For generations, the conventional wisdom went something like this: serious money lives in New York. The serious decisions about who gets capital, who gets to list on an exchange, who gets to participate in the grand machinery of American finance—all of it emanated from a few square miles of lower Manhattan, governed by institutions so entrenched they seemed geological. Wall-Street wasn’t just an address. It was a statement about where power lived and who held it. That era is ending. And the remarkable thing isn’t simply that it’s ending — it’s why it’s ending, and what that tells us about...