{"product_id":"etfs-for-the-long-run-isbn-9780470138946","title":"ETFs for the Long Run","description":"\u003cb\u003ePraise for \u003ci\u003eETFs For The Long Run\u003c\/i\u003e\u003c\/b\u003e  \u003cp\u003e\"As the title of the book suggests, ETFs are going to be an increasingly important reality for a broad class of investors in coming years. This book offers the reader real understanding of this growing force in our economic lives.\"\u003cbr\u003e —Robert J. Shiller, Arthur M. Okun Professor of Economics at Yale University, Co-founder and Chief Economist at MacroMarkets LLC\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eETFs for the Long Run\u003c\/i\u003e is a fascinating read. A seasoned financial industry journalist, Lawrence Carrel does an excellent job of highlighting exchange traded funds' meteoric rise in popularity over the last few years. A terrific book for anyone looking to grasp the ABCs of ETF investing.\"\u003cbr\u003e —Jerry Moskowitz, President, FTSE Americas Inc.\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eETFs for the Long Run\u003c\/i\u003e provides a unique combination of a detailed history of the development of ETFs, a clear explanation of the sophisticated mechanics of ETFs, an assessment of investors' choices amongst this dynamic product area, and unbiased recommendations for appropriate portfolio allocation to these efficient investment tools. Lawrence Carrel has done investors and the industry a great service in pulling these four elements together in a highly readable and often entertaining book.\u003cbr\u003e —Steven Schoenfeld, Chief Investment Officer, Global Quantitative Management, Northern Trust, and Editor, \u003ci\u003eActive Index Investing\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eDespite the incredible growth of exchange-traded funds (ETFs) and the fact they've been on the market for fifteen years, some investors are still either unaware of the effectiveness of ETFs or unsure of how to use them in their investment endeavors.\u003c\/p\u003e \u003cp\u003eThat's why respected ETF expert and journalist Lawrence Carrel has written \u003ci\u003eETFs for the Long Run\u003c\/i\u003e. Filled with in-depth insights and practical advice, this reliable resource puts ETFs in perspective and reveals how they can help you profit in both up and down markets.\u003c\/p\u003e \u003cp\u003ePage by page, Carrel takes you through the ins and outs of ETFs, including their history, the tax benefits and minimal charges associated with them, and the fundamental differences between ETFs and other types of investments. He also provides you with the resources and tools needed to trade ETFs and build your own ETF portfolio.\u003c\/p\u003e \u003cp\u003eYou may have heard about ETFs while researching other investments or speaking with an investment advisor. If you want to learn more about them, this book will provide you with a clear understanding of what ETFs are, how they work, and how they can be used to create a low-cost, liquid, and diversified portfolio.\u003c\/p\u003e \u003cp\u003ePreface ix\u003c\/p\u003e \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Etfs—The Newfangled Mutual Funds 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow ETFs Stack Up against Mutual Funds 2\u003c\/p\u003e \u003cp\u003eGreater Flexibility 3\u003c\/p\u003e \u003cp\u003eLower Fees 4\u003c\/p\u003e \u003cp\u003eMore Tax Efficient 5\u003c\/p\u003e \u003cp\u003eGreater Transparency 6\u003c\/p\u003e \u003cp\u003ePrecise Allocations 6\u003c\/p\u003e \u003cp\u003eInvestment in Alternative Asset Classes 7\u003c\/p\u003e \u003cp\u003eOne Caveat 7\u003c\/p\u003e \u003cp\u003eSummary 8\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Etf History Lesson: How A New Type of Fund Was Born 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Short History of the Amex 13\u003c\/p\u003e \u003cp\u003eThe Father of the ETF 17\u003c\/p\u003e \u003cp\u003ePhilly Strikes First 18\u003c\/p\u003e \u003cp\u003eBack to the Drawing Board 21\u003c\/p\u003e \u003cp\u003eAlong Came a Spider 26\u003c\/p\u003e \u003cp\u003eThe Birth of an Industry 27\u003c\/p\u003e \u003cp\u003eLet’s Do It Again 29\u003c\/p\u003e \u003cp\u003eWhat Tangled Webs We Weave 30\u003c\/p\u003e \u003cp\u003eBuilding a Business 33\u003c\/p\u003e \u003cp\u003eShine On, You Crazy DIAmonds 34\u003c\/p\u003e \u003cp\u003eArachnophobia? 