Buttonwood to Bretton Woods: 250 Years of US Innovation

This report examines the 250-year evolution of US capital markets, highlighting their cyclical nature and ability to mobilize capital for technological innovation. It also addresses modern structural shifts including the rise of private markets, passive investing, and the financing of AI.

Key Takeaways

• 1.US capital markets follow a recurring cycle of innovation, excess, crisis, and regulation that has underpinned the nation's economic growth and global financial leadership.
• 2.The market landscape is shifting toward private capital, with companies staying private longer, which creates challenges for retail investor access to early-stage growth.
• 3.Passive investing and the rise of ETFs have significantly altered market governance, with institutional managers now becoming top shareholders in the majority of S&P 500 firms.

Table of Contents

• Editorial
• Infographic
• The history lesson
• A modern view

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