The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns
by John C. Bogle · 1 Jan 2007 · 356pp · 51,419 words
That Still Beats the Market by Joel Greenblatt The Little Book of Value Investing by Christopher Browne The Little Book of Common Sense Investing by John C. Bogle The Little Book That Makes You Rich by Louis Navellier The Little Book That Builds Wealth by Pat Dorsey The Little Book That Saves Your
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Markets by Mark Mobius The Little Book of Hedge Funds by Anthony Scaramucci The Little Book of the Shrinking Dollar by Addison Wiggin Books by John C. Bogle 1994 Bogle on Mutual Funds: New Perspectives for the Intelligent Investor —Foreword by Paul A. Samuelson 1999 Common Sense on Mutual Funds: New Imperatives for
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the Intelligent Investor —Foreword by Peter L. Bernstein 2001 John Bogle on Investing: The First 50 Years —Foreword by Paul A. Volcker, Introduction by Chancellor William T. Allen 2002 Character Counts: The Creation and Building of
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BOOK OF COMMON SENSE INVESTING The Only Way to Guarantee Your Fair Share of Stock Market Returns 10th Anniversary Edition | Updated & Revised JOHN C. BOGLE Cover design: Wiley Copyright © 2017 by John C. Bogle. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. First edition published 2007 by John Wiley & Sons, Inc. Published
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sound principles of its predecessors, with new chapters on dividends, asset allocation, and retirement planning focused on the implementation of those principles. Learn! Enjoy! Act! JOHN C. BOGLE Valley Forge, Pennsylvania September 1, 2017 Don’t Take My Word for It Charles T. Munger, Warren Buffett’s business partner at Berkshire Hathaway, puts
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fund shareholders. Mathisen, then executive editor of Money, conceded the superiority of the low-cost, low-turnover, tax-efficient index fund: “For nearly two decades, John Bogle, the tart-tongued chairman of the Vanguard Group, has preached the virtues of index funds—those boring portfolios that aim to match the performance of
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by the name “Dividend Growth Investor” picked up on my message about the importance of dividends and wrote an article that echoes my dividend philosophy. “John Bogle is an investing legend. . . . I have read several of his books, and really enjoyed his simple messages. I really liked Bogle’s message on keeping
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short of the returns realized in the stock market. You will be a winner if you follow the simple commonsense guidelines in this Little Book. John Bogle and Benjamin Franklin: parallel investment principles. As I consider my investment ideas in the context of those I have observed over the long sweep of
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MIT said in a speech to the Boston Society of Security Analysts in the autumn of 2005: “The creation of the first index fund by John Bogle was the equivalent of the invention of the wheel, the alphabet, and wine and cheese.” Those essentials of our existence that we have come to
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firm when I founded it in 1974, and during the 25 years in which I served as chief executive, then chairman, and then senior chairman. JOHN C. BOGLE WILEY END USER LICENSE AGREEMENT Go to www.wiley.com/go/eula to access Wiley’s ebook EULA.