35\u003c\/p\u003e \u003cp\u003eWedding Bells 35\u003c\/p\u003e \u003cp\u003eThe Biggest ETF Launch 37\u003c\/p\u003e \u003cp\u003eAll in the Family 41\u003c\/p\u003e \u003cp\u003eThe First Assault 45\u003c\/p\u003e \u003cp\u003eIf You Can’t Beat ’Em, Join ’Em 46\u003c\/p\u003e \u003cp\u003eBuilders and Bonds 47\u003c\/p\u003e \u003cp\u003eFree Again 49\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 The Evolution Of The Etf 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of a Broadly Diversified Portfolio 53\u003c\/p\u003e \u003cp\u003eThe Appeal of Investment Companies 55\u003c\/p\u003e \u003cp\u003eTypes of Investment Companies 56\u003c\/p\u003e \u003cp\u003eTypes of Mutual Funds 58\u003c\/p\u003e \u003cp\u003eRunning a Mutual Fund 60\u003c\/p\u003e \u003cp\u003eThe Creation of an ETF 63\u003c\/p\u003e \u003cp\u003eSummary 67\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Index Fund-Amentals 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy an Index? 70\u003c\/p\u003e \u003cp\u003eFund Management Options 72\u003c\/p\u003e \u003cp\u003eThe Rise of the Index Funds 76\u003c\/p\u003e \u003cp\u003eThe Big Index Companies 79\u003c\/p\u003e \u003cp\u003eIndexes from the Stock Exchanges 82\u003c\/p\u003e \u003cp\u003eActively Managed ETFs 84\u003c\/p\u003e \u003cp\u003eSummary 84\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Fee Bitten 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWall Street Produces Vintages 87\u003c\/p\u003e \u003cp\u003eLooking for Low Management Fees 89\u003c\/p\u003e \u003cp\u003eSummary 92\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 the better mousetrap: how can etfs charge so little? 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTransparent Costs of Mutual Funds 96\u003c\/p\u003e \u003cp\u003eHidden Costs of Mutual Funds 105\u003c\/p\u003e \u003cp\u003eThe Creation Unit: How They Make ETFs So Cheap 110\u003c\/p\u003e \u003cp\u003eSo Long, Transaction Costs 114\u003c\/p\u003e \u003cp\u003eSo What Costs Do ETFs Have? 119\u003c\/p\u003e \u003cp\u003eWhy Would I Ever Buy a Mutual Fund? 123\u003c\/p\u003e \u003cp\u003eSummary 127\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 The New Indexers 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMissed Opportunity 132\u003c\/p\u003e \u003cp\u003eUnfair Fight 136\u003c\/p\u003e \u003cp\u003eBONY Builds a BLDR 137\u003c\/p\u003e \u003cp\u003eThe Name Is Bond 138\u003c\/p\u003e \u003cp\u003eRydex Rides In 140\u003c\/p\u003e \u003cp\u003eVanguard Makes a Splash 142\u003c\/p\u003e \u003cp\u003eThere’s Power in Them There Shares 144\u003c\/p\u003e \u003cp\u003eMutual Fund Scandal Helps ETFs 145\u003c\/p\u003e \u003cp\u003ePowerShares Becomes a Powerhouse . . . and Other Important Developments of 2005 147\u003c\/p\u003e \u003cp\u003eThe Buy-Out 148\u003c\/p\u003e \u003cp\u003eOpening the Floodgates 149\u003c\/p\u003e \u003cp\u003eThe Fundamentalists 155\u003c\/p\u003e \u003cp\u003eGrow, Baby, Grow 163\u003c\/p\u003e \u003cp\u003eSummary 168\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 The Etfs That Aren’t Etfs: Etps, Etvs, And Etns 171\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eYou’ve Got a HOLDR to Cry On 174\u003c\/p\u003e \u003cp\u003eExchange-Traded Notes 176\u003c\/p\u003e \u003cp\u003eCommodity-Based ETVs 180\u003c\/p\u003e \u003cp\u003eMoney Makes the World Go ’Round 199\u003c\/p\u003e \u003cp\u003eSummary 204\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Putting