Thomas Finser is a graduate of the Master of Liberal Arts (MLA) Program at Johns Hopkins University. His work explores the cross-disciplinary intersections of history, mythology, and financial markets. Thomas continues this line of inquiry as an incoming PhD student in the Mythological Studies program at Pacifica Graduate Institute. Residing in El Paso, Texas, his life is further enriched by his wife, Armida, and their eight-year-old son, Alexander. Thomas is the founding principal and chief investment officer of Cimarron Capital Management, LLC, a boutique investment advisory firm specializing in equity research and portfolio management.
Does Religious Heritage Impact the US Financial World?
The Battle to Conquer Big Money in Boston and Philadelphia
Thomas Finser, Johns Hopkins University
The cultural and religious legacies of Quaker Pennsylvania and Puritan Massachusetts have left an imprint on US investment managers. The goals, operating principles, and public appeal of two leading US mutual fund managers—the Vanguard Group, based in Greater Philadelphia, and Fidelity Investments, headquartered in Boston—have been shaped by their respective cultural and religious heritage. An exploration of Boston and Philadelphia’s colonial financial legacies will illuminate, through the framework of historian David Hackett Fischer’s Albion’s Seed and sociologist E. Digby Baltzell’s Puritan Boston and Quaker Philadelphia, the ways in which religious values have influenced modern investment management and shaped the investment strategies pursued by rival fund managers.
This study spotlights the intersection of religious and cultural heritage within the evolution of US institutional fund management. Comprehensive historical accounts of US fund managers can be found in The Rise of Mutual Funds by Matthew P. Fink, Investment Management in Boston by David Grayson Allen, and The Future of Investment Management by Ronald Kahn. This essay takes a different approach, postulating that our understanding of the multi-trillion-dollar shift in asset flows out of actively managed funds is enriched by consideration of religious heritage. Vanguard Group and Fidelity Investments are selected as case studies for two reasons. First, extensive documentation of these rival investment managers provides a foundation for multi-dimensional analysis. Second, both firms draw upon the colonial religious heritage of their respective cities. Appreciation of these influences illuminates the persistence of Quaker and Puritan religious legacies in shaping the identity, strategy, and public appeal of America’s leading financial institutions.
The Religious and Financial Heritage of Philadelphia
In 1682, Quaker colonial pioneer William Penn established a utopia of religious tolerance, where “people of different religious beliefs could live together.”[1] Philadelphia, Pennsylvania, was guided by the self-directed belief that God’s inner light was accessible to every man, woman, and child. Penn, a Quaker characterized as “an anti-establishment egalitarian and a utopian dreamer,” believed in “inner light” and the notion that salvation was attainable for every soul.[2]
Quaker organizations and social mores influenced Philadelphia’s legacy of financial innovation. Freedom from religious persecution attracted some of the most talented financiers of the colonial Americas.[3] Quaker meetings, which served as both prayer and social gathering, facilitated the exchange of critical information about the creditworthiness of community members. These religious assemblies assisted in enforcing financial contracts and proved instrumental in “greasing the wheels of credit.”[4]
Philadelphia, often referred to as the “Quaker City,” cultivated a conservative reputation for prudent currency management during the Revolutionary War. It leveraged social capital to pioneer new life, fire, and marine insurance companies. Philadelphia’s Chestnut Street was known as America’s first Wall Street, dominating domestic finance until 1836.[5] Penn’s vision is symbolically captured in his personal seal, depicted in Figure 1.[6] This seal features a shield and a dove carrying an olive branch, representing peace and reconciliation, underscoring the ideals of harmony and tolerance which Penn sought to instill in his colony.
The Religious and Financial Heritage of Boston
As with Philadelphia, Boston emerged as an early leader in financial innovation. In 1638, the Puritan leaders of Boston created a center to educate the increasing number of clergy in New England. Reverend John Harvard bequeathed £779 in cash to the new university, with the Harvard endowment designated as a long-term investment to cover ministers’ and professors’ salaries and finance scholarships.[7] It was decided that these funds would be gradually “let out” to generate income under the advice of a fiduciary investment manager.
Puritans drew inspiration from the Old Testament and regarded the Bible as sacred authority. They believed in predestination and election, emphasizing education and the cultivation of elite clergy. Artist John Penniman’s design of the seal of Boston is depicted in Figure 2.[8]
This seal encapsulates Bostonian Puritan ideals through the imagery of a city upon a hill and the accompanying Latin inscription, Sicut patribus sit deus nobis (“As God was with our fathers, so may He be with us”). This design reflects Boston’s Puritan vision as a divinely guided community. It is a beacon of a higher moral purpose and symbolizes an aspiration to create a godly society that would serve as a model for the world.
