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House of Fidelity: The Rise of the Johnson Dynasty and the Company That Changed American Investing
384 pages, Hardcover
Published May 5, 2026
22 people are currently reading
3872 people want to read
About the author
Justin Baer
5 books16 followersJustin Baer is an award-winning journalist and an editor for The Wall Street Journal. In a career that includes stints at the Financial Times and Bloomberg News, he has covered almost every significant financial event over the past two decades, including the dot-com bubble, the 2008 financial crisis and the economic fallout from the pandemic. Along the way, Baer has chronicled the ups and downs of such major institutions as Goldman Sachs, J.P. Morgan Chase, Citigroup and Warren Buffett’s Berkshire Hathaway.
He lives in New Jersey with his wife and three children.
He lives in New Jersey with his wife and three children.
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Displaying 1 - 9 of 9 reviews
April 26, 2026
Learning about investing and finance have become life long goals for me. When I saw this book I wanted to read it as part of my overall interest in the broader subject, but more personally as a Fidelity customer going on four decades.
House of Fidelity by Justin Baer is a rich history of the company, which is synonymous with the Johnson family who have held controlling interests in the company since it was founded, beginning with founder Ted Johnson, his son and longtime CEO Ned Johnson, and Ned's daughter Abigail Johnson, who became CEO in 2014 and continues in that role today.
As you read the House of Fidelity, you get a quick education on how investing has changed since the 1960s, when few invested in the stock market or mutual funds to present times when apps like Robinhood made investing possible for everyone. What is particularly interesting and in turn obvious is how technology has led many of these changes, forcing old long-term money making tactics by brokers (e.g., fees and commissions) a thing of the past.
The decline of corporate pensions, coupled with the debut of the 401K in the 1970s and later the Roth IRA, meant individuals must assume responsibility for the management and investing of their retirement portfolios instead of the company they worked for, which was common in that time. Roll the clock forward today with thousands working two or more part-time jobs or participating the "gig" or "creative" economies and the poor worker may not have any retirement savings at all--nor the knowledge of how to invest.
But those weighty topics are not the purpose of the House of Fidelity. This book is about a company, strong family leadership, and the ability to stay together as a private entity, grew financially by leaps and bounds, and became the dominant player in personal and workplace investing. The company faced many challenges as detailed in the book, ranging from internal strife, lack of a succession plan, scandals, and other things most people have never heard about.
House of Fidelity is a book that demands a certain level of understanding of the stock market, investing, and markets in general to best be appreciated. But even if this is your first attempt to read something related to finance and investment, you will still learn a lot.
I rated the book 4.25/5 stars. There is a lot of jumping around timelines going from Ted to Ned to Abby and other family members along with crisis that impact the markets (2008 bank collapse and Covid pandemic two of the obvious disruptors) that makes some of the reading challenging. A few tables of key timelines by decade would help the reader navigate all of the changes affecting Fidelity as a company..
My thanks to the author, Grand Central Publishing, and NetGalley for the opportunity to review an ARC of this new book.
House of Fidelity by Justin Baer is a rich history of the company, which is synonymous with the Johnson family who have held controlling interests in the company since it was founded, beginning with founder Ted Johnson, his son and longtime CEO Ned Johnson, and Ned's daughter Abigail Johnson, who became CEO in 2014 and continues in that role today.
As you read the House of Fidelity, you get a quick education on how investing has changed since the 1960s, when few invested in the stock market or mutual funds to present times when apps like Robinhood made investing possible for everyone. What is particularly interesting and in turn obvious is how technology has led many of these changes, forcing old long-term money making tactics by brokers (e.g., fees and commissions) a thing of the past.
The decline of corporate pensions, coupled with the debut of the 401K in the 1970s and later the Roth IRA, meant individuals must assume responsibility for the management and investing of their retirement portfolios instead of the company they worked for, which was common in that time. Roll the clock forward today with thousands working two or more part-time jobs or participating the "gig" or "creative" economies and the poor worker may not have any retirement savings at all--nor the knowledge of how to invest.
