Get fifty years of industry-defining expertise in a single volume
John Bogle on Investing is a compilation of the best speeches ever delivered by one of the 20th century’s towering financial giants. Individually, each of these speeches delivers a powerful lesson in investing; taken together, Bogle’s lifelong themes ring loud and clear. His investing philosophy has remained more or less constant throughout his illustrious career, and this book lays it out so you can learn from the very best. You’ll learn what makes a successful investment strategy, consider the productive economics of long-term investing, and how emotional investment in financial markets is often counterproductive enough to forfeit success. Bogle discusses the ‘fiscal drag’ of investing, and shows you how to cut down on sales charges, management fees, turnover costs, and opportunity costs, as he unravels a lifetime’s worth of expertise to give you deep insight into the mind of a master at work.
John C. Bogle founded Vanguard in 1974, then in the space of a few years, introduced the index mutual fund, pioneered the no-load mutual fund, and redefined bond fund management. This book wraps up the essence of his half-century of knowledge to deepen your understanding and enhance your investment success.
* Learn why simple strategies are best
* Discover how emotions can ruin the best investment plan
* Examine the universality of indexing in the financial markets
* Minimize the costs — financial and otherwise — associated with investing
John Bogle is still in there fighting, still pushing the industry onward and upward. Take this rare opportunity to have industry-shaping expertise at your fingertips with John Bogle on Investing.
Table of Content
2015 Introduction To The Classic Edition of John Bogle On Investing: The First 50 Years ix
Foreword: Paul A. Volcker xxix
Introduction: William T. Allen xxxi
Preface xxxv
Some Words of Appreciation xliii
Part I Investment Strategies For The Intelligent Investor
1 Investing in the New Millennium: The Bagel and the Doughnut 5
2 The Clash of the Cultures in Investing: Complexity vs. Simplicity 17
3 Equity Fund Selection: The Needle or the Haystack? 33
4 Risk and Risk Control in an Era of Confidence (or Is It Greed?) 47
5 Buy Stocks? No Way! 66
6 The Death Rattle of Indexing 82
7 25 Years of Indexing: When Active Managers Win, Who Loses? 98
8 Selecting Equity Mutual Funds 108
9 The Third Mutual Fund Industry 122
Part II Taking On The Mutual Fund Industry
10 Mutual Funds: The Paradox of Light and Darkness 141
11 Economics 101: For Mutual Fund Investors . . .For Mutual Fund Managers 153
12 Honing the Competitive Edge in Mutual Funds 168
13 Creating Shareholder Value: BY Mutual Funds . . .or FOR Mutual Fund Shareholders? 180
14 The Silence of the Funds: Mutual Fund Investment Policies and Corporate Governance 196
15 Losing Our Way: Where Are the Independent Directors? 208
Part III Economics and Idealism: The Vanguard Experiment
16 Vanguard–Child of Fortune 221
17 The Winds of Change: The Vanguard Experiment in Internalized Management 231
18 Deliverance 246
19 The Lengthened Shadow, Economics, and Idealism 260
20 On the Right Side of History 270
Part IV Personal Perspectives
21 Changing the Mutual Fund Industry: The Hedgehog and the Fox 291
22 The Majesty of Simplicity 307
23 The Things by Which One Measures One’s Life 312
24 Telltale Hearts 316
25 Press On Regardless 327
Part V The Princeton Thesis
The Economic Role of the Investment Company 341
Index 451
About the author
JOHN C. BOGLE is founder and former chairman of the Vanguard Group of mutual funds and President of its Bogle Financial Markets Research Center. After creating Vanguard in 1974, he served as chairman and chief executive officer until 1996 and senior chairman until 2000. Bogle is the author of ten books including Enough.: True Measures of Money, Business, and Life, The Little Book of Common Sense Investing, and The Clash of the Cultures: Investment vs. Speculation, all published by Wiley.
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