Victoria Ivashina is the Lovett-Learned Professor of Finance at Harvard Business School. Josh Lerner is the Jacob H. Schiff Professor of Investment Banking at Harvard Business School and the author of, among other books, Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed-and What to Do about It (Princeton).
The antidote for short-term horizons in public markets is long-term investment in private markets. In Patient Capital, Ivashina and Lerner survey the private equity world, employing an engaging combination of captivating anecdotes and solid academic research. A must-read for all who care about the future of capitalism. --David F. Swensen, Chief Investment Officer, Yale University Patient Capital is a compelling and thought-provoking book about an important but poorly understood aspect of finance--the role of long-term investors in our capital markets. It will appeal to finance scholars; those who work for pension funds, endowments, insurance companies, sovereign wealth funds, and the venture capital and private equity industries; and entrepreneurs who rely on them for financing. --Jeffrey R. Brown, dean of the University of Illinois's Gies College of Business and investment committee chair for TIAA This book provides a thorough and thoughtful analysis of the role that patient, long-term capital plays in the economy. Ivashina and Lerner do a wonderful job of combining clear and intuitive explanations with entertaining anecdotes that keep the reader's attention and make it easier to understand the underlying ideas. At every point their in-depth knowledge shines through and makes for a very enjoyable read. --Antoinette Schoar, MIT Sloan School of Management