Despite their belief in humanity’s inherent sinfulness, the Puritans remained optimistic about the ability of institutions to contain this evil.[9] Boston clergyman John Cotton suggested that the seventeenth-century Puritan emigration to Massachusetts was driven by the pursuit of “free preaching” in the New World. This enabled Puritan followers to “practice our church discipline.”[10] They built what they termed a new “Zion in America,” led by a close-knit elite comprising ninety ministers and carefully selected citizens with financial means and pious reputations.[11] Early New England Puritans rejected traditional rituals and liturgy, with ministers preaching to create opportunities for God’s spirit to penetrate the congregation.[12] In the early Puritan colonies, administration and investment management were deeply intertwined with moral responsibility. It reflected the belief that such activities were part of “God’s work” for the betterment of society.
Boston Leaps Ahead with the Evolution of Actively Managed Mutual Funds
Churches, schools, and charitable institutions emulated Harvard’s Puritan example. A significant legal precedent known as “The Prudent Man Rule” of 1830 permitted Massachusetts fiduciaries to invest on behalf of the individual. Rather than deferring to investment committees, Bostonian trustees were granted freedom to invest funds at their discretion.[13] This Puritan commitment to stewardship and financial prudence laid the groundwork for a major innovation in the 1920s: the development of open-ended “Boston-style” mutual funds. These investment vehicles continuously issued new shares to investors while allowing redemptions at net asset value. This ensured both liquidity and the benefits of professional management.
The Boston-style funds proved successful; thus, the template was replicated. By the late 1950s, new investment managers had emerged in states that were not historically associated with Boston’s conservative trustee values, including Washington, Florida, Illinois, California, and Minnesota.[14] While some of the newcomers were competent and honest, “they were not the Brahmin [aristocrat] lawyers, Boston brokers, or hereditary trustees who pioneered the mutual fund industry.”[15]
Star Fund Managers Face Challenges
By the late 1950s, Fidelity of Boston began to elevate individual managers to celebrity status. These managers were promoted as visionary experts who were perceived to be capable of delivering exceptional returns. Gerald Tsai was a young analyst at Fidelity who became the industry’s first so-called hero among the portfolio managers of the Fidelity Capital Fund. His rise was illustrative of a broader trend in the industry, where key individuals were increasingly seen as indispensable figures who could pick what many referred to as “hot stocks.” Barry P. Barbash, Director of the Division of Investment Management at the US Securities and Exchange Commission, later summarized this post-1950s era as follows:
To many, the 1960s are best remembered as the “go-go years” of investing. In those years, glamour stocks, such as Xerox and Polaroid, were all the rage and mutual fund managers were first accorded the status of movie stars. Gerald Tsai, one of the first star managers, was compared in his retiring manner to Greta Garbo.[16]
In the 1970s the go-go era came to an end. With the bear market decline, losses mounted for many investors. Public confidence in active management began to erode, leading some to question the status and credibility of expert portfolio managers.[17]
Financial Innovation and Evangelism in Philadelphia
Amid this environment of disillusionment, the Vanguard Group of Philadelphia emerged as the spiritual center of an alternative approach to investment management. Founded in 1975 by John “Jack” Bogle, Vanguard Group became a vocal champion of indexation. In Bogle’s words, “the portfolio would simply hold all of the stocks in the Standard & Poor’s (S&P) 500 Stock Index, based on their market weight, and would closely track its returns.”[18] This allowed everyday investors to participate in overall market trends without the necessity of highly compensated expert fund managers.
Although not the inventor of index funds, Bogle was credited by some as the pivotal leader of this movement.[19] The “Oracle of Omaha,” Warren Buffett, stated that “Jack [Bogle] did more for American investors as a whole than any individual I’ve known. … He converted, in a 30-year period, a lot of people to the right religion of investing.”[20] Bogle’s idea of religion for the Vanguard Group was, in his own words “the essence of simplicity.” Cut out the expert portfolio managers and reduce cost. Simplify the process of investing to empower the ordinary investor.