But those weighty topics are not the purpose of the House of Fidelity. This book is about a company, strong family leadership, and the ability to stay together as a private entity, grew financially by leaps and bounds, and became the dominant player in personal and workplace investing. The company faced many challenges as detailed in the book, ranging from internal strife, lack of a succession plan, scandals, and other things most people have never heard about.
House of Fidelity is a book that demands a certain level of understanding of the stock market, investing, and markets in general to best be appreciated. But even if this is your first attempt to read something related to finance and investment, you will still learn a lot.
I rated the book 4.25/5 stars. There is a lot of jumping around timelines going from Ted to Ned to Abby and other family members along with crisis that impact the markets (2008 bank collapse and Covid pandemic two of the obvious disruptors) that makes some of the reading challenging. A few tables of key timelines by decade would help the reader navigate all of the changes affecting Fidelity as a company..
My thanks to the author, Grand Central Publishing, and NetGalley for the opportunity to review an ARC of this new book.
May 10, 2026
An incredibly well-researched history of American investing with a Shakespearean family drama at the center of it. As someone who knows absolutely nothing about finance, it served as a fascinating overview of the industry’s last 150 years while also revealing a vast collection of very human characters behind the extreme wealth and ambition.
Review of advance copy received from Netgalley
This review is based upon a March 2026 read of the book's pre-release copy requested from Netgalley.
This book is a comprehensive history of the Fidelity empire. Although titled, "House of Fidelity', it is about much more than the family history of the Johnsons. The protagonist, Abigail (Abby) Johnson is surprisingly offered fewer words throughout than the other actors, including her father. The book is also regretfully light on Abby's mother whose outsized role and influence from the background appears to be present but unaccounted for in the book.
The story truly begins with Abby's grandfather, Ted, and meanders through the firm's early years under Ted's firm control. His son, Ned, an inventor, tinkerer, student and innovator rises to his own before being allowed to ascend to the throne due to Ted's illness. There is a bit of drama reminiscent of the TV series, Succession, where the succession remains elusive through anticipation.
The father's hereditary Alzheimer's diagnosis so shakes him that he forges a friendship with his father's doctor and commits Fidelity's resources to study and fund the development of potential therapies. This and other innovation-focused ventures establish Fidelity in the venture community amongst its brokerage and mutual fund businesses. The varied ventures also allow the company to hire remarkable talent from the ivies and non-ivies alike, attracting sharp minds that not only make the formidable company but also help seed many others in the northeastern US with talent diaspora.
I read the book with deep interest, cover to cover, in a short three days. Yet am forced to leave only four stars while acknowledging how hard researching this private, family-owned company must have been, despite the author's front-row seat at the WSJ with incredible research and history at his disposal.
The book struggles to find its identity.
It naturally begins frustratingly as a chronology of events that led to Fidelity's origins. The first few chapters almost lost me due to the 'this happened then this happened..." but I am glad I persisted. Ted's transition to Ned allows the book to pick up a pace and establish rhythm. Numerous characters enter and exit, their motivations and actions as varied as their background and skills. There is drama and politics, posturing and backstabbing, some seemingly recognized but certainly accepted by the patriarchs.
Ned's iron grip on the company and deep understanding of what makes his company (and family?) tick is remarkable. In one section he orders the technology overhaul when observing the haphazard infrastructure in the bowels of the company and in another broadly invests in Alzheimer's research. He seems distant a father to his kids yet encourages (surprisingly and effectively) them to follow their own paths, even as the paths converge on the family business. He is the background protagonist, switching roles to an antagonist just so.
I shouldn't be surprised at the mistreatment of the firm's female employees and the misogyny that permeates the story, right to the top. Although the book addresses some of the house cleaning that occurred once Abby took reins, there is likely more to cleanup in culture and history.
