Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
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- Author：Robin Wigglesworth
- ISBN：0241987970
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Summary
EXPERT AUTHOR: Robin Wigglesworth is the Financial Times' New York-based markets editor。 He is in charge of the FT's coverage of financial markets and asset management across the Americas。
Reviews
Austin Caswell
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DNF
Scott Muc
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I picked up this book because I really enjoyed the interview with the author on the Rational Reminder podcast。The book was interesting in describing character portraits of the innovators in the finance space; but the people were rather uninteresting， but what they created were （to me）。 This made me wishing the book described the innovations in a bit more detail。 The chapter on the SPDR was the most enjoyable for me because it was one of the few chapters that offered enough details to help me und I picked up this book because I really enjoyed the interview with the author on the Rational Reminder podcast。The book was interesting in describing character portraits of the innovators in the finance space; but the people were rather uninteresting， but what they created were （to me）。 This made me wishing the book described the innovations in a bit more detail。 The chapter on the SPDR was the most enjoyable for me because it was one of the few chapters that offered enough details to help me understand how an ETF is actually implemented。I found a lot of analogs to the computer industry in this book。 Investing （like computing） was only accessible to select powerful few。 The innovations over time have made it available to all， and now we're asking the questions about the repercussions。 3 ETF providers dominate the market， similar to how 3 cloud providers dominate compute。 I also appreciated that these innovations came from the perspective that so much of the financial industry， in their perspective， provided very little value。 I got the sense that the rise of index investing is like implementing a form of investment humility。The chapters on the end were also light on substance in talking about thematic ETFs and their issues and the fact that a handful of corporations hold the collectively the majority of invested equity。 Something that really takes away from the book is the authors seemingly random use of big words that don't add or clarify the statement。 I find the author much more engaging in the interview I listened to and would recommend most people listen to that interview instead。 Granted， listening to that podcast alrighty primed some familiarity with the topics in the book。I feel more comfortable with my current investment position after reading this book （primarily in VWCE）。 Anything that's not a total market index suffers from differing opinions of categorization （e。g。: some categorize South Korea as a developing nation and some as a developed nation）。The most most entertaining fact of the book for me was the Inspire religious themed ETFs like BIBL and BLES that aim to be Biblically responsible。 With the wide adoption and availability of ETFs， I can imagine ETF choices becoming a fashion statement the reflect ones identity :-） （there are Whiskey themed ETFs and other niche preference selection bias products out there）。 。。。more
Joel Hoeffler
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Great book， pretty eye opening how much invention has actually occurred in investing。 Quite the page turner。
Rémi
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Even tough I find the topic fascinating， I gave up about halfway and couldn't finish。 The writing style doesn't work for me。 There is just too much filler mini-bios full of inconsequential details about random people's childhood， that constantly interrupt the flow of the narration every time someone new needs to be introduced。 In addition to being relatively uninteresting， those bios， as well as the way the book is structured， make the timeline very confusing and hard to follow， because the book Even tough I find the topic fascinating， I gave up about halfway and couldn't finish。 The writing style doesn't work for me。 There is just too much filler mini-bios full of inconsequential details about random people's childhood， that constantly interrupt the flow of the narration every time someone new needs to be introduced。 In addition to being relatively uninteresting， those bios， as well as the way the book is structured， make the timeline very confusing and hard to follow， because the book keeps jumping around between people， places and time periods。 。。。more
Mucius Scaevola
