Investing as Owners Rather Than as Traders: How Pension Funds Can Transform Capitalism

LETTER readers know I have been working on this 'Pension Funds Can Transform Capitalism' topic for the last few years. So Journal of Portfolio Management Editor Frank Fabozzi’s invitation to contribute an article to a special JPM edition titled “The Future of Asset Management” came at the right moment. The time had come to convert my writings on the “Transform Capitalism” topic into a coherent, compelling story. My JPM article is the result, and we are pleased to share it with you as the September 2025 AMBACHTSHEER LETTER.

We are also pleased to provide you with a link to Bart Madden’s companion JPM article titled “Institutional Investors as Architects of Change: Toward a New Theory of Firm Value Creation”. Bart’s article provides the theoretical underpinnings for mine. Both articles are made available to LETTER readers through a special agreement with the JPM publisher.

Keith Ambachtsheer

Click HERE to download the PDF of the Keith's JPM article

Click HERE to download the PDF of Bart's JPM article 

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The information herein has been obtained from sources which we believe to be reliable, but do not guarantee its accuracy or completeness.