Reviewed in macro, the book is neither a chronology, nor a chapter-ed telling of innovations or inventions. It frustratingly switches between stories of humans and their doings to strategies that made Fidelity. Nowhere does this misplaced identity shine brighter than the chapter on Abby's strategic focus on bitcoin and the blockchain. It begins with a gusto and excited me with a prospect of speaking to the innovations fostered and nurtured. Yet, just as the story finds its legs, it switches to another set of people and their politics.
Fidelity did a lot of things right and hired a lot of incredibly smart people to make them happen. Its ability to hold a family together while growing a business is exemplary. The book references other family-owned businesses that started, thrived and failed for many of the same experiences as the Johnson family. I do wish more could've been written about Abby's sister, Beth and mother, Lillie and their contributions. I wonder if Abby would be Chairman and CEO today if Lillie hadn't intervened at critical junctures for the father and daughter. I also wonder about Abby's actions that aren't fully developed in the book and likely remain sealed for a future biography (or better yet, an autobiography).
I highly recommend the book despite my criticism regarding lack of identity. The book found its hook in the first 60-80 pages and kept me reading, despite the occasional angst and frustration.
This book is a comprehensive history of the Fidelity empire. Although titled, "House of Fidelity', it is about much more than the family history of the Johnsons. The protagonist, Abigail (Abby) Johnson is surprisingly offered fewer words throughout than the other actors, including her father. The book is also regretfully light on Abby's mother whose outsized role and influence from the background appears to be present but unaccounted for in the book.
The story truly begins with Abby's grandfather, Ted, and meanders through the firm's early years under Ted's firm control. His son, Ned, an inventor, tinkerer, student and innovator rises to his own before being allowed to ascend to the throne due to Ted's illness. There is a bit of drama reminiscent of the TV series, Succession, where the succession remains elusive through anticipation.
The father's hereditary Alzheimer's diagnosis so shakes him that he forges a friendship with his father's doctor and commits Fidelity's resources to study and fund the development of potential therapies. This and other innovation-focused ventures establish Fidelity in the venture community amongst its brokerage and mutual fund businesses. The varied ventures also allow the company to hire remarkable talent from the ivies and non-ivies alike, attracting sharp minds that not only make the formidable company but also help seed many others in the northeastern US with talent diaspora.
I read the book with deep interest, cover to cover, in a short three days. Yet am forced to leave only four stars while acknowledging how hard researching this private, family-owned company must have been, despite the author's front-row seat at the WSJ with incredible research and history at his disposal.
The book struggles to find its identity.
It naturally begins frustratingly as a chronology of events that led to Fidelity's origins. The first few chapters almost lost me due to the 'this happened then this happened..." but I am glad I persisted. Ted's transition to Ned allows the book to pick up a pace and establish rhythm. Numerous characters enter and exit, their motivations and actions as varied as their background and skills. There is drama and politics, posturing and backstabbing, some seemingly recognized but certainly accepted by the patriarchs.
Ned's iron grip on the company and deep understanding of what makes his company (and family?) tick is remarkable. In one section he orders the technology overhaul when observing the haphazard infrastructure in the bowels of the company and in another broadly invests in Alzheimer's research. He seems distant a father to his kids yet encourages (surprisingly and effectively) them to follow their own paths, even as the paths converge on the family business. He is the background protagonist, switching roles to an antagonist just so.
I shouldn't be surprised at the mistreatment of the firm's female employees and the misogyny that permeates the story, right to the top. Although the book addresses some of the house cleaning that occurred once Abby took reins, there is likely more to cleanup in culture and history.
Reviewed in macro, the book is neither a chronology, nor a chapter-ed telling of innovations or inventions. It frustratingly switches between stories of humans and their doings to strategies that made Fidelity. Nowhere does this misplaced identity shine brighter than the chapter on Abby's strategic focus on bitcoin and the blockchain. It begins with a gusto and excited me with a prospect of speaking to the innovations fostered and nurtured. Yet, just as the story finds its legs, it switches to another set of people and their politics.