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This is a decent book on the history of financial thought in the 20th c。 The book is focused， in particular， on the intellectual foundation and the financial innovations that enabled the passive investing revolution。 Passive investing is buying funds （such as SPY） that track an index or the broader market; this is opposed to active investing， where an investment manager will select individual securities and charge a fee for his services。 It is my opinion that， on the whole， passive investing is This is a decent book on the history of financial thought in the 20th c。 The book is focused， in particular， on the intellectual foundation and the financial innovations that enabled the passive investing revolution。 Passive investing is buying funds （such as SPY） that track an index or the broader market; this is opposed to active investing， where an investment manager will select individual securities and charge a fee for his services。 It is my opinion that， on the whole， passive investing is advisable for most people—most investment managers won't outperform the market net of taxes and fees。 That said， the fundamental premise that passive investing presupposes—that markets are efficient—is manifestly absurd。 To say that markets are efficient is to say that all value-relevant information is fully reflected in a security's price。 To illustrate what it means for a security to be "efficiently priced，" consider Meta （formerly Facebook）。 Its revenues and margins are declining。 It's losing market share to TikTok， and it's having difficulty matching ads to users because of Apple's OS update。 There is decreasing ad spending because of macro factors。 It's having difficulty monetizing reels， and user growth is declining， especially with younger users。 Zuck is making huge R&D investments in the metaverse， which is highly uncertain as a future revenue stream。 Etc。， Etc。 When we say that Meta's stock is efficiently priced， we are saying that the significance of these facts （and innumerable others） has been appropriately considered by （aggregate） investors and "priced in"。 That is， the market didn't overreact or underreact but perfectly incorporated these data into the price， such that future price movements are random （i。e。， cannot be predicted by an analyst）。 In fact， the claim is even stronger than that: the claim is that this process happens instantaneously—as soon as news is released， it is instantly dispersed to market participants and priced in。 If all that sounds implausible because of the market's propensity to overreact， that's because it is。 If it seems incongruent with the hopes-and-fears behavior of market participants， that's because it is。 If it seems impossible because it doesn't leave any incentive for price discovery， you guessed it。 But at least now you know what suave pundits or bookish academics mean when they say that markets are efficient。 And you also know that this is the intellectual groundwork for passive investing。 （There are other faulty assumptions， too， like Gaussian distributions。）Good critics of market efficiency: Taleb's Black Swan， Shiller's Irrational Exuberance， Cassidy's Dot-Con， Fox's The Myth of the Rational Market。 。。。more
Ugh
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The history of the creation of index funds is not a particularly exciting one。 It's one that revolves around a bunch of people who were born in rural Iowa or similar and then did or didn't do well in school before joining the Navy etc and then moving to Wall Street to play with computers。 But the enormous growth and benefits of passive investing and the more recent concerns which that growth has raised are interesting and important。The book is about 60 per cent Iowans-done-good， 10 per cent a re The history of the creation of index funds is not a particularly exciting one。 It's one that revolves around a bunch of people who were born in rural Iowa or similar and then did or didn't do well in school before joining the Navy etc and then moving to Wall Street to play with computers。 But the enormous growth and benefits of passive investing and the more recent concerns which that growth has raised are interesting and important。The book is about 60 per cent Iowans-done-good， 10 per cent a recap of the efficient markets hypothesis and 30 per cent interesting recent concerns。 So， three out of five。 。。。more
Thomas Popplewell
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My book club read this book。 I really enjoyed it， but many did not。 Some complained about the writing style， which is a journalistic writing style and they wanted more of a novel style。 I enjoyed reading about the various characters and the history of how index funds and ETFs were formed。
Zac Curtis
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Great history of index funds and mini-biographies of the industry professionals that created them。 Bogle is clearly the GOAT of index funds and it was shocking to read the impact that these passive funds have had on financial investing。 I have an account at Vanguard and am invested in one of their funds （unfortunately down a significant sum） and this book gave me a new appreciation for it。 Another small story I loved was how DFA converted a Brooklyn apartment to its HQ and people passing heard t Great history of index funds and mini-biographies of the industry professionals that created them。 Bogle is clearly the GOAT of index funds and it was shocking to read the impact that these passive funds have had on financial investing。 I have an account at Vanguard and am invested in one of their funds （unfortunately down a significant sum） and this book gave me a new appreciation for it。 Another small story I loved was how DFA converted a Brooklyn apartment to its HQ and people passing heard the buzzing of the computers upstairs。 I recommend the book to anyone interested in financial history or curious about why they invest in a 401k！ 。。。more