Jack Bogle’s work in promoting passive index funds helped to revolutionize investment management. In 2022, the Financial Times published a notable headline: “Passive Fund Ownership of US Stocks Overtakes Active for First Time.” Kenneth Lamont of Morningstar stated, “It’s been a slow build for decades now.”[21] More recently, in 2024 CNBC proclaimed that “Passive Investing Rules Wall Street Now, Topping Actively Managed Assets in Stock, Bond and Other Funds,” with $13.29 trillion in assets compared to $13.25 trillion for actively managed funds.[22]
How Did We Get Here? Examining Clues in Contrasting Symbolism of Vanguard and Fidelity
The rise of passive investing, as championed by Jack Bogle’s Vanguard Group, may seem inevitable in hindsight. However, the shift from the Bostonian tradition of expert-driven fund management to the alternative of passive indexation was the result of a prolonged, multidecade battle. Bogle viewed the mutual fund industry as being in the “middle of a revolution,” with Vanguard cast as the moral leader, championing fairness and accessibility.[23] He saw Vanguard’s mission as a direct challenge to the financial establishment. This vision was reflected in the firm’s name and logo, shown in Figure 3.[24]
Reflecting on his choice of logo design in 1975, Bogle stated:
I named our new company after HMS Vanguard, Lord Horatio Nelson’s flagship at the great British victory over Napoleon’s fleet at the Battle of the Nile in 1798. I wanted to send a message that our battle-hardened Vanguard Group would be victorious in the mutual fund wars, and that our Vanguard would be, as the dictionary says, “the leader in a new trend.”[25]
Bogle was aware that Vanguard was not only a leader in a new trend; his insurgency had the potential to disrupt the Boston fund managers—Fidelity Investments in particular. After relocating to a new office building in 1993, Bogle commissioned a 25-by-5-foot painting to capture the spirit of Vanguard’s namesake, the HMS Vanguard. A battle scene portrayed the crew of the HMS Vanguard boarding the vanquished French vessel La Spartiate. Bogle “cheekily” altered the painting to rename the defeated French vessel La Fidelité, “a none-too-subtle barb at the Boston investment group.”[26] This visual metaphor underscored Bogle’s mission to upend the traditional fund management establishment and reshape the industry on Vanguard’s terms.
Fidelity’s corporate logo was a notable contrast. The confident and bold green block letters, pyramid, and dazzling light (shown in Figure 4[27]) reflected the Puritan concept of divine providence, predestination, and election, as expressed by John Winthrop’s “Dreams of a City on a Hill.” Pious Bostonians had a divine mission “between God and us, having entered into a covenant with Him for this work.” Winthrop wrote, “We have taken out a commission. The Lord hath given us leave to draw our own articles.”[28] The light behind the pyramid was associated with the all-seeing eye motif found on the Great Seal of the United States and linked to the concept of Stability in the Spirit World.[29]
Contrasting Appeals to Authority and Religious Heritage
Bogle’s public rhetoric reflected a long-standing Quaker tradition. He believed that many investment managers had a “large incentive to favor the complex and costly over the simple and cheap.”[30] Quakers resisted the church and its elite officers. In the sixteenth century, “[t]he Quakers’ first and most obvious enemy was the church and its officers, the priests who were maintained in luxury by the labor of the poor, thanks to the iniquitous tithe.”[31] Bogle cast Wall Street’s high-fee fund managers as modern-day equivalents of the clergy who profited at the expense of ordinary believers. He positioned Vanguard’s low-cost model as a rebellion against the financial establishment’s excesses.
Although Fidelity’s founder, Ned Johnson II, did not provide explicit indications as to the significance of the company’s logo, the idea that a select group of individuals is entrusted with making prudent financial decisions on behalf of clients echoes the Puritan belief in a divinely ordained leadership as “God’s elect, chosen to rule as ministers and magistrates over the whole community.”[32]
Third-generation heir to Fidelity, as CEO Abigail Johnson stated in Fidelity’s 2022 Annual Report: “Our focus has been on strengthening and securing the financial well-being of our diverse customer base [and] our operating decisions are based on customer needs rather than short-term market trends.”[33] Expert judgment and institutional knowledge must be guiding the process; the assertion implies that investment decisions are guided by expert judgment and institutional knowledge rather than reactive responses to market fluctuations. If Fidelity’s strategy is not dictated by short-term trends, then its investment philosophy must rest on the discretion and expertise of its professionals.
