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 contents
- Cover Page
- Title Page
- 2015 INTRODUCTION TO THE CLASSIC EDITION OF JOHN BOGLE ON INVESTING: THE FIRST 50 YEARS
Part I: INVESTMENT STRATEGIES FOR THE INTELLIGENT INVESTOR
- SOME WORDS OF APPRECIATION
- Chapter 1: INVESTING IN THE NEW MILLENNIUM: THE BAGEL AND THE DOUGHNUT
- Chapter 2: THE CLASH OF THE CULTURES IN INVESTING: COMPLEXITY VS. SIMPLICITY
- Chapter 3: EQUITY FUND SELECTION: THE NEEDLE OR THE HAYSTACK?
Chapter 4: RISK AND RISK CONTROL IN AN ERA OF CONFIDENCE (OR IS IT GREED?)
- Four Key Elements of Investing: Reward, Risk, Time, and Cost
- Reward: Out of Our Control
- Risk in Today's Market
- Old Economy, New Economy?
- The Ultimate Test: Future Cash Flows
- The Buffett Analysis
- Controlling Risk
- The “Efficient Frontier”
- Did He Say “Gold”? or “Alternative Investments”?
- A Final Thought
- Chapter 5: BUY STOCKS? NO WAY!
- Chapter 6: THE DEATH RATTLE OF INDEXING
- Chapter 7: 25 YEARS OF INDEXING: WHEN ACTIVE MANAGERS WIN, WHO LOSES?
- Chapter 8: SELECTING EQUITY MUTUAL FUNDS
- Chapter 9: THE THIRD MUTUAL FUND INDUSTRY
Part II: TAKING ON THE MUTUAL FUND INDUSTRY
- Chapter 10: MUTUAL FUNDS: THE PARADOX OF LIGHT AND DARKNESS
Chapter 11: ECONOMICS 101: FOR MUTUAL FUND INVESTORS … FOR MUTUAL FUND MANAGERS
- The Leopard Changes Its Spots
- The Flaw of Past Performance
- The Flaw of High Fund Costs
- “Follow the Money”
- The Flaw of Future Returns
- The Flaw of Great Success
- The Industry Responds … Sort of … on Fund Performance
- The Industry Response on Costs
- The Industry Response on Price Competition
- Is There “Vigorous Price Competition”?
- Solutions: Unclear
- “Show Me the Money”
- Chapter 12: HONING THE COMPETITIVE EDGE IN MUTUAL FUNDS
Chapter 13: CREATING SHAREHOLDER VALUE: BY MUTUAL FUNDS … OR FOR MUTUAL FUND SHAREHOLDERS?
- Enhancing Corporate Value
- Time Horizons and the Sources of Investment Return
- The Consequences of Using Market Returns as the Standard
- The Rise of the Institutional Investor
- The Changing Focus of Institutional Voting Activism
- The Silence of the Mutual Funds
- Mutual Funds: The Artillery or the Target?
- The Inevitable Failure to Earn the Cost of Capital
- How Effective Are Fund Directors?
- Chapter 14: THE SILENCE OF THE FUNDS: MUTUAL FUND INVESTMENT POLICIES AND CORPORATE GOVERNANCE
- Chapter 15: LOSING OUR WAY: WHERE ARE THE INDEPENDENT DIRECTORS?
Part III: ECONOMICS AND I DEALISM : THE VANGUARD EXPERIMENT
- Chapter 16: VANGUARD—CHILD OF FORTUNE
- Chapter 17: THE WINDS OF CHANGE: THE VANGUARD EXPERIMENT IN INTERNALIZED MANAGEMENT
- Chapter 18: DELIVERANCE
- Chapter 19: THE LENGTHENED SHADOW, ECONOMICS, AND IDEALISM
- Chapter 20: ON THE RIGHT SIDE OF HISTORY
Part IV: PERSONAL PERSPECTIVES
Chapter 21: CHANGING THE MUTUAL FUND INDUSTRY: THE HEDGEHOG AND THE FOX
- Princeton's Vital Role
- A Remarkable Accident
- Walter L. Morgan, Fellow Princetonian
- The Foxes—Truly a Skulk
- When Mr. Market Speaks, Funds Listen
- Enter the Hedgehog
- Status Quo versus Reality
- Investment versus Speculation
- The Hedgehog as Businessman
- Reinforcement … from a Surprising Source
- Liberal Education, Moral Education
- Returning Full Circle
- Woodrow Wilson on the Moral Impulse
- Chapter 22: THE MAJESTY OF SIMPLICITY
- Chapter 23: THE THINGS BY WHICH ONE MEASURES ONE'S LIFE
- Chapter 24: TELLTALE HEARTS
- Chapter 25: PRESS ON REGARDLESS
- Chapter 21: CHANGING THE MUTUAL FUND INDUSTRY: THE HEDGEHOG AND THE FOX
- Part V: THE PRINCETON THESIS
- About the Author
- Title: John Bogle on Investing: The First 50 Years
- Release date: April 2015
- Publisher(s): Wiley
- ISBN: 9781119088363
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