Abdulrazzaq Razooqi
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Very insightful book on how a new investment product catered to the masses revolutionized the business models of many money managers。
Christy
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This review has been hidden because it contains spoilers。 To view it， click here。 Wigglesworth details the story of how index funds came to be， after decades of investors relying on active fund managers to pick where they would put their money。 The indexing revolution became possible once advanced computing allowed academics to review the performance of active managers vs。 the broader market baskets， such as the S&P 500。 Over the 1970s and 1980s， believers in low-cost indexing solutions faced an uphill battle for acceptance and investors。 Now， in 2022， ETFs and index funds en Wigglesworth details the story of how index funds came to be， after decades of investors relying on active fund managers to pick where they would put their money。 The indexing revolution became possible once advanced computing allowed academics to review the performance of active managers vs。 the broader market baskets， such as the S&P 500。 Over the 1970s and 1980s， believers in low-cost indexing solutions faced an uphill battle for acceptance and investors。 Now， in 2022， ETFs and index funds encompass trillions of dollars of people's retirements， college funds， and brokerage accounts。 Upcoming questions revolve around how this truly revolutionary financial product will navigate the financial and political markets given its enormous weight。 。。。more
Ryan Jankowski
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Spectacular historical survey of index funds and passive investing。
catinca。ciornei
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Great storytelling about how index funds were created; index funds being investment vehicles （you can buy shares of them on the market） which copy the market's general structure。 It's the reverse of the know-it-all maverick independent investor aiming to time the market。 It's somewhat like smoking - there is scientific consensus for decades that cigarettes kill， but the message is not even now plain for the public。 The same with the stock market - it's been proven by research that "markets are c Great storytelling about how index funds were created; index funds being investment vehicles （you can buy shares of them on the market） which copy the market's general structure。 It's the reverse of the know-it-all maverick independent investor aiming to time the market。 It's somewhat like smoking - there is scientific consensus for decades that cigarettes kill， but the message is not even now plain for the public。 The same with the stock market - it's been proven by research that "markets are close to random， therefore impossible to predict"， for decades， but the average Joe investing his money doesn't know and couldn't act on it; until index funds， that is。 A great read for anyone interested in the stock market， doing financial business in America， and how to lift a bit the hood on investing。 。。。more
Nikhil Verma
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The theme of book leaves little room for being creative。 Engaging it is but only for those who are interested in subject and does not does much to create interest in someone who just starts reading it and then keeps him hooked despite the subject not being one of his "interested in" area。This is definitely the book one needs to read if they need to know A-Z of Index funds and why they have grown so massively over past 2 decades in terms of wealth being managed via them and their exponential grow The theme of book leaves little room for being creative。 Engaging it is but only for those who are interested in subject and does not does much to create interest in someone who just starts reading it and then keeps him hooked despite the subject not being one of his "interested in" area。This is definitely the book one needs to read if they need to know A-Z of Index funds and why they have grown so massively over past 2 decades in terms of wealth being managed via them and their exponential growth。 The book not only stresses why Index funds made sense time and again and through various data and most importantly through average returns， but also makes one walk through complete history of how it came to bring， how it was resisted， hurdles it faced and then massive explosion in adaptation。One can look through contribution by all finance greats such Bogle， Buffet， Blackrock， Wells Fargo etc when it comes to pushing Index funds understand among masses 。。。more
MARC DES ROSIERS
