Passion for Reality

The first biography of a major early-twentieth-century business leader and the historical and ethical implications of his work.

Michael R. Yogg, Ph.D., CFA, is trained as both a historian and investor. He holds three degrees in history from Yale University and Harvard University, and worked for more than three decades in the investment industry, including nearly two decades at State Street Research & Management and fifteen years at Putnam Investments.

John C. Bogle is founder of the Vanguard Group, which is currently the world's largest mutual fund company. As a bestselling author of ten books, most recently The Clash of the Cultures: Investment vs. Speculation, and a financial innovator, he is recognized as the leading advocate for the interests of mutual fund shareholders in the United States.

Michael Yogg's book on Paul Cabot, one of the founders of State Street Corporation, is a welcome and valuable addition to the history of mutual funds.... Well written and broadly researched.

All advisors interested in the development of their craft will profit from – and richly enjoy – this lovely book.

As Michael R. Yogg makes clear in his readable, short biography, 'Passion for Reality,' Paul Cabot was a central figure in the remarkable 20th century democratization of capitalism

Recommended for those who like business biographies of successful men living in interesting time.

from the foreword by John C. Bogle, Founder and former CEO, the Vanguard Group:
This book is thoroughly researched, comprehensive, candid, elegantly written, and eminently readable. I applaud it as a vital link to returning the mutual fund industry to the high fiduciary standards that were once its hallmark.

Glyn A. Holton, author of Value at Risk: Theory and Practice:
Anyone who works in the mutual fund industry will want to read this compelling biography of Paul Cabot, a Boston Brahmin and cofounder of one of the first mutual funds. Read about early stock pickers at a time when markets were unregulated and sufficiently inefficient so that outperforming was as easy as visiting a few corporations and asking questions. Then there was the 1929 crash and Depression-era regulation. Cabot's life provides a front row seat. Highly recommended!

Bernard Bailyn, Pulitzer Prize-winning historian, Harvard University:
Passion for Reality is a special kind of social history, a piece of Harvard's history, and a compelling biographical study, but above all it is a history of major financial developments. And it is a very readable book.

Harry Markopolos, financial fraud investigator, author of No One Would Listen: A True Financial Thriller:
Paul Cabot created and led the first mutual fund. He didn't manage it; he led it—a crucial difference. It takes exceptional leaders to create sound new forms of investing that are profitable for investors and not merely for their creators. Reading this book had me asking, 'Who are the finance industry's next leaders, and where are they going to come from?'

Martin S. Fridson:
Passion for Reality is an intelligent and well-written account of the career of an important figure in the formation of the modern investment management business.Financial Analysts Journal