Johnson’s statement corresponds with the Puritan belief in a divinely ordained leadership as “God’s elect, chosen to rule as ministers and magistrates over the whole community.”[34] It reflects the values of an institution that defines its role through discipline, long-term stewardship, and the conviction that expert knowledge serves the greater good. Fidelity’s corporate identity, reinforced by its logo, suggests an enduring faith in a higher order. Financial leadership is not merely a service but a calling, rooted in the belief that stability and prudence contribute to the common good.
Fidelity relies on the authority of a divine covenant between God and us. Vanguard appeals to self-evident truth as proclaimed by the charismatic authority of its founder, Jack Bogle. Financial journalists admired Bogle for his “cultivated David-versus-Goliath image in his press battle against the bigger, rapacious money managers.”[35] Employees of Vanguard referred to Bogle as “the voice of God” because of his booming baritone voice and his imposing stature.[36] Matching authority was vested in the charismatic leader and his persuasiveness in conveying the truth on behalf of Vanguard Group.
Edward Johnson II appeared to be influenced by the cultural heritage of Boston, by a sense of divine vocation to fulfill economic and social responsibilities. For his part, Jack Bogle appealed to the authority of self-evident truth and the Quaker notion of “inner light.” In a 2017 speech, Bogle clearly aligned Vanguard with William Penn and the city of Vanguard’s origin:
I have come to realize that my design of Vanguard reflects many of the basic Quaker values that William Penn fostered; simplicity, economic thrift, efficiency, service to others, and conviction. In the words of George Fox, that “the truth is the way.”[37]
Bogle observed the divergent religious values in the cultures of Boston and Philadelphia, critiquing another prominent Boston-based investment manager—in this case, Massachusetts Financial Services. He called them hypocritical Puritans by selling their business to a Canadian conglomerate. In his view, Boston Brahmins should renounce their claims to authority.
Boston-based Fidelity, on the other hand, emphasized the expertise and talent of individual stock pickers and portfolio managers who were fulfilling the mission. Johnson believed that fund management was an art led by extraordinary individuals. In a 1963 speech, he argued, “Unusual results in securities…have to be looked for in the basically artistic camp, which is relatively small in number as are all artistic camps.”[38] The rise of star portfolio managers, and the Gerald Tsais of the fund management world, are the consequence of this Bostonian worldview.
The Erosion of Trust in the Integrity of US Institutions and Authority
Jack Bogle occupied a distinctive place in the evolution of investment management and mutual funds. He demonstrated historical and cultural self-awareness. Bogle recognized that the contest over mutual funds was more than a battle over money. He recognized that this self-proclaimed pioneering movement reflected deeper ideological and institutional shifts between Boston and Philadelphia values. This is evident in his assertion that “Vanguard’s novel structure…and pioneering strategy were essentially the tools that moved the mutual fund industry’s ‘Big Money’ from Puritan Boston to Quaker Philadelphia.” Bogle viewed Vanguard’s financial innovation and the firm’s success as part of a larger historical realignment that challenged the entrenched financial power of Bostonian Puritan origin. Vanguard’s emergence and remarkable ascent can, in part, be viewed as a response to the failures of the 1960s go-go era of mutual funds and the expert-driven model espoused by Fidelity in 1946.
Baltzell noted that Quakers emphasized peace, equality, truth, and simplicity while rejecting hierarchy and top-down preaching from selected experts.[39] He observed that “ideals of Quakerism are now more popular in America, especially among intellectuals and academics.”[40] In Quakerism, honesty is cherished above oaths and sacraments.[41] Baltzell contended that “although America as a whole has been Calvinist throughout most [of] its history, it has now moved—especially since the 1960s—far closer to the ideals of Quakerism.”
Political analyst and author Yuval Levin contended that the collapse of trust in institutions is not merely attributable to incompetence or corruption, which have always existed. He posits that this collapse in trust results from a fundamental shift in how institutions are perceived. Historically, institutions were trusted not only because they performed vital functions, but also because they shaped individuals to act with integrity and to uphold ideals of trustworthiness. Levin suggested that in recent decades, institutions have been increasingly viewed as platforms for personal promotion.[42] Levin’s observation has pertinence to Fidelity of the 1960s and the rise and fall of the star portfolio manager with Gerald Tsai in the 1960s.
Do Cultural-Religious Undercurrents Explain the Rise of Passive Investing?
