In Trillions, Financial Times journalist Robin Wigglesworth unveils the little-known story behind index funds; from their origins on Wall Street to how they became one of the most important financial tools of our time.
This tells the story of how a group of renegade financiers on Wall Street invented the index fund and forever changed the way finance works.
The index fund allows everyday investors to invest in a basket that simply represents the overall market, regardless of what stocks are in that basket.
This innovation changed finance because it made it possible for average investors to invest in the stock market without needing an expensive financial advisor or extensive resources.
The story is told through profiles of several people who helped to create index funds, which became an important part of the financial landscape.
Trillions is worth picking up if you like a good read about financial matters – whether a novice (which I am) or an expert.
Best book in the finance category I’ve read this year