This book investigates the systemic failure of institutional shareholders to exercise meaningful oversight over American corporations, leading to a culture of short-termism. Louis Lowenstein, a professor of finance and law, utilizes his expertise in corporate regulation to argue that the rise of pension funds and mutual funds has created a class of absentee owners. He posits that these entities prioritize immediate stock price fluctuations over the long-term health and growth of the underlying businesses, ultimately undermining the stability of the American economy.

Experts frequently cite this work as a foundational critique of the agency problems inherent in modern institutional investing. Readers often note the clarity of the author's legal and financial arguments regarding the misalignment of incentives between fund managers and the businesses they own.