The Problem of Twelve: When a Few Financial Institutions Control Everything

The book reveals the 'problem of twelve,' where roughly a dozen key figures in major index funds (Vanguard, State Street, Fidelity, BlackRock) and private equity funds control significant voting power in S&P 500 companies and a growing share of the economy.

Coates explains the rise of these funds due to economies of scale and their unprecedented influence, which poses political risks despite benefits like efficiency.

He offers guidance on managing this power while preserving the advantages these institutions provide to investors and the economy.