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First published September 15, 1976
"Finance capitalism had largely replaced industrial capitalism in our country ... the way to get rich was to "get into the profit end of wealth production," not of the production of goods. The rise of the holding companies [are these not the same as today's big private equity holding companies that are buying up all the real estate today??] during the decade was a good example. Company after company was pyramided into holding companies at the top, which controlled the empire though they were made of paper. Men and women who had neither the time nor the facilities to "study the market." Instead of putting their money in specific stocks on the Exchange, they could do better, they were told, by placing it in the stock of an investment trust [are these not the same as today's mutual funds??], whose managers, with a profound knowledge of the market and devoting their full time to it, would wisely invest it in various stocks on the board."