The Clash of the Cultures
by John C. Bogle · 30 Jun 2012 · 339pp · 109,331 words
(Beta), 1929–2012 Appendix VI: Wellington Fund Performance versus Average Balanced Fund, 1929–2012 Appendix VII: Wellington Fund Expense Ratios, 1966–2011 Index BOOKS BY JOHN C. BOGLE 1994 Bogle on Mutual Funds: New Perspectives for the Intelligent Investor —Foreword by Paul A. Samuelson 1999 Common Sense on Mutual Funds: New Imperatives for
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the Intelligent Investor —Foreword by Peter L. Bernstein 2001 John Bogle on Investing: The First 50 Years —Foreword by Paul A. Volcker, Introduction by Chancellor William T. Allen 2002 Character Counts: The Creation and Building of
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, Entrepreneurship, Idealism, and Heroes —Foreword by Alan S. Blinder 2012 The Clash of the Cultures: Investment vs. Speculation —Foreword by Arthur Levitt Copyright © 2012 by John C. Bogle. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored
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values have met the test of time. Please enjoy the book and let me know what you think. Read my blog at www.johncbogle.com. John C. Bogle Valley Forge, Pennsylvania June, 2012 About This Book In 1951, when I began my career, long-term investing was the mantra of the investment community
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and CFOs, directors, auditors, lawyers, Wall Street investment bankers, sell side security analysts, buy side portfolio managers, and indeed investors themselves—individual and institutional alike. —John C. Bogle, The Battle for the Soul of Capitalism (2005) The “double-agency society” is, I suspect, a phrase that most readers have not encountered before in
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with numerous children and innumerable grandchildren. So, as a disinterested witness in the court of opinion, perhaps my seconding his suggestions will carry some weight. John Bogle has changed a basic industry in the optimal direction. Of very few can this be said. Mutual Admiration Paul Samuelson and I met face-to
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all too likely unhappy consequences (see Box 8.3). Box 8.3: 1972: A Warning about Speculation Memorandum To: Wellington Management Company Senior Officers From: John C. Bogle Date: March 10, 1972 Subject: Some Thoughts about the Future of Wellington Fund10 What is the future of Wellington Fund? This is a question that
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Meeting of the Investment Company Institute in May 1971. It did not go over well. One journalist in the audience was particularly unimpressed. He wrote: “John Bogle gave an academic speech about mutual fund performance. It was likely of interest only to those with a mathematical turn of mind, and those who
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wrote to our Fund’s directors recommending the change. Box 8.4: Urging a Return to Traditional Investment (1978) Memorandum To: Wellington Fund Directors From: John C. Bogle Date: October 9, 1978 Subject: Future Investment Policy for Wellington Fund11 Wellington Fund will soon celebrate the 50th anniversary of its founding by Walter L
How I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest
by Brian Portnoy and Joshua Brown · 17 Nov 2020 · 149pp · 43,747 words
Mutual Funds: 5-Star Strategies for Success, a national bestseller; and author of the book’s second edition. She is a board member of the John C. Bogle Center for Financial Literacy. Benz is also a member of The Alpha Group, a group of thought leaders from the wealth management industry. She works
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higher than the 0.24% annual fee for a Vanguard index fund that tracks similar stocks, but about average for active managers offering similar services. John Bogle has a ready reply: He is making money for clients and for himself. “Is there anything wrong with that?” he said once in response. This
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year, John Bogle’s fund has generated total returns of 40%... according to Morningstar, compared with 35% for the Russell 2000 and 34% for the similar Vanguard fund
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
by William J. Bernstein · 26 Apr 2002 · 407pp · 114,478 words
seventeenth printing; so I suppose I’ve succeeded. Special thanks go to those who have provided encouragement and help along the way, including Cliff Asness, John C. Bogle Sr., Scott Burns, Edward Chancellor, Mark Gochnour, Christian Oelke, John Rekenthaler, Bill Schultheis, Larry Swedroe, Robert Sidelsky, Richard Thaler, Mike Veseth, and Jason Zweig. I
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or PE multiple accounts for most of the stock market’s return, and over periods of less than a few years, almost 100% of it. John Bogle, founder of the Vanguard Group of mutual funds, provides us with a very useful way of thinking about this. He calls the short-term fluctuations
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Fargo’s index fund was not initially available to the general public, but that was soon to change. A few years later, in September 1976, John Bogle’s young Vanguard Group offered the first publicly available S&P 500 Index fund. Vanguard’s fund was not exactly a roaring success out of
