How Wall Street Started Selling You Financial Products

Odd Lots

Bloomberg

News, Investing, Business, News Commentary, Business News

4.4 • 1.6K Ratings

🗓️ 13 August 2018

⏱️ 27 minutes

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Summary

Open any financial publication and you'll see ads for investment products: exchange-traded funds, mutual funds, and the like. Those ads can tell you a lot about what investors are currently thinking and feeling about the market. But did you ever wonder how Wall Street came to be advertising these prepackaged products? On this edition of the Odd Lots podcast, we speak with Eric Weiner, who leads ETF coverage at Bloomberg and also wrote a book on the history of Wall Street. We talk about the first ever modern advertisement for market investing, a 1948 ad in the New York Times, and how Charles Merrill applied grocery store economics to financial brokerages.

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0:00.0	Thought Creators, the Podcast for Financial Experts, brought to you by FAB.
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0:20.2	sustainable finance by 2030.
0:23.0	Plot Creators.
0:25.0	The Podcast for Financial Experts brought to you by FAB.
0:29.0	With Bloomberg, you get the story behind the story, the story behind the global birth rate,
0:34.8	behind your EV battery's environmental impact, behind sand.
0:38.4	Yeah, sand, you get context.
0:40.8	And context changes everything.
0:42.6	Go to Bloomberg.com to get context. Hello and
0:55.0	welcome to another episode of the Odd Lots Podcast. I'm Tracy Allaway. My co-host Joe
1:00.5	Weisenthall is away this week. But for those of you who follow Joe on
1:05.9	Twitter you probably know that one of his favorite activities is to read the
1:12.4	print edition of Barons, the Financial magazine.
1:16.0	And the reason he likes to read the print edition specifically is because he likes to look at all the
1:22.0	ads and most of those ads are for various financial products.
1:26.4	So today in honor of Joe since he can't be here with us, I thought we might take a moment to revisit the first ever financial advertisement and it actually
1:39.7	came later than a lot of people might think. It was written by a guy called Lou Engel who was
1:45.9	working at Merrill and it was published in 1948 in the New York Times and it was
1:51.9	really the first such financial advertisement that we'd seen
	...

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