Trillions
Trillions is the definitive book on the rise of passive investing and its transformative impact on global financial markets. Written by Financial Times journalist Robin Wigglesworth, the book explores the history, innovation, and influence of index funds, one of the most important financial inventions of the modern era. Through engaging storytelling, Wigglesworth traces the evolution of index investing from its academic foundations to its growth into a multi-trillion-dollar industry. He highlights the visionary economists, investors, and "Wall Street renegades" who challenged traditional active management and created a revolution in investing. Trillions explains how the index fund movement reshaped global finance, democratized access to investing, and raised new questions about market structure, competition, and capitalism. Blending sharp analysis with rich narrative, Wigglesworth offers an essential guide to understanding the past, present, and future of passive investing.
PRAISE FOR THE BOOK
“A magisterial, delightfully written history offering up portraits of the academic scribblers and entrepreneurial practitioners who created the index-fund revolution. It also contains common-sense wisdom that will benefit all investors...“
—The Wall Street Journal
“A thoroughly reported and engaging account, featuring characters including the indomitable John "Jack" Bogle, founder of the Vanguard fund powerhouse, Larry Fink, architect of the even-larger BlackRock, and Louis Bachelier, a French mathematician whose 1900 PhD thesis made an early contribution to the academic underpinnings of passive investing...an enjoyable read.”
—Reuters
"Very few writers can tell a great story and help us understand a big idea. Wigglesworth is one of those rare journalists who can."
—Rana Foroohar, global business columnist at the Financial Times and author of Makers and Takers and Don't Be Evil
“A tour de force."
—Mohamed El Erian, Chief Economic Adviser of Allianz and author of When Markets Collide and The Only Game in Town
"In Wigglesworth’s hands, the greatest change in investing in the last 100 years is brought to life like never before. A page turner!"
—Fred Grauer, former CEO of Wells Fargo Investment Advisors/Barclays Global Investors
"Wigglesworth is one of the most lucid and exciting journalists writing about finance today. This book tackles the enormous changes that have swept the investing world through the stories of its charismatic innovators."
—Bradley Hope, writer at Project Brazen and author of Billion Dollar Whale
ABOUT THE AUTHOR
Robin Wigglesworth is the Editor of FT Alphaville, the Financial Times’ award-winning daily blog covering global markets, business, and the economy.
He leads a team of journalists exploring the forces transforming modern finance, with a particular focus on technological disruption, quantitative investing, and macroeconomic trends.
As one of the Financial Times’ most respected voices on global markets, Wigglesworth has built a reputation for insightful analysis and accessible storytelling about complex financial systems.
Before joining the Financial Times, he was a reporter at Bloomberg News, where he covered Nordic economics and politics.
His work continues to shape the global conversation on investing, passive funds, and the evolution of capital markets.