Investing―the commitment of resources to achieve a return―affects individuals, families, companies, and nations, and has done so throughout history. Yet until the sixteenth century, investing was a privilege of only the elite classes. The story behind the democratization of investing is bound up with some of history’s most epic events. It is also a tale rich with lessons for professional and everyday investors who hope to make wiser choices. This entertaining history doubles as a sophisticated account of the opportunities and challenges facing the modern investor. It follows the rise of funded retirement; the evolution of investment vehicles and techniques; investment misdeeds and regulatory reform; government economic policy; the development of investment theory; and the emergence of new investment structures. Norton Reamer and Jesse Downing map these trends and profile the battle between low cost index and exchange-traded funds, on the one hand, and the higher-fee hedge funds and private equity, on the other. By helping us understand this history and its legacy of risk, Reamer and Downing hope to better educate readers about the individual and societal impact of investing and ultimately level the playing field.投资——投入资源以获得回报——影响着个人、家庭、公司和国家，历史上一直如此。然而，直到16世纪，投资只是精英阶层的特权。投资民主化背后的故事与历史上一些最史诗般的事件息息相关。对于希望做出明智选择的专业投资者和普通投资者来说，这也是一个充满经验教训的故事。这段有趣的历史同时也是对现代投资者面临的机遇和挑战的复杂描述。它紧跟着有基金退休的兴起；投资工具和技术的演变；投资失误与监管改革；政府经济政策；投资理论的发展；以及新的投资结构的出现。Norton Reamer和Jesse Downing绘制了这些趋势图，并描述了低成本指数和交易所交易基金与高收费对冲基金和私人股本之间的竞争。通过帮助我们了解这段历史及其遗留的风险，雷默和唐宁希望能更好地教育读者有关个人和社会影响的投资，并最终公平的竞争环境。