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Excellent account of the origins and evolution of the indexing revolution， from its academic beginnings with the work of Markowitz， Fama and Sharpe to its implementation by pioneers such as Jack Bogle and Larry Fink。 An engaging and lively book， with portraits of all the main players， and the corporate manoeuvres that led to the juggernauts that dominates index investing。
Ian Fraser
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Part investment history， part paean to the godfathers of index tracking， Robin Wigglesworth's Trillions is a fascinating account of a little-known investment revolution which is saving ordinary investors a fortune in active-management fees - though it is not without its risks， since so-called passive or index tracking funds are undiscriminating and therefore potentially reward incompetent， useless or corrupt managements。 The book should be read not just by millionaires， billionaires and trillion Part investment history， part paean to the godfathers of index tracking， Robin Wigglesworth's Trillions is a fascinating account of a little-known investment revolution which is saving ordinary investors a fortune in active-management fees - though it is not without its risks， since so-called passive or index tracking funds are undiscriminating and therefore potentially reward incompetent， useless or corrupt managements。 The book should be read not just by millionaires， billionaires and trillionaires， but by anyone with a pension plan， ISA or money invested， directly or indirectly， in the stock market。 。。。more
Katryna
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This was a really hard book to read。 As you can see it took me a few months to finish。 Parts of the book are kind of boring if you are not an ETF evangelist。 I read it mostly for work。 The parts I found interesting were the stories about Jack Bogle and Larry Fink。 I didn’t know much about their rise to prominence and so that was an interesting take。 I also like that now I really understand ETFs which will help me at work。 Also found the last few chapters on whether this efficient way of investin This was a really hard book to read。 As you can see it took me a few months to finish。 Parts of the book are kind of boring if you are not an ETF evangelist。 I read it mostly for work。 The parts I found interesting were the stories about Jack Bogle and Larry Fink。 I didn’t know much about their rise to prominence and so that was an interesting take。 I also like that now I really understand ETFs which will help me at work。 Also found the last few chapters on whether this efficient way of investing is going to ultimately be inefficient due to saturation。 Would only read this if you are starting a new role and need the lay of the land or you’re peer pressured to do so。 。。。more
Rohit Pandharkar
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Secret of index investing is one of the most "easy to read but hard to implement" secrets of life。 This book has and will change the course of investment decisions for anyone。 Secret of index investing is one of the most "easy to read but hard to implement" secrets of life。 This book has and will change the course of investment decisions for anyone。 。。。more
Oscar Dent
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A fantastically well written and researched story of one of the most important financial inventions in history。I loved how it doesn't merely sing the praises of passive investing; but also discusses the issues with passive investing （distorting allocation of capital， amalgamation of power by passive investing firm， etc）。 A fantastically well written and researched story of one of the most important financial inventions in history。I loved how it doesn't merely sing the praises of passive investing; but also discusses the issues with passive investing （distorting allocation of capital， amalgamation of power by passive investing firm， etc）。 。。。more
Kalle Wescott
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I read /Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever/， by Robin Wigglesworth:https://www。wsj。com/articles/trillion。。。Fun story that starts with the Buffett/Protege 10-year Long Bet and then recounts the history of events leading to the index fund。 I read /Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever/， by Robin Wigglesworth:https://www。wsj。com/articles/trillion。。。Fun story that starts with the Buffett/Protege 10-year Long Bet and then recounts the history of events leading to the index fund。 。。。more
Peter Tillman