Several factors have contributed to the rise of passive investing as the dominant force in the investment management industry. Morningstar offers a straightforward explanation: “This shift [to passive investing] has been, in large part, due to the infamously-low success rate of active managers within the US equity field.”[43] This oft-cited explanation, however, fails to address the cultural shifts seen in Fidelity, and in many active fund managers, between 1946 and the late 1960s. The Fidelity Fund’s original mission was not to “beat the market” but rather to provide a service of disciplined stewardship and to invest conservatively without speculating on short-term market price fluctuations.[44] The rise of star portfolio managers, as evidenced by Gerald Tsai in the 1960s, marked a departure from the Johnson family’s initial mission at Fidelity.
Other explanations for the rise of passive investing pertain to structural market forces. Michale Green, portfolio manager and chief strategist at Simplify Asset Management, suggests that automated investment flows, particularly those tied to retirement accounts and employer-sponsored plans, have created structural bias that favors passive investing. Earnings from each paycheck are automatically allocated into index funds and ETFs. Automated investing, in Green’s view, created a structural bias toward passive investment vehicles.[45]
Revolutions in US finance and asset flows began not merely with market forces but with ideas, convictions, and individuals willing to challenge the status quo. Whether it was Ned Johnson II drawing from the well of Boston’s Puritan ethos of expertise and stewardship at Fidelity in 1946, or Jack Bogle of Vanguard launching a Quaker-inspired challenge to financial elites in 1975, both leaders employed the cultural and spiritual capital of their respective cities. While structural factors and the financial underperformance of mutual funds contribute to the rise of passive investing, the cultural and ideological forces that ignited this multitrillion-dollar shift are equally significant. It would be a mistake to overlook the pivotal role of Jack Bogle and his invocation of Quaker values as a counterpoint to Boston’s Puritan traditions.
If Baltzell’s assertion—that American society has increasingly embraced Quaker values—holds true, then the rising preference for passive investing may, in part, reflect a broader cultural shift toward egalitarianism, transparency, and skepticism regarding elite authority. In this light, the shift toward passive investing was more than a matter of cost efficiency. It was part of a deeper movement, one that prioritized simplicity over complexity and accessibility over expert control. The seed of Bogle’s vision with Vanguard Group, based on these Quaker ideals, found fertile soil in a society that broadly rejected the legacy of Bostonian religious heritage.
Conclusion
Taking Alexis de Tocqueville’s insight to heart, it may be that Americans “always feel [the effects] of their origins.” This discussion applies a cultural-religious and historical lens to the evolution of Vanguard Group of Philadelphia and Fidelity Investments of Boston. Whether through Jack Bogle’s outspoken embrace of Quaker ideals, or through the enrollment of 401(k) investment plans, two multi-trillion-dollar investment managers have, at pivotal moments, reflected and integrated the ethos of their distinctive cultural-religious-geographic origins. Expression of these values may resonate dynamically with the US investor public, and to varying degrees with the mood and attitude of society. Additional research exploring how these undercurrents manifest in US financial hubs such as Dallas, Chicago, or Charlotte will enrich our understanding of the forces that continue to influence modern finance, of the money that shapes our lives
Notes
[1] David Hackett Fischer, Albion’s Seed: Four British Folkways in America (Oxford University Press, 1989), 461.
[2] E. Digby Baltzell, Puritan Boston and Quaker Philadelphia (Free Press, 1979), 113.
[3] Robert E. Wright, The First Wall Street: Chestnut Street, Philadelphia, and the Birth of American Finance (University of Chicago Press, 2005), 132.
[4] Ibid., 107.
[5] Ibid., 2.
[6] Hubert-herald, May 8, 2023. http://www.hubert-herald.nl/USAPennsylvania.htm.
[7] David Greyson Allen, Investment Management in Boston: A History (University of Massachusetts Press, 2015), 9.
[8] John R. Penniman, “Seal of Boston, Massachusetts,” Wikimedia Commons, https://commons.wikimedia.org/wiki/File:Seal_of_Boston, _Massachusetts.
[9] Baltzell, Puritan Boston, 94.
[10] Benjamin Friedman, Religion and the Rise of Capitalism (Alfred A. Knopf, 2021), 140.
[11] Fischer, Albion’s Seed, 127.
[12] Philip Zimmerman, “The Lord’s Supper in Early New England: The Setting and the Service,” in New England Meeting House and Church: 1630–1850, ed. Peter Benes (Boston University, 1979), 127.
[13] Michael Yogg, Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot (Columbia University Press, 2014), 36.