Fidelity did a lot of things right and hired a lot of incredibly smart people to make them happen. Its ability to hold a family together while growing a business is exemplary. The book references other family-owned businesses that started, thrived and failed for many of the same experiences as the Johnson family. I do wish more could've been written about Abby's sister, Beth and mother, Lillie and their contributions. I wonder if Abby would be Chairman and CEO today if Lillie hadn't intervened at critical junctures for the father and daughter. I also wonder about Abby's actions that aren't fully developed in the book and likely remain sealed for a future biography (or better yet, an autobiography).
I highly recommend the book despite my criticism regarding lack of identity. The book found its hook in the first 60-80 pages and kept me reading, despite the occasional angst and frustration.
Review of advance copy received from NetGalley
“House of Fidelity,” by Justin Baer, provides a history of Fidelity and the Johnson family that founded it. While most major financial services firms are publicly traded, Fidelity has remained a privately held company, managed by the Johnson family, since its inception. To date, Fidelity has had three CEOs: Edward “Ted” Crosby Johnson 2d, Edward “Ned” Crosby Johnson 3d (Ted’s son), and Abigail “Abby” Johnson (Ned’s daughter). The author examines the tenures of these CEOs and covers significant events throughout Fidelity’s history.
In 1946, Ted established Fidelity Management and Research Company (“FMR”) as an investment advisor to Fidelity Fund, a mutual fund that invested in stocks. Under an arrangement, Fidelity Fund paid management expenses and fees (as a percentage of fund assets) to FMR, which was more lucrative than using a third-party investment advisor. In 1975, Fidelity offered its first individual retirement accounts (“IRAs”) as a result of the Employee Retirement Security Act (“ERISA”), which President Ford signed into law in 1974.
In 1977, Ned became FMR’s chairman and CEO. Ned had previously formed Fidelity Ventures, a venture capital fund, in 1969. In 1978, Fidelity began offering Section 403(b) retirement savings accounts to governments organizations, nonprofit entities, and educational institutions. Further federal tax changes also led to the creation of Section 401(k) plans for private employers, which helped fuel Fidelity’s growth in the 1980s and 1990s.
Ned’s initial resistance to index funds resulted in a missed opportunity to capitalize on additional funds from investors. Vanguard debuted an index fund in 1976, as a low-cost alternative to actively managed funds. This passive index fund matched the holdings of the S&P 500. Ned was unconvinced that investors would want to invest in funds that matched the market return vs. those that attempted to beat it. Index funds gradually became very popular and investors poured millions into them, while money leaked out of active stock funds. Fidelity did not launch its Spartan 500 Index fund until 1988.
In 2014, Abby took over as FMR’s CEO (and also as chairman in 2016). Abby had already successfully run several of Fidelity’s businesses and significantly improved the quality of Fidelity’s customer service. Abby was also an early proponent of cryptocurrency, which led to the creation of Fidelity Digital Asset Services in 2018 (as a service to hedge funds) and later to crypto funds for wealthy and broad-based investors.
The above is a small portion of the material that the author covers to demonstrate the impact each CEO had in making Fidelity the financial services empire it is today. The author also discusses several key employees who contributed to Fidelity’s success. One is Peter Lynch, who took over the Fidelity Magellan Fund in 1997 and replaced most of its portfolio with stocks he researched himself. The fund averaged over 29% in annual returns during the thirteen years that Lynch managed it, which led to his being regarded as one of the greatest fund managers of all time.
“House of Fidelity” is an informative, chronological account of important figures, events, products, and services in Fidelity’s history. Readers interested in Fidelity’s journey, and a history of the Johnson family that created and manages it, will benefit from author’s extensive research and interviews showing how Fidelity became one of the largest and most respected financial services firms in the United States.
[My special thanks to Grand Central Publishing (Hachette Book Group) and NetGalley for an advance reading copy of this book.]