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of Jack Bogle and the Vanguard Group. For it was Mr. Bogle who finally realized Merrill’s dream of bringing Wall Street to Main Street. John C. Bogle did not exactly tear up the track in his early years at Princeton. He had a particularly shaky freshman start, but by his senior year
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primer. It explains the basics of stocks, bonds, and mutual funds and will reinforce the efficient market concept. 2. Common Sense on Mutual Funds, by John Bogle, will provide more information than you ever wanted to know about this important investment vehicle. Mr. Bogle has been an important voice in the industry
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. Great intelligence and good luck are not required. The essential characteristics of the successful investor are the discipline and stamina to, in the words of John Bogle, “stay the course.” Investing is not a destination. It is an ongoing journey through its four continents—theory, history, psychology, and business. Bon voyage Bibliography
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. Chapter 3 Berkshire Hathaway Annual Report, 2000. Bernstein, Peter L., Against the Gods. Wiley, 1996. Bernstein, Peter L., Capital Ideas. Macmillan, 1992. Bogle, John C., John Bogle on Investing. McGraw-Hill, 2001. Brooks, John, The Go-Go Years. Wiley, 1973. Clements, Jonathan, “Can Peter Lynch Live up to his Reputation?” Forbes, April
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Lease, Ronald C., “The Common-Stock Portfolio Performance Record of Individual Investors: 1964–70.” The Journal of Finance, May 1978. Chapter 10 Bogle, John C., John Bogle on Investing. McGraw-Hill, 2001. Morningstar Principia Pro Plus, April 2001. Nocera, Joseph, A Piece of the Action. Simon and Schuster, 1994. Pressler, Gabriel, “Buying
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, remains one of the most honored investment books of recent times. Hailed by national publications, including BusinessWeek, and by independent investment icons, including Vanguard founder John Bogle, it has become an instant classic for its well-researched analyses and rules for successful investing. He has more recently published The Investor’s Manifesto
The Bogleheads' Guide to Investing
by Taylor Larimore, Michael Leboeuf and Mel Lindauer · 1 Jan 2006 · 335pp · 94,657 words
and investing. Here they share what they have learned at the school of hard knocks. It is to trust the wisdom of their chosen mentor, John Bogle, who advocates investing in low cost, tax efficient mutual funds and using common sense in all financial decisions. Furthermore, the authors have mastered the complexities
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sure to become a treasured resource for long-term investors." -Bill Schultheis, Author, The Coffeehouse Investor Bogleheads' Guide to Investing Contents ACKNOWLEDGMENTS XI FOREWORD BY JOHN C. BOGLE XIII INTRODUCTION XXI PART I ESSENTIALS OF SUCCESSFUL INVESTING CHAPTER 1 CHOOSE A SOUND FINANCIAL LIFESTYLE 3 CHAPTER 2 START EARLY AND INVEST REGULARLY 13
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endorsement of my principles and values, and by their dedication in this wonderful book. Take heed of its guidance, and you will enjoy investment success. John C. Bogle Valley Forge, Pennsylvania September 1, 2005 Introduction Do not value money for any more nor any less than its worth; it is a good servant
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, you have a 100 percent chance of being a B investor. In a world where most investors get a D or worse, B is beautiful. John C. Bogle, founder and former chairman, The Vanguard Group: "If you go back to 1970, there were only 355 equity funds. Only 169 of them survive today
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-to-understand explanation of how the market works. BOOKS FOR INTERMEDIATE INVESTORS Bogle on Mutual Funds: New Perspectives for the Intelligent Investor by Vanguard founder John Bogle (New York: McGraw-Hill, 1993). Jack Bogle wanted to make this first book on mutual fund investing equal to Benjamin Graham's classic, "The Intelligent
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, but Bogle on Mutual Funds may be the best book about mutual fund investing ever written. Common Sense on Mutual Funds by Vanguard's founder, John Bogle (New York: Wiley, 1999). Warren Buffett called this book "A must read for every investor." We agree. The Four Pillars of Investing by Bill Bernstein
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the business. www.vanguard.com/bogle_site/bogle_home.html. This is the home of the Bogle Financial Markets Research Center which supports Vanguard Founder John C. Bogle's ongoing work on behalf of investors. For a great learning experience, browse the Archives where you'll find Mr. Bogle's many speeches. APPENDIX
The Power of Passive Investing: More Wealth With Less Work
by Richard A. Ferri · 4 Nov 2010 · 345pp · 87,745 words
