John C. Bogle shares his extensive insights on investing in
mutual funds
Since the first edition of Common Sense on Mutual Funds
was published in 1999, much has changed, and no one is more aware
of this than mutual fund pioneer John Bogle. Now, in this
completely updated Second Edition, Bogle returns to take
another critical look at the mutual fund industry and help
investors navigate their way through the staggering array of
investment alternatives that are available to them.
Written in a straightforward and accessible style, this reliable
resource examines the fundamentals of mutual fund investing in
today’s turbulent market environment and offers timeless advice in
building an investment portfolio. Along the way, Bogle shows you
how simplicity and common sense invariably trump costly complexity,
and how a low cost, broadly diversified portfolio is virtually
assured of outperforming the vast majority of Wall Street
professionals over the long-term.
* Written by respected mutual fund industry legend John C.
Bogle
* Discusses the timeless fundamentals of investing that apply in
any type of market
* Reflects on the structural and regulatory changes in the mutual
fund industry
* Other titles by Bogle: The Little Book of Common Sense
Investing and Enough.
Securing your financial future has never seemed more difficult,
but you’ll be a better investor for having read the Second
Edition of Common Sense on Mutual Funds.
Cuprins
Foreword for the 10th Anniversary Edition ix
Foreword for the Original Edition xiii
Preface to the 10th Anniversary Edition xv
Preface to the Original Edition xix
Acknowledgments for the 10th Anniversary Edition xxvii
Acknowledgments for the Original Edition xxix
About the Author xxxi
Part I: On Investment Strategy 1
Chapter 1 On Long-Term Investing 3
Chance and the Garden
Chapter 2 On the Nature of Returns 45
Occam’s Razor
Chapter 3 On Asset Allocation 77
The Riddle of Performance Attribution
Chapter 4 On Simplicity 109
How to Come Down to Where You Ought to Be
Part II: On Investment Choices 143
Chapter 5 On Indexing 145
The Triumph of Experience over Hope
Chapter 6 On Equity Styles 191
Tick-Tack-Toe
Chapter 7 On Bonds 217
Treadmill to Oblivion?
Chapter 8 On Global Investing 251
Acres of Diamonds
Chapter 9 On Selecting Superior Funds 277
The Search for the Holy Grail
Part III: On Investment Performance 303
Chapter 10 On Reversion to the Mean 305
Sir Isaac Newton’s Revenge on Wall Street
Chapter 11 On Investment Relativism 329
Happiness or Misery?
Chapter 12 On Asset Size 347
Nothing Fails Like Success
Chapter 13 On Taxes 373
The Message of the Parallax
Chapter 14 On Time 401
The Fourth Dimension–Magic or Tyranny?
Part IV: On Fund Management 423
Chapter 15 On Principles 425
Important Principles Must Be Inflexible
Chapter 16 On Marketing 445
The Message Is the Medium
Chapter 17 On Technology 465
To What Avail?
Chapter 18 On Directors 483
Serving Two Masters
Chapter 19 On Structure 503
The Strategic Imperative
Part V: On Spirit 533
Chapter 20 On Entrepreneurship 535
The Joy of Creating
Chapter 21 On Leadership 549
A Sense of Purpose
Chapter 22 On Human Beings 567
Clients and Crew
Afterword 585
Appendix I Some Thoughts about the Current Stock Market as 2010 Begins 591
Appendix II Some Thoughts about the Current Stock Market as 1999 Begins 599
Notes 607
Index 613
Despre autor
John C. Bogle is founder of the Vanguard Mutual Fund Group and President of its Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as chairman and chief executive officer until 1996 and senior chairman until 2000. In 1999, Fortune magazine named Mr. Bogle as one of the four ‘Investment Giants’ of the twentieth century; in 2004, Time named him one of the world’s 100 most powerful and influential people; and Institutional Investor presented him with its Lifetime Achievement Award. Bogle is also the author of Enough. and The Little Book of Common Sense Investing, both published by Wiley.
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