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This is Yet Another book that really only had the content of a good magazine article， say in FORBES， and the content is: you're better off putting your investment $$$ in one or more index funds， as opposed to the ones who charge you a stout fee to hire hot-shot stock-pickers。 You're familiar with the statistical concept of Regression to the Mean， right？ https://en。wikipedia。org/wiki/Regress。。。 Which means the hot hand runs out， be it at the blackjack table， the roulette wheel， or at the stock ma This is Yet Another book that really only had the content of a good magazine article， say in FORBES， and the content is: you're better off putting your investment $$$ in one or more index funds， as opposed to the ones who charge you a stout fee to hire hot-shot stock-pickers。 You're familiar with the statistical concept of Regression to the Mean， right？ https://en。wikipedia。org/wiki/Regress。。。 Which means the hot hand runs out， be it at the blackjack table， the roulette wheel， or at the stock market。 Even Warren Buffett （with some regret） has come to believe， which is good， since his hand ran， if not cold， but lukewarm at the end。I must have seen a good review of the book， but really， now you know the essence of it。 Ah， it was at the WSJ: https://www。wsj。com/articles/trillion。。。 （Paywalled。 As always， I'm happy to email a copy to non-subscribers） But really， you can trust me！ The book itself: 2。5 stars， courtesy round-up。 He does write well。There are various flavors of index funds around， so you may （or may not） want to mix-and-match。 I haven't seen any studies showing a better way to do this， than pick a reputable low-cost one & let her rip。 Go for it！ 。。。more
Ahmed
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I would only recommend this book to those already interested in finance。 Though it is written and told as a story， much of what is discussed requires the reader to already understand many concepts in modern finance。 Being a finance enthusiast myself， I enjoyed the way the story was told。 However， there was little new information。
Rohan
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Written in the character-driven narrative style popularized by Michael Lewis that is all too common in financial non-fiction these days。 It works to make the book digestible but eventually starts to grate when he tries to shoehorn a grand hero's journey onto the career of the nth bean counter。 Would've preferred a more in-depth discussion of the internals of index funds and the potential long-term risk arising from the dominance of the Big 3 - which are the largest shareholders of 88% of the com Written in the character-driven narrative style popularized by Michael Lewis that is all too common in financial non-fiction these days。 It works to make the book digestible but eventually starts to grate when he tries to shoehorn a grand hero's journey onto the career of the nth bean counter。 Would've preferred a more in-depth discussion of the internals of index funds and the potential long-term risk arising from the dominance of the Big 3 - which are the largest shareholders of 88% of the companies in the S&P 500。 。。。more
janani
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Trillions is a brilliant book trumpeting the success of index funds。 It starts with Bogle， founder of Vanguard and his journey with Investing and everything that led to the fruition of what we now know as Index Fund。 Trillions has done an amazing job with its research: the book goes back to Bachelier’s work on probability that “attempted to construct a “probability law” for market fluctuations， using mathematics rather than the gut instinct of traders。”Basically， Bachelier’s epiphany （albeit rid Trillions is a brilliant book trumpeting the success of index funds。 It starts with Bogle， founder of Vanguard and his journey with Investing and everything that led to the fruition of what we now know as Index Fund。 Trillions has done an amazing job with its research: the book goes back to Bachelier’s work on probability that “attempted to construct a “probability law” for market fluctuations， using mathematics rather than the gut instinct of traders。”Basically， Bachelier’s epiphany （albeit riddled with mathematical formula） says， “A clever buyer might think he may be landing a bargain， a presumably similarly intelligent seller must be assuming he is getting a good price。 Otherwise no deal would be struck。 Therefore， at any given moment in time financial securities are priced at the level that investors as a whole and on average consider fair。” Groundbreaking， right？ And this was in the year 1900 which was rediscovered by UChicago guys: Savage and Samuelson many years later。Trillions delves into academic research as well。 Aptly put， “Wall Street stands on the shoulders of Harry Markowitz”。 I remember sitting in Fin Econ-I lecture during the second term into my Masters and there was this Prof。 who had worked for a huge investment bank （that went bust in 2007， you know which） for years in Japan and Hong Kong， he was assigned Fin Econ-I for my class。 The first thing he told us was， Markowitz’s idea is underrated and that Markowitz’s is too humble a guy to represent his significance in Academic Finance。He made us read his original paper and I found myself groping for words。 This would happen again after a few more weeks into the class。 Jack Treynor， John Litner， Jan Mossin， William Sharpe。 Eugene Fama， Kenneth French。 I never thought I’d find my idols in the pages of a scientific magazine called Journal of Finance。 The ideas that these scientists propounded are nothing short of genius。 In hindsight， they look like minor additions made to the existing literature but to actually make the novel connection， no matter how minor it is， makes all the difference。There are personal anecdotes regarding these scientists and how each played a part in being Index Fund renegades or not （in the case of Fama and French） is super inspiring。 I loved reading this book – it’s dense with new information so I took my sweet time savoring it but there’s a caveat here: maybe I enjoyed this book because I’m familiar with the characters of this book and its setting。 Nevertheless the book is aimed at general audience but I’m not sure if it fits the category。 。。。more
