirement. Financial crises have in recent years diverted attention from investing and models, attempting to identify and regulate excesses. The book's analysis is complicated by the rise of index funds, ETFs, and hedge funds. New asset choices have led to models of investing, diversification choices, and methods of asset allocation. Many are now dedicated to managing investment opportunities, especially retirement funds. Unique to our modern era is the necessity to save for retirement. Presently, debates center on defined benefit versus defined contribution plans, asset allocation, asset management, and overall regulation to prevent fraud and asset bubbles from culminating in a financial crisis. Recommended for those wanting a historical overview of investment theory and retirement financing. The punchline: long-run, higher-than-average investment returns are not possible. Summing Up: Recommended. Upper-division undergraduates through faculty. --Edward C. Erickson, California State University, Stanislaus