Revelry Before Waterloo
While Steinberg was finding out that he did not belong to the Establishment, and that in its old age it was neither too gentlemanly nor too toothless to fight, the investment revolution of the nineteen sixties was all but completed, and the era was having its last great speculative fling.
By 1969, institutional investors had effectively taken over the New York Stock Exchange business. At the beginning of the decade their share in it had been less than a third; now they had 54 percent of total public-share volume and 60 percent of total public-dollar volume. The mutual funds, the fastest-growing of the investing institutions, now held assets of some $50 billion, and were moving in and out of the market at a ...