Risk Capital

Government action

NLRB pensions

1948 - 1949

SBIC

1958 - 1959

ERISA

1974 - 1975

S&Ls allowed to invest in RE

1978 - 1979

Prudent Man rule changed

1979 - 1980

S&Ls can diversify

1982 - 1983

S&L bailout

1989 - 1990

Technology

VisiCalc spreadsheet

1980 - 1984

IMB PC

1981 - 1985

Apple IIe

1983 - 1985

dot-com bust

2000 - 2001

Investors

wealthy families

1940 - 1946

first VC firms

1946 - 1957

SBICs dominate

1958 - 1970

pensions enter LBOs, RE

1982 - 1987

VC cash inflow peaks

1982 - 1984

emergence of modern hedge fund

1989 - 1992

pensions move into hedge funds

2002 - 2007

Lehman, Bear Stearns collapse

2008 - 2009

Tax policy

cap gain cut to 28%

1978 - 07/01/1981

RE inventives

1981 - 1983

cap gain cut to 20%

1981 - 2001

cap gain cut to 15%

2001 - 2012