[14] Diana Henriques, Fidelity’s World: The Secret Life and Public Power of the Mutual Fund Giant (Scribner, 1995), 119.
[15] Ibid., 119.
[16] Barry P. Barbash, “Remembering the Past: Mutual Funds and the Lessons of the Wonder Years,” ICI Securities Law Procedures Conference, Washington, DC, December 4, 1997.
[17] Ibid.
[18] John Bogle, Enough: True Measures of Money, Business, and Life (John Wiley & Sons, 2009), 17.
[19] Ronald Kahn, The Future of Investment Management (CFA Institute Research Foundation, 2018), 29.
[20] John Melloy, “Warren Buffett Says Jack Bogle Did More for the Individual Investor Than Anyone He’s Ever Known,” Markets, CNBC, January 17, 2019, https://www.cnbc.com/2019/01/16/warren-buffett-says-jack-bogle-did-more-for-the-individual-investor-than-anyone-hes-ever-known.html.
[21] Steve Johnson, “Passive Fund Ownership of US Stocks Overtakes Active for First Time,” EFT Hub, Financial Times, June 6, 2022, www.ft.com/content/27b5e047-5080-4ebb-b02a-0bf4a3b9bc08.
[22] Jeff Cox, “Passive Investing Rules Wall Street Now, Topping Actively Managed Assets in Stock, Bond and Other Funds,” Markets, CNBC, January 18, 2024, https://www.cnbc.com/2024/01/18/passive-investing-rules-wall-street-now-topping-actively-managed-assets-in-stock-bond-and-other-funds.html.
[23] Michael Regan, “Q&A With Jack Bogle: ‘We’re in the Middle of a Revolution,’” Bloomberg Markets, Bloomberg, November 23, 2016, https://www.bloomberg.com/features/2016-jack-bogle-interview.
[24] KaramTM, “Logo Vanguard,” Wikipedia, Wikimedia Commons, https://commons.wikimedia.org/wiki/File:Logo_Vanguard.jpg.
[25] Bogle, Enough. 15.
[26] Robin Wigglesworth, Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever (Portfolio/Penguin, 2021), 126.
[27] “Fidelity Logo,” 1000logos,net, https://1000logos.net/fidelity-logo/.
[28] John Winthrop, “A Model of Christian Charity,” in A Library of American Literature: Early Colonial Literature, 1607–1675, Edmund Clarence Stedman and Ellen Mackay Hutchinson, eds. (Charles L. Webster, 1888), 304–307.
[29] Adele Nozedar, The Element Encyclopedia of Secret Signs and Symbols (Harper Collins, 2008.), 92.
[30] Bogle, Enough, 72.
[31] James Walvin, The Quakers: Money & Morals (John Murray, 1997), 15.
[32] Baltzell, Puritan Boston, 48.
[33] 2022 Annual Report: Fidelity, (FMR, 2023) https://www.fidelity.com/ bin-public/060_www_fidelity_com/documents/about-fidelity/2022-Fidelity-Investments-Annual-Report.pdf.
[34] Baltzell, Puritan Boston, 48.
[35] Wiggelsworth, Trillions, 121.
[36] Ibid., 120.
[37] John Bogle, “Puritan Boston and Quaker Philadelphia,” Society of Friends, Philadelphia, PA, November 9, 2017, https://boglecenter.net/wp-content/uploads/Quaker-Speech-11-9-17.pdf.
[38] Edward Johnson II, “Contrary Opinion in Stock Market Techniques,” in Classics: An Investors Anthology, ed. Charles Ellis (Institute of Chartered Financial Analysts, 1989), 398.
[39] Mike King, Quakernomics: An Ethical Capitalism (Anthem Press, 2014), 5.
[40] Baltzell, Puritan Boston, 455.
[41] Ibid., 103.
[42] “The Importance of Institutions, With Yuval Levin,” Uncommon Knowledge, Hoover Institution, May 8, 2020, https://www.hoover.org/ research/importance-institutions-yuval-levin-1.
[43] Joshua McAlpine, “The Rise of Passive Investing in Today’s Market,” Education, Morningstar UK, June 6, 2024. https://www.morningstar.co. uk/uk/news/250068/the-rise-of-passive-investing-in-todays-market.aspx.
[44] Henriques, Fidelity’s World, 106.
[45] Barry Ritholtz, “Transcript: Mike Green, Simplify Asset Management,” The Big Picture, August 20, 2024. https://ritholtz.com/ 2024/08/transcript-mike-green/