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A superb long form read in the Atlantic on how DLJ's IPO in 1970 changed Wall Street from a series of relatively small, undercapitalized private partnerships, to a group of fast-growing publicly traded companies.
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The next day, a very nervous Lufkin distributed the IPO documents to the assembled governors. They asked the requisite questions about what could possibly have possessed Lufkin and his partners to make such a rash decision. He explained how DLJ needed a permanent source of capital to grow, to make acquisitions, to redeem the stock of partners looking to leave the business, and to be able to attract new partners. It all made sense, but it was absolute heresy.
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