Jan
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The story format does not work for me - too long， too many personal details and narrative that doesn’t （for me） add to the learning I was hoping to get from this book。
Q123
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For me it's an exciting story and not a non-fiction history。 Brings in personalities of players and gives character to the rather obtuse discoveries。 I am a big fan of index funds and worked in a financial firm， so I am familiar with the over-all context。 Without some background in financial markets， some of the concepts may seem a bit remote。 I had to read some passages more than once to gain full understanding or understand I wasn't going to。 However， this is not a technical work by any means。 For me it's an exciting story and not a non-fiction history。 Brings in personalities of players and gives character to the rather obtuse discoveries。 I am a big fan of index funds and worked in a financial firm， so I am familiar with the over-all context。 Without some background in financial markets， some of the concepts may seem a bit remote。 I had to read some passages more than once to gain full understanding or understand I wasn't going to。 However， this is not a technical work by any means。 It was also an eye-opener for me to see someone layout detail on the fact that index funds cannot grow indefinitely。 That is， index funds mimic the markets and cannot exist when they subsume the entire market。 I have toyed with this fate but not really focused on the fact that at 20 % of the value of the entire US stock markets today， complications may be sooner than we think。 。。。more
Peter Ellis
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Good solid story telling of an important and interesting topic ie history of index funds。 Not really my cup of tea though; this is aimed at readers interested in which of the various people involved used to play jazz or had fathers in the war， the sort of personality and personal history thing that just doesn't interest me in this context。 I would rather a more technical and I guess shorter work focusing on the ideas and implementations。 Good solid story telling of an important and interesting topic ie history of index funds。 Not really my cup of tea though; this is aimed at readers interested in which of the various people involved used to play jazz or had fathers in the war， the sort of personality and personal history thing that just doesn't interest me in this context。 I would rather a more technical and I guess shorter work focusing on the ideas and implementations。 。。。more
Steven Aitchison
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I loved this look at an important time in financial history with a deep dive into a product that is now responsible for around $15 Trillion worth of investments。The author goes right back to where the ideas came from with a look at French mathematician Louis Bachelier。 It was his PhD thesis， The Theory of Speculation， published in 1900， which essentially explained why markets are hard to beat。A few others like Cowles and Lorie explained and evidenced that professional active money managers could I loved this look at an important time in financial history with a deep dive into a product that is now responsible for around $15 Trillion worth of investments。The author goes right back to where the ideas came from with a look at French mathematician Louis Bachelier。 It was his PhD thesis， The Theory of Speculation， published in 1900， which essentially explained why markets are hard to beat。A few others like Cowles and Lorie explained and evidenced that professional active money managers could not outperform the markets year on year。 This gave rise to the index fund and passive investing and has been growing every single year since John 'Jack' Bogle first brought them to market in 1975 with his Vanguard Funds。The author brilliantly timelines the history of the index fund and has a conclusion at the end which is also fascinating to listen to， somewhat of a warning about index funds。Overall loved this book。 。。。more
Abhirup
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An excellent history of index funds and ETFs， with some food for thought about their darker implications。
Rosa Angelone
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Do I understand the history of Index funds now？ Sure don't！ But I am a step closer。 I appreciate the bios of some of the early players that laid the groundwork。 The begining in the late 1970s and the steady growth over time until ETFs seem to rule everything。 It's a decent broad overview and a good place to start。 Do I understand the history of Index funds now？ Sure don't！ But I am a step closer。 I appreciate the bios of some of the early players that laid the groundwork。 The begining in the late 1970s and the steady growth over time until ETFs seem to rule everything。 It's a decent broad overview and a good place to start。 。。。more
