Description
Book SynopsisThe first biography of a major early-twentieth-century business leader and the historical and ethical implications of his work.
Trade ReviewPassion for Reality is an intelligent and well-written account of the career of an important figure in the formation of the modern investment management business.Financial Analysts Journal -- Martin S. Fridson Financial Analysts Journal Paul Cabot created and led the first mutual fund. He didn't manage it; he led it-a crucial difference. It takes exceptional leaders to create sound new forms of investing that are profitable for investors and not merely for their creators. Reading this book had me asking, 'Who are the finance industry's next leaders, and where are they going to come from?' -- Harry Markopolos, financial fraud investigator, author of No One Would Listen: A True Financial Thriller Passion for Reality is a special kind of social history, a piece of Harvard's history, and a compelling biographical study, but above all it is a history of major financial developments. And it is a very readable book. -- Bernard Bailyn, Pulitzer Prize-winning historian, Harvard University Anyone who works in the mutual fund industry will want to read this compelling biography of Paul Cabot, a Boston Brahmin and cofounder of one of the first mutual funds. Read about early stock pickers at a time when markets were unregulated and sufficiently inefficient so that outperforming was as easy as visiting a few corporations and asking questions. Then there was the 1929 crash and Depression-era regulation. Cabot's life provides a front row seat. Highly recommended! -- Glyn A. Holton, author of Value at Risk: Theory and Practice This book is thoroughly researched, comprehensive, candid, elegantly written, and eminently readable. I applaud it as a vital link to returning the mutual fund industry to the high fiduciary standards that were once its hallmark. -- from the foreword by John C. Bogle, Founder and former CEO, the Vanguard Group Recommended for those who like business biographies of successful men living in interesting time. Library Journal As Michael R. Yogg makes clear in his readable, short biography, 'Passion for Reality,' Paul Cabot was a central figure in the remarkable 20th century democratization of capitalism Wall Street Journal All advisors interested in the development of their craft will profit from - and richly enjoy - this lovely book. Financial Advisor Michael Yogg's book on Paul Cabot, one of the founders of State Street Corporation, is a welcome and valuable addition to the history of mutual funds... Well written and broadly researched. Economic History Review
Table of ContentsForeword, by John C. Bogle Acknowledgments Introduction: "That Passion for Reality" 1. Family, Education, and Army Service 2. The Twenties 3. The Crash, the Depression, and State Street's Response 4. The Revenue Act and the Investment Company Act 5. Moses and Jeremiah 6. Harvard's Treasurer 7. North Haven and Needham 8. Letting Go Epilogue Notes Index