The “Trade” In Exchange-Traded Funds 217\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDiscount Brokers 219\u003c\/p\u003e \u003cp\u003eThe Actual Trade 220\u003c\/p\u003e \u003cp\u003eGoing Long to Go Short 226\u003c\/p\u003e \u003cp\u003eOptions on ETFs 229\u003c\/p\u003e \u003cp\u003eSummary 232\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Building Your Own Etf Portfolio 235\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Simplest Portfolio 237\u003c\/p\u003e \u003cp\u003eAssessing Your Risk 237\u003c\/p\u003e \u003cp\u003eStrategic and Tactical Asset Allocation 241\u003c\/p\u003e \u003cp\u003eFoundation Portfolios 248\u003c\/p\u003e \u003cp\u003eNot Following the Herd 258\u003c\/p\u003e \u003cp\u003eTax-Loss Harvesting 265\u003c\/p\u003e \u003cp\u003eHiring an Investment Adviser 267\u003c\/p\u003e \u003cp\u003eSummary 269\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 The Future Of Etfs 273\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe NYSE-Amex Merger 274\u003c\/p\u003e \u003cp\u003eSpecialists and Seed Capital 275\u003c\/p\u003e \u003cp\u003eActively Managed ETFs 279\u003c\/p\u003e \u003cp\u003eEntering the 401(k) Market 281\u003c\/p\u003e \u003cp\u003eIn Conclusion 283\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix : How To Decide Which Etfs Are Best For You 285\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNotes 289\u003c\/p\u003e \u003cp\u003eAbout the Author 300\u003c\/p\u003e \u003cp\u003eIndex 301\u003c\/p\u003e \"This book should go a long way to helping not just investors but top-notch financial professionals…\" (\u003ci\u003eResearch Magazine\u003c\/i\u003e)  \u003cp\u003e\u003cb\u003eLAWRENCE CARREL\u003c\/b\u003e, as a senior writer, took over the weekly ETF and mutual fund columns at TheStreet.com in 2007. Prior to that, he created SmartMoney.com's \"ETF Focus\" column, a weekly look at the ETF industry from the individual investor's point of view. Before joining \u003ci\u003eSmartMoney\u003c\/i\u003e in 1999, Carrel was a founding member of the Wall Street Journal Online, where he covered the stock market, edited breaking news, and was one of the writers of the \"Cyber Investing\" column. Carrel holds a bachelor's degree in applied economics and management and communications from Cornell University.   \u003c\/p\u003e\u003cp\u003eOver the past few years, exchange-traded funds (ETFs) have gained wider recognition among retail investors and become a staple in the portfolios of many individuals. In addition to its flexibility and transparency, the ETF's ability to track asset classes besides stocks and bonds—such as commodities and currencies—has allowed investors to own a liquid, diversified portfolio for a minimal investment. \u003c\/p\u003e\u003cp\u003eRespected ETF expert and journalist Lawrence Carrel knows how effective this financial product can be, and now, with \u003ci\u003eETFs for the Long Run\u003c\/i\u003e, he'll show what they are and how they work—as well as outline simple strategies you can use to incorporate them into your investment endeavors. \u003c\/p\u003e\u003cp\u003eThe journey begins with a brief history of ETFs, who the industry leaders are, and how they got there. After this introduction, you'll become familiar with the fundamental differences between ETFs and other types of investments, such as mutual funds. You'll also discover the advantages that an ETF's indexing structure has over an actively managed product. \u003c\/p\u003e\u003cp\u003eWith this information in hand, you'll be prepared to delve into the nuts and bolts of the ETF and see why it's one of the most efficient ways to gain exposure to today's market. Page by page, Carrel skillfully examines the unparalleled benefits associated with ETFs, explores new exchange-traded vehicles (ETVs)—which are very similar to ETFs—and addresses innovations within this area that have created more