Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor (Wiley Audio)

Common Sense on Mutual Funds. New Imperatives for the Intelligent Investor Forward by Peter L.Bernstein.

"Other investment executives used to roll their eyes about Vanguard's Bogle, but his rules work."-Newsweek

When Jack Bogle speaks, people listen-whether they are fans or not. As the senior chairman and founder of the Vanguard Group, one of the two largest mutual fund organizations in the world, he has single-handedly transformed the industry by championing better funds at lower costs to the investor. A leading thinker and visionary whose ideas and principles have been adopted by countless investors, his name is as synonymous with excellence in mutual fund investing as Warren Buffett's is with excellence in stock investing. Now, in Common Sense on Mutual Funds, Bogle takes a critical look at the mutual fund industry and how we invest, and charts a compelling course for change.

Written in Bogle's inimitable style, this eye-opening book examines the fundamentals of mutual fund investing alongside industry practices that are often in conflict with a sound long-term investment program. Common Sense on Mutual Funds shows investors how to revolutionize their portfolios by embracing simplicity and then avoiding industry pitfalls. Just as Thomas Paine argued for a new way of thinking about independence in "Common Sense," so Bogle sets forth a new way of looking at mutual funds. He presents a platform for intelligent investing and then uncovers the ills that beset the mutual fund industry, serious ills that thwart our efforts to accumulate adequate financial resources. He analyzes costs, scrutinizes asset size, exposes tax inefficiencies, warns of "empty suit" directors, and reveals the severe conflict between fund principles and fund pro-motion. Emphasizing long-term investing and asset allocation, Bogle finds in simplicity the solution to the riddle of fund selection by investors. From stock and bond funds to global investing and index funds, Common Sense on Mutual Funds provides insight, illumination, and enlightenment.

For more than 30 years, Bogle has championed the rights of the fund shareholder, for he believes that investing is first and last about people's hopes and fears and individual goals. In Common Sense on Mutual Funds, he speaks eloquently about individual investors and how their interests are not being well-served: "The ills and injustices suffered by mutual fund investors are not so dissimilar to those our forebears suffered under English tyranny. . . . I have no quarrel with management companies focusing on profits. But the trade-off between the profits that accrue to fund shareholders and the profits that accrue to the fund management companies seems subject to no independent watchdog, despite the fact that it is the shareholders who actually own the mutual funds."

Organized as a series of essays on the investment issues of the day, this insider's view of the industry makes vital information on mutual funds accessible to experienced investors as well as those just beginning. A veritable treasure chest filled with insight and guidance from a true leader, Common Sense on Mutual Funds is an invaluable addition to every investor's library. Bogle's message, amid the cacophony of investment advice, is clear and simple: common sense will rule the day.

NATIONAL BESTSELLER!

"Cogent, honest, and hard-hitting-a must read for every investor." -Warren E. Buffett

Praise for Common Sense on Mutual Funds

"Invoking both Thomas Paine and Benjamin Graham, Jack Bogle outlines a supremely logical plan not only to better investors' returns, but to improve the whole fund industry. This isn't just the best book yet by Bogle, it may well be the best book ever on mutual funds." -DON PHILLIPS, President & CEO, Morningstar, Inc.

"Buffett cannot teach you or me how to become a Warren Buffett. Bogle's reasoned precepts can enable a few million of us savers to become in twenty years the envy of our suburban neighbors-while at the same time we have slept well in these eventful times."-PAUL A. SAMUELSON, Massachusetts Institute of Technology Department of Economics

"After a lifetime of picking stocks, I have to admit that Bogle's arguments in favor of the index fund have me thinking of joining him rather than trying to beat him. Bogle's wisdom and his commonsense way of explaining things make this book indispensable reading for anyone trying to figure out how to invest in this crazy stock market."-JAMES J. CRAMER, Money Manager and Senior Columnist for TheStreet.com

"Written in his characteristic forthright and visionary style, Bogle penetrates the myths and jargon to shed a powerful light on the central issues that confront every investor, no matter what their level of experience or sophistication." -MARTIN L. LEIBOWITZ, Vice Chairman and Chief Investment Officer, TIAA-CREF

"Jack Bogle is one of the great pioneer/visionaries of the investment business. In this book, he shares his knowledge, experience, and judgment to enable us to become better investors. The final philosophical chapters provide insights that may help some of us become better people." -BYRON R. WIEN, Chief U.S. Investment Strategist Morgan Stanley Dean Witter

In den letzten 20 Jahren hat die Branche der offenen Investmentfonds einen tiefgreifenden Wandel durchgemacht. Der Autor dieses Buches ist Vorstandsvorsitzender und Gründer von Vanguard, der revolutionärsten und zweitgrößten Fondsgruppe, die sich für anlegerfreundlichere Fonds zu niedrigeren Preisen einsetzt. Seine oft konträren Ansichten zu diesem Thema sind mittlerweile als richtungsweisend von anderen Fondsgruppen übernommen worden. Ebenso wie Warren Buffet als Synonym für Aktienfonds steht, steht der Name John Bogle für offene Investmentfonds. Hier erfahren Sie mehr über offene Investmentfonds: die Vorteile einer vereinfachten Anlage, kontinuierliche Gewinne aus Indexfonds (z.B. Dow), niedrige Kosten als Voraussetzung für gute Erträge, die Bedeutung von Rentenpapieren im Portfolio und vieles mehr. (01/99)

ON INVESTMENT STRATEGY.

On Long-Term Investing: Chance and the Garden.

On the Nature of Returns: Occam's Razor.

On Asset Allocation: The Riddle of Performance Attribution.

On Simplicity: How to Come Down to Where You Ought to Be.

ON INVESTMENT CHOICES.

On Indexing: The Triumph of Experience over Hope.

On Equity Styles: Tick-Tack-Toe.

On Bonds: Treadmill to Oblivion?

On Global Investing: Acres of Diamonds.

On Selecting Superior Funds: The Search for the Holy Grail.

ON INVESTMENT PERFORMANCE.

On Reversion to the Mean: Sir Isaac Newton's Revenge on Wall Street.

On Investment Relativism: Happiness or Misery?

On Asset Size: Nothing Fails Like Success.

On Taxes: The Message of the Parallax.

On Time: The Fourth Dimension-Magic or Tyranny?

ON FUND MANAGEMENT.

On Principles: Important Principles Must Be Inflexible.

On Marketing: The Message Is the Medium.

On Technology: To What Avail?

On Directors: Serving Two Masters.

On Structure: The Strategic Imperative.

ON SPIRIT.

On Entrepreneurship: The Joy of Creating.

On Leadership: A Sense of Purpose.

On Human Beings: Clients and Crew.

Afterword.

Appendices.

Notes.

Index.