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Visions of the Future: The Distant Past, Yesterday, Today, and Tomorrow
The title of this article is inspired by a recent book by the well-known liberal economist Robert Heilbroner (1995). In this book, Heilbroner takes on the humble task of summarizing 150,000 years of history, plus some vision of tomorrow, in only 133 pages. The much more modest objective of this article is to survey 30 years of investment management history and provide some vision of the future in a mere four pages.
The distant past refers to the 1960s up to the mid-1970s, yesterday refers to the mid-1970s through the 1980s,* today *is the 1990s, and *tomorrow * is a vision for 2000 and beyond.