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ETFs for the Long Run: What They Are, How They Work, and Simple Strategies for Successful Long-Term Investing Hardcover – September 9, 2008

ISBN-13: 978-0470138946 ISBN-10: 0470138947 Edition: 1st

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ETFs for the Long Run: What They Are, How They Work, and Simple Strategies for Successful Long-Term Investing + The ETF Book: All You Need to Know About Exchange-Traded Funds + Exchange-Traded Funds For Dummies
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Product Details

  • Hardcover: 306 pages
  • Publisher: Wiley; 1 edition (September 9, 2008)
  • Language: English
  • ISBN-10: 0470138947
  • ISBN-13: 978-0470138946
  • Product Dimensions: 9.1 x 6.3 x 1.2 inches
  • Shipping Weight: 1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon Best Sellers Rank: #307,854 in Books (See Top 100 in Books)

Editorial Reviews

Review

"This book should go a long way to helping not just investors but top-notch financial professionals…" (Research Magazine)

From the Inside Flap

Over 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.

Respected ETF expert and journalist Lawrence Carrel knows how effective this financial product can be, and now, with ETFs for the Long Run, 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.

The 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.

With 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.

Rounding 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.

The 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 ETFs for the Long Run will show you exactly how.


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Most Helpful Customer Reviews

22 of 25 people found the following review helpful By Samuel Chell HALL OF FAMETOP 500 REVIEWERVINE VOICE on February 21, 2009
Format: Hardcover Verified Purchase
It really annoys me when a popular columnist/"qualified" expert, at least until very recently (Jeremy Siegel, for instance), is still spouting in 2009 the same old bromides that have cost many people over 50% of their savings in the last 8 months. Buy and hold, diversify, use DRIP plans, avoid load funds, buy anything with a 5-star rating from Morningstar. And, above all else, keep buying stocks. If you put the money in treasuries or bonds or the money market, even in your senior years--or so goes the familiar tale--you'll soon lose out to inflation. Rethink that: the past 6-8 months have demonstrated that you're more likely to have your head handed back to you.

Look at the ten-year averages of some of the most aggressive ("especially" them) "growth" funds, even the highly-regarded ones, and don't be surprised to see that they've been trounced by bonds, the money market, CDs, even a plain old savings account. Or pay the minimum $2500 to get into some marquee stock-picker's mutual fund, and try to pretend after six months, when your investment is worth $600 while the fund is still sporting 5 stars, that it'll come back if you just hang on.

The upshot of all this? Be wary of mutual funds, passive investing, buy and hold strategies. This approach simply hasn't been working, and if Japan's "lost decade" (make that 2) is any model, we could be at a stalemate for many years to come. As a result, the name of the game has suddenly become nimbleness, small and strategic investing, resisting the urge to hit home runs. But you don't have to be an expert in futures and derivatives or become a "day trader" in order to employ such a strategy.
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3 of 3 people found the following review helpful By M. Dadlani on June 12, 2010
Format: Hardcover
Best ETF book ever. Anything you need to know about ETFs is in this book. Lawrence explains why they are better than mutual funds, shares the history of ETFs and explains all the tax ramifications of alternative ETFs. This book is definitely the authority on ETFs.
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2 of 2 people found the following review helpful By Lubom on August 13, 2011
Format: Hardcover Verified Purchase
I felt this book did a great job explaining the topic and giving a basic introduction into ETFs. After reading this yesterday I felt that the author could delve more into building a successful trading strategy. It's good to know the history and how ETFs came into existence but it's not very useful to me as an investor. The section on building portfolios was probably the most useful section of the book but I felt it could have been expanded.
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By Donald A. Schweppe on September 22, 2013
Format: Kindle Edition Verified Purchase
Excellent book. Thoroughly describes the history, pro's and con's of ETF's. Provides application strategies to consider and offers allocation suggestions. This book will give most investors all that is needed to decided whether to use ETF'S exclusively or mix them with standard mutual fund offerings.
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1 of 2 people found the following review helpful By T. Hutton on February 18, 2013
Format: Hardcover Verified Purchase
The issuance of ETFs, or to be more accurate, ETPs, has exploded over the last ten years. As with most new, successful financial inventions, there are good reasons to invest in them, but many of us do it without really understanding how they work. The common wisdom is that they are mutual funds that trade like stocks, which is true. But as with anything investors want to put their life savings into, they need to make an effort to know what exactly they are.

ETFs for the Long Run is a good start, but not a great one. You will read, many times, about how ETFs have a much lower management costs than mutual funds. How they are more transparent -- they release a list of their of their holdings essentially in real time instead of the six-month rear view mirror that mutual funds do. And how they are more tax-efficient – you won’t be taxed on profits they make that you don’t get as happens with mutual funds.

But this book will only give you a limited glimpse at how these securities work. For example, it’s only stated once, very briefly, that the Authorized Participants who deal in ETF units make money by arbitraging the value of the ETFs with those of their underlying investments. They do this very often. It’s why ETFs hew toward their NAVs. And why APs do it. It’s a money-making machine for them, and an essential part of how they work.

Worse, the author often touts ETPs that trade dangerously thinly. For example, he recommends BWV, an ETN based on selling covered calls. Today, that ETN traded only 114 shares. It rarely trades more than few thousand. It’s essentially illiquid, which is something retail investors should avoid. PBP, a similar ETN, trades over 100,000 shares consistently and would be more appropriate.
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