How the index fund changed finance forever on Wednesday's Access Utah
Today we’ll talk with Robin Wigglesworth, the global finance correspondent at the Financial Times, about his new book "Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever."
Fifty years ago, the Manhattan Project of money management was quietly assembled in the financial industry's backwaters, unified by the heretical idea that even many of the world's finest investors couldn't beat the market in the long run. A motley crew of nerds—including economist wunderkind Gene Fama, humiliated industry executive Jack Bogle, bull-headed and computer-obsessive John McQuown, and avuncular former WWII submariner Nate Most—succeeded beyond their wildest dreams. Passive investing now accounts for more than $26 trillion, higher than the entire gross domestic product of the U.S.
Robin Wigglesworth is the global finance correspondent at the Financial Times. He focuses on the biggest trends reshaping markets, investing and finance more broadly across the world, and writing longer-form features, analyses, profiles and columns. Before joining the Financial Times in 2008 he worked at Bloomberg News.