In 1946, Ted established Fidelity Management and Research Company (“FMR”) as an investment advisor to Fidelity Fund, a mutual fund that invested in stocks. Under an arrangement, Fidelity Fund paid management expenses and fees (as a percentage of fund assets) to FMR, which was more lucrative than using a third-party investment advisor. In 1975, Fidelity offered its first individual retirement accounts (“IRAs”) as a result of the Employee Retirement Security Act (“ERISA”), which President Ford signed into law in 1974.
In 1977, Ned became FMR’s chairman and CEO. Ned had previously formed Fidelity Ventures, a venture capital fund, in 1969. In 1978, Fidelity began offering Section 403(b) retirement savings accounts to governments organizations, nonprofit entities, and educational institutions. Further federal tax changes also led to the creation of Section 401(k) plans for private employers, which helped fuel Fidelity’s growth in the 1980s and 1990s.
Ned’s initial resistance to index funds resulted in a missed opportunity to capitalize on additional funds from investors. Vanguard debuted an index fund in 1976, as a low-cost alternative to actively managed funds. This passive index fund matched the holdings of the S&P 500. Ned was unconvinced that investors would want to invest in funds that matched the market return vs. those that attempted to beat it. Index funds gradually became very popular and investors poured millions into them, while money leaked out of active stock funds. Fidelity did not launch its Spartan 500 Index fund until 1988.
In 2014, Abby took over as FMR’s CEO (and also as chairman in 2016). Abby had already successfully run several of Fidelity’s businesses and significantly improved the quality of Fidelity’s customer service. Abby was also an early proponent of cryptocurrency, which led to the creation of Fidelity Digital Asset Services in 2018 (as a service to hedge funds) and later to crypto funds for wealthy and broad-based investors.
The above is a small portion of the material that the author covers to demonstrate the impact each CEO had in making Fidelity the financial services empire it is today. The author also discusses several key employees who contributed to Fidelity’s success. One is Peter Lynch, who took over the Fidelity Magellan Fund in 1997 and replaced most of its portfolio with stocks he researched himself. The fund averaged over 29% in annual returns during the thirteen years that Lynch managed it, which led to his being regarded as one of the greatest fund managers of all time.
“House of Fidelity” is an informative, chronological account of important figures, events, products, and services in Fidelity’s history. Readers interested in Fidelity’s journey, and a history of the Johnson family that created and manages it, will benefit from author’s extensive research and interviews showing how Fidelity became one of the largest and most respected financial services firms in the United States.
[My special thanks to Grand Central Publishing (Hachette Book Group) and NetGalley for an advance reading copy of this book.]
March 27, 2026
Thank you to NetGalley and Grand Central Publishers for a free ARC of this book in exchange for an honest review
Overall I would recommend this book. I have long been interested in asset management space and found this book fairly interesting to read, finishing it in less than a week. For the given topic where information may be harder to uncover or get people to admit to, this was actually well researched. This is an example of where a mile wide and a foot deep is actually not as bad as it sounds.
The author did a great job with providing family history, weaving it into the narrative about what happened at Fidelity. It provided some good side bars in detailing some of the non-family key players over the years as well as overall industry topics. If you’re interested in the space you will find this much more interesting than someone who would just have passing curiosity. And I think therein is a question when it comes to who this book is for, given its depth and length. It’s definitely a history book and tries to examine events that happened within the company, and does not provide (nor portend to) any investing insight (unless you count the different businesses Ned dabbled into).
There were some shortcomings in this book which factored into my rating. This was a big topic with a lot of history, but there were times where it felt disjointed in its narrative. By this I mean there was a lot of discussion about the family, there was lot of discussion about what happened and was happening in the business, there were a number of items happening in the asset management world as well. The problem for me was in the way that the author needed them together came across more jumbled and disorganized at times.