Ryan Goodyear
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（I didn't take any notes。） Some interesting interweaving threads of history--several people had thought up the idea of an index fund， and a couple had tried but didn't go anywhere。 Interesting that Bogle wrote the anti-index fund editorial under a pseudonym， then went on to be the face of the index fund。 This book was very heavy on names， as evidenced by the list of characters at the front。 One of the most fascinating parts of the book is the ethical/moral questions。 What obligation does BlackRo （I didn't take any notes。） Some interesting interweaving threads of history--several people had thought up the idea of an index fund， and a couple had tried but didn't go anywhere。 Interesting that Bogle wrote the anti-index fund editorial under a pseudonym， then went on to be the face of the index fund。 This book was very heavy on names， as evidenced by the list of characters at the front。 One of the most fascinating parts of the book is the ethical/moral questions。 What obligation does BlackRock have when it comes to owning so many votes in a firearms company？ Should Vanguard pressure companies it has a big stake in to be more active on climate change policies？Interesting enough read， but not a "can't miss。" 。。。more
tpg0
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As an AI language model， I am not capable of reading books or having opinions about them。 However， 'Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever' is a non-fiction book written by Robin Wigglesworth， which explores the emergence of index funds as an investment strategy that has revolutionized the world of finance。 The book tracks the rise of index funds from their early beginnings to their current status as a cornerstone investment option， highlighting the key players and companies that shaped the industry。 With a mix of historical analysis and storytelling， the book sheds light on the impact that index funds have had on the financial industry and the broader economy。
tpg1
，
As an AI language model， I cannot have personal opinions but I can provide a book summary for you。 Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever written by Robin Wigglesworth， tells the story of how a group of researchers Bill Sharpe， John Bogle， Paul Samuelson， and Burton Malkiel， started a financial revolution by inventing the index fund， and how it has helped shape the investment market today。 The book delves deep into the history of index funds， starting from the early days of mutual funds and the rise of active management。 It discusses the challenges that the pioneers of index funds faced in the battle to convince investors to switch from traditional mutual funds to the passive investment approach。 The book also covers the role of the media in shaping the narrative of index funds， and how it played a crucial part in the growth of this investment philosophy。 Trillions provides a comprehensive introduction to index funds， explaining how they work， their benefits， and what makes them different from active funds。 The book also shows how index funds have evolved over the years， from a simple product that tracks a benchmark， to a sophisticated tool that can track multiple assets， sectors， and countries。 Overall， Trillions is a fascinating read， and a must-read for anyone interested in finance， investing， or the history of Wall Street。 It provides valuable insights into the world of index funds and how they have changed the investment industry forever。
tpg2
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As an AI language model， I do not have the capability to provide opinions on books or any other matter。 However， I can provide some information about the book 'Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever。' The book 'Trillions' is written by Robin Wigglesworth， a Financial Times journalist。 It tells the remarkable story of how a group of unconventional and independent-minded investors pioneered a new form of passive investing that would eventually dominate Wall Street。 The book details the birth of the index fund， which enabled investors to buy a broad swath of the market without having to identify individual stocks。 The benefits of the index fund， including lower fees and better performance， are widely recognized today。 The book also paints compelling portraits of the people who helped shape the index fund， including John Bogle， the founder of Vanguard; Burton Malkiel， the author of 'A Random Walk Down Wall Street'; and Charles Ellis， the author of 'Winning the Loser's Game。' Overall， 'Trillions' is an illuminating and engaging read for anyone interested in the history of finance and the evolution of modern investing。
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trillions how a band of wall street renegades invented the index fund and changed finance forever