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John Bogle on investing: (the first 50 years )
Synopses & Reviews
John BogleVanguard Founder and No-Load PioneerTalks about Finance, Economics, Mutual Funds, Stewardship, and Idealism
John C. Bogle is one of the 20th century's towering financial giants. Deeply concerned by the devastating impact of high mutual fund costs on the long-term returns earned by investors, he founded Vanguard in 1974. In the space of a few years, he introduced the index mutual fund, pioneered the modern no-load mutual fund, and redefined bond fund management. By creating a novel mutual mutual fund enterprise owned by its shareholders, he gave millions of investors a new and high-powered way to invest and was among the first authoritative voices to challenge the financial establishment.
And John Bogle is still in there fighting. John Bogle on Investing contains the best of the scores of speeches he's delivered over the years and revisits the important investment themes from which Bogle rarely strayed during his illustrious career:
Within these covers you will find nothing less than the rock solid foundation of success in independent investing for the 21st century. Tough, insightful, and relentless in its drive for fairness and honesty, John Bogle on Investing creates a high standard for McGraw-Hill's new Great Ideas in Finance seriesand then surpasses that standard, page after page.
"John C. Bogle . . . has the mind of an economist and the personality of a preacher."
One half century ago, an "insecure but determined" Princeton undergrad was already showing signs of becoming a maverick. Barely out of his teens but already firm in his convictions that mutual fund shareholders were not receiving a fair shake, the budding financier turned in an exhaustively researched magna cum laude thesis entitled The Economic Role of the Investment Company.
That student was John Clifton Bogle, and that thesisgroundbreaking, innovative, and reprinted word-for-word in these pages for the first timeunalterably changed the future course of investing. John Bogle on Investing is a 50-year compendium that recounts in the best possible wordshis ownthe storied career of Jack Bogle, the man who has been called "the conscience of the mutual fund industry."
"Bogle is rattling the status quo among the mutual fund titans."Fortune
In its 26 chapters, John Bogle on Investing presents 25 speeches and one masterful thesis. They all revolve around one common theme: Efficient, economical, and honest alternatives must be made available to all investors of all wealth levels. Just as important, these investors must understand the choices available to them. From sensible discussions of wealth accumulation and investment risk, through a provocative call-to-arms regarding investment costs, each selection is exceptionally well written, meticulously researched, and documented with charts and graphs. In all, the book is classic Bogle. Whether discussing the virtues of low-expense indexing ("Low cost, marginal in its annual impact, becomes overwhelming as the years roll on") or the hazards that bull markets may create ("When reward is at its pinnacle, risk is near at hand"), John Bogle never fails to lay his cards face-up on the table for all to see. And we, the readers, emerge the winners.
If you are serious about substantially improving your long-term investment returns, and you read just one book this year, make it John Bogle on Investing. If you plan on reading two books, you should consider reading John Bogle on Investing twice.
It's that valuable, that entertaining, and that good. John Bogle is one of the great financial figures of the 20th century, and this book encapsulates much of the work and wisdom of his 50-year mutual fund career. By reading John Bogle on Investing, you can learn in one evening much of the knowledge John Bogle spent 50 years acquiring.
In a lifetime devoted to giving a fair shake to the human beings who invest to secure their financial futures, this book may be Bogle's best bargain yet.
Featuring nearly two dozen speeches covering five decades of investing, this compendium presents the wisdom and guidance of the founder of The Vanguard Group, the world's largest no-load mutual fund company. 40 illustrations.
John Bogle on Investing is the first comprehensive review of the career and contributions of this dynamic investing icon. From Jack Bogle's never-before-published 1951 Princeton thesis to more than two dozen essays covering five decades of investing, it is a 50-year compendium of the work and wisdom of one of the world's most important financial figures.
Investors at all levels will profit from insights including:
Praise for the International Bestseller Bogle on Mutual Funds:
"Any investor who owns or is thinking of owning shares in a fund should read this book cover to cover."
"This book sets the ultimate benchmark for all how-to-invest books."
"A long-time student of the mutual fund industry, Bogle is both its harshest critic and its greatest friend. He is, in effect, the conscience of the industry..."
Table of Contents
Part I: Investments Strategies for the Intelligent Investor.
Investing in the New Millennium: The Bagel and the Doughnut.
The Clash of the Cultures in Investing: Complexity vs. Simplicity.
Equity Fund Selection: The Needle or the Haystack? Risk and Risk Control in an Era of confidence (or Is It Greed?)
Buy Stocks? No Way!
The Death Rattle of Indexing.
25 Years of Indexing: When Active Managers Win, Who Loses?
Selecting Equity Mutual Funds.
The Third Mutual Fund Industry.
Part II: Taking on the Mutual Fund Industry.
Mutual Funds: The Paradox of Light and Darkness.
Economics 101: For Matual Fund Investors...For Mutual Fund Managers.
Homing the Competitive Edge in Mutual Funds.
Creating Shareholder Value: BY Mutual Funds...or FOR Mutual Fund Shareholders?
The Silence of the Funds: Mutual Fund Investment. Policies and Corporate Governance.
Losing Our Way: Where Are the Independent Directors?
Part III: Economics and Idealism: The Vanguard Experiment.
What Our Readers Are Saying