John Bogle on Investing

John Bogle on Investing : The First 50 Years

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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.
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Product details

  • Hardback | 512 pages
  • 163 x 238 x 40mm | 748g
  • New York, United States
  • English
  • 1. Auflage
  • 1119088364
  • 9781119088363
  • 201,492

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Guiding principles and timeless wisdom from an investment industry giant

"[John Bogle's] great contribution--his single-minded mission--has been to insist that those [mutual] funds should be managed, first and foremost, in a way truly to serve the interests of the investing public."
--From the Foreword by Paul A. Volcker

When John Bogle founded Vanguard in 1974, he dared to challenge the financial marketplace by introducing a truly mutual mutual fund management structure in which the funds' management company is owned by its mutual fund shareholders and dedicated to placing their interests as the firm's highest responsibility--a fiduciary trust.

Originally published in 2001, John Bogle on Investing: The First 50 Years is filled with Bogle's unparalleled investment wisdom and essays that reveal his guiding philosophy of sound investing and insights into selecting equity and bond funds, with index funds at the core of his strategy. This examination of Bogle's career concludes with the first publication of his 1951 groundbreaking Princeton University thesis "The Economic Role of the Investment Company".

Bogle brings a strong sense of fiduciary responsibility, an analytical mind, a respect for his colleagues at all levels of Vanguard, and a dedication to his clients. This book gives millions of investors the knowledge and perspective they need in order to successfully invest for the future.
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Back cover copy

John C. Bogle is the investment visionary who founded the Vanguard Group. In this candid book, he reveals his insights on finance, economics, mutual funds, stewardship, and idealism. John Bogle on Investing: The First 50 Years includes his essays spanning the first 50 years of his legendary career, beginning with his landmark Princeton University senior thesis, "The Economic Role of the Investment Company." This thesis ultimately established Bogle's guiding principles for successful investing.

Bogle founded Vanguard to minimize the profound conflicts of interest in the traditional structure of the mutual fund industry, the resulting high costs, and the devastating effects the costs have-- eroding the long-term returns earned by investors. Under Bogle's leadership, Vanguard developed a unique ownership structure that minimized conflicts of interest, a singular investment philosophy, and an enlightened approach to human values. Bogle, a maverick who is frequently regarded as a heretic in the mutual fund world, became a trusted leader known as "St. Jack" to millions of investors.

In his own words, Bogle explores past trends and future developments driving the fund industry and reveals the most effective means of building wealth over the long term. He outlines the four elements for developing an ideal investment program and explains how to reap the benefits of the powerful magic of long-term compounding of investment returns, all the while minimizing the devastating tyranny of compounding costs. He explains how the unique corporate structure he designed for Vanguard in 1974 put the focus on low costs and service to clients. His creation of the world's first index mutual fund in 1975 was critical to that story; and in 1977, he revolutionized the use of "no-load" mutual funds and redefined the structure of bond funds.

John Bogle on Investing represents the highest manifestation of Bogle's idealism--his longstanding view that the central principle of the mutual fund business should be not the marketing of financial products to customers, but the stewardship of investment services for clients. First published in 2001, in 2015 it is well on its way to becoming a classic.
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Table of contents

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
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Review Text

"Throughout the book Bogle elaborates on what he considers his most important contribution to the investing community: "the majesty of simplicity in an empire of parsimony." I can't think of a better legacy." -
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Review quote

Throughout the book Bogle elaborates on what he considers his most important contribution to the investing community: the majesty of simplicity in an empire of parsimony. I can t think of a better legacy. Mr Bogle is also a noted proponent of index funds and everyone should read, mark, learn and inwardly digest his arguments. (Financial Advisor, October 2015)
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About John C. Bogle

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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Rating details

135 ratings
3.86 out of 5 stars
5 36% (48)
4 27% (36)
3 30% (40)
2 4% (6)
1 4% (5)
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