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Title : The Elusive Trade: How Exchange-traded Funds Conquered Wall Street

Author : Ralph H. Lehman

category : Books,Business & Money,Investing

Publisher : Ralph H. Lehman

ISBN-10 : 1612543073

ISBN-13 :

Size : 1453 KB

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The Elusive Trade: How Exchange-traded Funds Conquered Wall Street by Ralph H. Lehman

Read Online and Download The Elusive Trade: How Exchange-traded Funds Conquered Wall Street by Ralph H. Lehman. On January 22, 1993, the first exchange-traded fund was launched in the United States. It was called the SPDR fund—also known as the “Spider”—and it offered convenient and affordable exposure to a range of markets in a new way, different from traditional mutual funds. Shortly after this introduction, ETFs became an incredibly popular option for both individuals and for institutional investors, and they began to grow in numbers. In The Elusive Trade: How Exchange-Traded Funds Conquered Wall Street, Ralph H. Lehman leverages his twenty-year financial background and investment expertise to dive deep into the history of ETFs in this country, explore their development, and highlight the people who paved the way for the Spider’s success, leading to the market we know now.

The Elusive Trade: How Exchange-traded Funds Conquered Wall Street by Ralph H. Lehman Review

First-time author Ralph H. Lehman chronicles the evolution of Exchange-Traded Funds (ETFs). Until reading “The Elusive Trade,” I’d never given much thought about the origins of the ETF market. Nor did I realize the evolution of ETFs basically began in the 1960’s, the decade of my birth. Most readers are likely to agree the book is aptly titled given the numerous challenges financial engineers encountered over the course of nearly 30 years.The proliferation of Exchange-Traded Funds (ETFs) over the past two decades has radically changed the financial markets. There is little doubt the introduction and acceptance of ETFs has provided investors with an economically way to gain access to various investment markets as well as vastly improving liquidity. In ways, it’s unfortunate that many investors take ETFs for granted with little concern about why this type of security was originally conceived and ultimately structured as it is today. To my knowledge, the author is the first to connect the integral pieces together in an abbreviated and approachable manner.The book’s chronology specific to the ETFs begins in the 1950s, although there are a few references dating back to the mid-1800s. Lehman’s decision to include a glimpse of the past is important for understanding why it took so long for an ETF to successful launch. The 150-page or so book presents the necessary information while providing interesting tidbits to maintain readers’ attention. Those that have studied investment history are likely to recognize the names of academics, asset management firms and professional investors. Lehman’s writing style focuses on the advancement of the ETF structure and he does his best to avoid criticism of individuals or firms. Instead, he chose to summarize the likely past actualities as follows, “Those who labored in obscurity and were not recognized until much later were visionaries who, in some cases, took on enormous risks in the face of technological limitations, professional derision, fierce competition, and inept regulation.”I applaud Lehman’s efforts in composing an informative book which serves to connect the fairly unfamiliar past with the present day ETF market. Some readers may find a few passages to flow awkwardly, perhaps an unintended result of the author’s attempt to provide a bit too much background. This is the sole reason for 4 rather than 5 stars. Nonetheless, I highly recommend both passionate and novice investors read this book to learn more about how “ETF architects tirelessly persevered for nearly 30 years as they pursued, designed, developed, and executed the elusive trade – financial markets have never been the same.”

I knew parts of the history of ETFs, but The Elusive Trade filled in a lot of gaps in my knowledge. There is far more to the ETF genesis story than I realized. Very readable and I enjoyed his writing style.

A concise history of the merger of creativity and technology that enabled the modern day basket security investment.

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The Elusive Trade: How Exchange-traded Funds Conquered Wall Street by Ralph H. Lehman

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