The book is not always straight chronological because inherently things that happen or don’t influence later decisions, and the author tried to include that for context. However there was often some repeating of the same fact over and over, or tange
Overall I would recommend this book. I have long been interested in asset management space and found this book fairly interesting to read, finishing it in less than a week. For the given topic where information may be harder to uncover or get people to admit to, this was actually well researched. This is an example of where a mile wide and a foot deep is actually not as bad as it sounds.
The author did a great job with providing family history, weaving it into the narrative about what happened at Fidelity. It provided some good side bars in detailing some of the non-family key players over the years as well as overall industry topics. If you’re interested in the space you will find this much more interesting than someone who would just have passing curiosity. And I think therein is a question when it comes to who this book is for, given its depth and length. It’s definitely a history book and tries to examine events that happened within the company, and does not provide (nor portend to) any investing insight (unless you count the different businesses Ned dabbled into).
There were some shortcomings in this book which factored into my rating. This was a big topic with a lot of history, but there were times where it felt disjointed in its narrative. By this I mean there was a lot of discussion about the family, there was lot of discussion about what happened and was happening in the business, there were a number of items happening in the asset management world as well. The problem for me was in the way that the author needed them together came across more jumbled and disorganized at times.
The book is not always straight chronological because inherently things that happen or don’t influence later decisions, and the author tried to include that for context. However there was often some repeating of the same fact over and over, or tange
May 8, 2026
I received this book courtesy of the Goodreads First Reads Program for the purpose of a fair and honest review.
Overview: Fidelity has been a business landmark in America's financial world for the past seventy years or so. Edward C. Johnson II, named after his uncle, opened tan investing firm. How does the family keep the investment firm running? Let's find out.
Dislikes: Some of the ways the executives tried to push the Johnson family out of their own business was skivvy.
That's not saying that the family was completely innocent. They just seemed to be made of Teflon. Everyone around them seemed to get into trouble, yet Fidelity and the Johnson family squeaked by. Nothing seemed to stick to them personally.
Likes: Both Ted and Ned Johnson wanted their children to live their own lives, and not necessarily join the family business.
Lillie held her family together well. She refused to let a business tear them apart.
Conclusion: This is an okay book. It's great as a history of a business or a multigenerational biography. Honestly the investment and big money side of the book when over my head, and became quite boring after a while. The investments are just outside of my wheelhouse, so to speak. If you are interested in high finance, or just the Johnson Dynasty, then this book is for you. Enjoy the read.
Overview: Fidelity has been a business landmark in America's financial world for the past seventy years or so. Edward C. Johnson II, named after his uncle, opened tan investing firm. How does the family keep the investment firm running? Let's find out.
Dislikes: Some of the ways the executives tried to push the Johnson family out of their own business was skivvy.
That's not saying that the family was completely innocent. They just seemed to be made of Teflon. Everyone around them seemed to get into trouble, yet Fidelity and the Johnson family squeaked by. Nothing seemed to stick to them personally.
Likes: Both Ted and Ned Johnson wanted their children to live their own lives, and not necessarily join the family business.
Lillie held her family together well. She refused to let a business tear them apart.
Conclusion: This is an okay book. It's great as a history of a business or a multigenerational biography. Honestly the investment and big money side of the book when over my head, and became quite boring after a while. The investments are just outside of my wheelhouse, so to speak. If you are interested in high finance, or just the Johnson Dynasty, then this book is for you. Enjoy the read.
Review of advance copy received from NetGalley
The book is an in-depth accounting of the investment company Fidelity, from its inception by Edward Johnson II through its current management by his granddaughter, Abigail Johnson. It was interesting read to how each Johnson family member came to be chairman of Fidelity. My one complaint is that timelines jumped around not only by chapter but within each chapter which made it confusing at times.
May 6, 2026
Fascinating and insightful!
May 10, 2026
This was a fascinating account of the family dynasty at Fidelity. I was lucky to win this book in a Goodreads Giveaway contest.
Displaying 1 - 9 of 9 reviews