diverse opportunities for today's individual investor. Along the way, Carrel also reminds us that while a fund's returns can't be known ahead of time, its costs can—so focusing on cutting those costs can save you thousands of dollars down the road. \u003c\/p\u003e\u003cp\u003eRounding out this detailed discussion of ETFs are two chapters dedicated to building your own ETF portfolio, touching on everything from the mechanics of trading to designing asset allocation strategies. Here, Carrel calls upon a select group of financial professionals to help you understand a wide variety of portfolio construction possibilities and implement the ones that best suit your investment style. \u003c\/p\u003e\u003cp\u003eThe basic challenge that every investor faces is creating a broadly diversified portfolio for the least amount of money. ETFs can help you achieve this goal, and \u003ci\u003eETFs for the Long Run\u003c\/i\u003e will show you exactly how.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eETFs FOR THE LONG RUN\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eOver the past few years, exchange-traded funds (ETFs) have gained wider recognition among retail investors and become a staple in the portfolios of many individuals. In addition to its flexibility and transparency, the ETF's ability to track asset classes besides stocks and bonds—such as commodities and currencies—has allowed investors to own a liquid, diversified portfolio for a minimal investment. \u003c\/p\u003e\u003cp\u003eRespected ETF expert and journalist Lawrence Carrel knows how effective this financial product can be, and now, with \u003ci\u003eETFs for the Long Run\u003c\/i\u003e, he'll show what they are and how they work—as well as outline simple strategies you can use to incorporate them into your investment endeavors. \u003c\/p\u003e\u003cp\u003eThe journey begins with a brief history of ETFs, who the industry leaders are, and how they got there. After this introduction, you'll become familiar with the fundamental differences between ETFs and other types of investments, such as mutual funds. You'll also discover the advantages that an ETF's indexing structure has over an actively managed product. \u003c\/p\u003e\u003cp\u003eWith this information in hand, you'll be prepared to delve into the nuts and bolts of the ETF and see why it's one of the most efficient ways to gain exposure to today's market. Page by page, Carrel skillfully examines the unparalleled benefits associated with ETFs, explores new exchange-traded vehicles (ETVs)—which are very similar to ETFs—and addresses innovations within this area that have created more diverse opportunities for today's individual investor. Along the way, Carrel also reminds us that while a fund's returns can't be known ahead of time, its costs can—so focusing on cutting those costs can save you thousands of dollars down the road. \u003c\/p\u003e\u003cp\u003eRounding out this detailed discussion of ETFs are two chapters dedicated to building your own ETF portfolio, touching on everything from the mechanics of trading to designing asset allocation strategies. Here, Carrel calls upon a select group of financial professionals to help you understand a wide variety of portfolio construction possibilities and implement the ones that best suit your investment style. \u003c\/p\u003e\u003cp\u003eThe basic challenge that every investor faces is creating a broadly diversified portfolio for the least amount of money. ETFs can help you achieve this goal, and \u003ci\u003eETFs for the Long Run\u003c\/i\u003e will show you exactly how.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989165555941,"sku":"NP9780470138946","price":29.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470138946.jpg?v=1761783058","url":"https:\/\/k12savings.com\/es\/products\/etfs-for-the-long-run-isbn-9780470138946","provider":"K12savings","version":"1.0","type":"link"}