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Enough.: True Measures of Money, Business, and Life

Name: Enough.: True Measures of Money, Business, and Life
Author: John C. Bogle
ISBN: 9780470398517

by John C. Bogle

November 2008

Beginner

288 pages

4h 15m

English

Wiley

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Copyright
Praise for Enough.
The Great Seduction
Introduction
Growing UpNo Idle HandsBlair Academy: "Come, Study, Learn"Acres of DiamondsComing to PhiladelphiaAt Princeton, a DiscoveryA Door Slams; a Window OpensComplicationsA Complete Firm EmergesA Stunning Endorsement from the Court of Last ResortA Change of HeartTreasures False and TrueSocrates' Challenge
I. MONEY
1. Too Much Cost, not Enough Value
1.1. A Prophetic Forecast1.2. Wresting a Living from Finance1.3. Fortunes from Failure1.4. Heads I Win; Tails You Lose1.5. Brain Drain1.6. The Drain of Costs and Taxes1.7. The Wrong Kind of Wizardry1.8. Costs Rear Their Ugly Head1.9. Investors Get Precisely What They Don't Pay For1.10. A Question So Important
2. Too Much Speculation, Not Enough Investment
2.1. A Giant Distraction2.2. A Loser's Game2.3. Speculation Is in the Driver's Seat2.4. Black Swans and Market Returns2.5. Black Swans and Investment Returns2.6. Tortoises Win2.7. Hares Win (But How Can That Be?)2.8. The Perils of Market Timing2.9. Striking a Balance
3. Too Much Complexity, Not Enough Simplicity
3.1. Derivatives: Dancing to the Music3.2. Marketers Win, Investors Lose3.3. "Don't Just Stand There. Do Something!"3.4. Mutual Funds: Lowering the Bar3.5. Sometimes for Better, but Mostly for Worse3.5.1. Exchange-Traded Funds3.5.2. Fundamental Indexing3.5.3. Absolute Return Funds3.5.4. Commodity Funds3.5.5. Managed Payout Funds3.5.6. Brazil, Russia, India, and China (BRIC) Funds and International Funds3.6. The Innovation Blunderbuss3.7. Back to Basics3.8. An All-Too-Predictable Outcome
II. BUSINESS
4. Too Much Counting, Not Enough Trust
4.1. Government: Making the Numbers Fit4.2. Finance: Attributing Certitude to History4.3. The Experts Are Wrong . . . Again4.4. Business: The Bias toward Optimism4.5. The Real-World Consequences of Counting4.6. Finance Calls the Tune for Business4.7. "Rock, Scissors, Paper"4.8. Giving Judgment a Chance4.9. The Spirit of Trust4.10. Measure First, Judge Later?4.11. An Empty Exercise

5. Too Much Business Conduct, Not Enough Professional Conduct
5.1. Times Have Changed5.2. Hammers and Nails5.3. Capitalism Changes Its Values5.4. Owners, Not Agents5.5. CEO Compensation: How Much Is Enough?5.6. A Lack of Accountability5.7. Intrinsic Value, Not Stock Price5.8. Performance, Not Peer Groups5.9. Principals and Principles5.10. "Only Capitalists Can Kill Capitalism"
6. Too Much Salesmanship, Not Enough Stewardship
6.1. Investors Change Their Spots; So Do Managers6.2. Good for Managers, Bad for Shareholders6.3. Toward a Better World6.4. Let's Dream Together6.4.1. Dream 1: A Fair Shake for Shareholders6.4.2. Dream 2: Serving the Investor for a Lifetime6.4.3. Dream 3: Long-Term Investment Horizons6.4.4. Dream 4: Serving Long-Term Investors6.4.5. Dream 5: Putting Fund Investors in the Driver's Seat6.5. Of, By, and For the Shareholder
7. Too Much Management, Not Enough Leadership
7.1. Building a Great Organization7.1.1. Rule 1: Make Caring the Soul of the Organization7.1.2. Rule 2: Forget about Employees7.1.3. Rule 3: Set High Standards and Values—and Stick to Them7.1.4. Rule 4: Talk the Talk. Repeat the Values Endlessly7.1.5. Rule 5: Walk the Walk. Actions Speak Louder than Words7.1.6. Rule 6: Don't Overmanage7.1.7. Rule 7: Recognize Individual Achievement7.1.8. Rule 8: A Reminder—Loyalty Is a Two-Way Street7.1.9. Rule 9: Lead and Manage for the Long Term7.1.10. Rule 10: Press On, Regardless7.2. The Superior Company7.3. Values and Profits7.4. The Gale of Creative Destruction
III. LIFE
8. Too Much Focus on Things, Not Enough Focus on Commitment
8.1. Boldness, Commitment, and Providence8.2. Commitment to Family and Community8.3. The Commitment to Citizenship
9. Too Many Twenty-First-Century Values, Not Enough Eighteenth-Century Values
9.1. The Age of Reason9.2. The Prototypical Eighteenth-Century Man9.3. Entrepreneurs and Capitalists9.4. The Impartial Spectator9.5. "The Moral History of U.S. Business"9.6. A Merchant and a Man9.7. Returning Stewardship to Capitalism9.8. On Virtue
10. Too Much "Success," Not Enough Character
10.1. Flawed Measures of Wealth . . .10.2. . . . and of Fame and Power10.3. The Means, Not the End10.4. A Special Burden10.5. Competition for What?10.6. "Without Character and Courage, Nothing Else Lasts"10.7. Wondering about the Rabbit We Chase
IV. WRAPPING UP: WHAT'S ENOUGH?
11. What's Enough For Me? For You? For America?
11.1. Enough for Me?11.2. Enough for You?11.3. Enough for America?11.4. My Own Exciting Odyssey
Afterword: A Personal Note about My Career
Acknowledgments
Notes
The Great SeductionIntroductionChapter 1 Too Much Cost, Not Enough ValueChapter 2 Too Much Speculation, Not Enough InvestmentChapter 3 Too Much Complexity, Not Enough SimplicityChapter 4 Too Much Counting, Not Enough TrustChapter 5 Too Much Business Conduct, Not Enough Professional ConductChapter 6 Too Much Salesmanship, Not Enough StewardshipChapter 7 Too Much Management, Not Enough LeadershipChapter 8 Too Much Focus on Things, Not Enough Focus on CommitmentChapter 9 Too Many Twenty-First-Century Values, Not Enough Eighteenth-Century ValuesChapter 10 Too Much "Success," Not Enough CharacterWhat's Enough For Me? For You? For America?

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Enough.: True Measures of Money, Business, and Life

by John C. Bogle

Part II. BUSINESS

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