charging minimal fees for his services, he walks the walk that reflects the talk he talks in this fine book. I commend it to you. John C. Bogle Valley Forge, PA September, 2010 Preface Did you ever buy something because you thought it was a superior product, only to be disappointed with the
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largest active fund company at the time asked investors why anyone would want just average returns. Another called it Bogle’s Folly after Vanguard founder John C. Bogle. Still another fund company went as far as printing a poster that labeled index funds as un-American.1 Active funds were no longer the
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many people to thank for this book. First, my patient and loving wife, Daria, to whom this book is dedicated. Second, special thanks go to John Bogle for his generous forward, and Mel Lindauer, Scott Simon, and Ed Tower for their meticulous reading of the manuscript and the critical comments that made
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fund industry and was full of great information about the growing mutual fund market up to 1950. The thesis is reproduced in its entirety in John Bogle on Investing: The First 50 Years (McGraw-Hill, 2000). One portion of Bogle’s research reviewed and commented on the performance of mutual funds during
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good as the market, but in doing so incur fund expenses that erode performance, then expenses become an important determinant in predicting active fund performance. John Bogle made a similar observation in his 1951 Princeton thesis. Michael Jensen If a portfolio has a higher return than predicted by its beta, this excess
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thing? The stubbornness of the old-line firms created an opportunity for one enterprising person who was paying attention. That person was John Clifton Bogle. John Bogle began the quest for an index fund by first doing his own number-crunching to confirm the performance numbers that others had pointed out. He
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funds it administered. The firm would operate on an at-cost basis, putting the shareholder in the driver’s seat. The shackles were off as John Bogle and his small crew at Vanguard set a new course to sail into unchartered waters. Vanguard 500 Index Fund’s Proven Record In 1976, the
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catch on with investors. Increasing calls for a low-cost index fund open to all investors were dismissed by the old-line mutual fund industry. John Bogle heard these calls. In 1976, he and his crew at the Vanguard Group pushed for and successfully launched the first index fund available to all
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adjusting for three-factor risk, on average, the active funds on average underperformed by just about the fees they charged. This should be no surprise. John Bogle hinted at this in his 1951 Princeton thesis and Nobel Laureate William F. Sharpe drove the point home in a three-page paper he wrote
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to meet a major need in the marketplace, because most bond mutual funds were grossly overpriced, often carrying both high expenses and excessive sales charges. —John C. Bogle No longer can active managers use the excuse that “you can’t buy the index,” because today you can buy almost any market exposure at
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a reasonable cost. Passive investing has exploded since John Bogle launched the First Index Investment Trust in 1976. Today, there are well over 1,000 index funds and ETFs available from dozens of mutual fund
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struggle through the first few years. Vanguard was no exception. The active fund industry did everything they could to discredit Vanguard and the indexing idea. John Bogle was used as a punching bag by competitors. They called his index fund Bogle’s Folly and even un-American. The tactic almost worked. It
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index funds were launched by competitors in 1986, which marked the beginning of true competition. A few traditional active mutual fund companies that had lampooned John Bogle in the past reversed course and launched their own index funds lineup. These firms included rivals Fidelity, Dreyfus, and T. Rowe Price. Vanguard expanded its
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investors seem hell-bent on carrying out the search for winning funds of the future, no matter how futile the search has proven to be. —John C. Bogle How quickly investors flock to better-performing mutual funds, even though financial researchers have shown that the “hot” funds in one time period very often
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2010 Terminated Funds Three Years Five Years 1st Quintile (top) 8% 11% 2nd Quintile 17% 22% 3rd Quintile 19% 28% 4th Quintile (bottom) 32% 42% John Bogle has kept track of the 355 general equity mutual funds that existed in 1970, which is a few years before the Vanguard 500 Index Fund
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perform to the same level as it did prior to receiving the rating. This explanation is consistent with the age bias found in fund performance. John Bogle spoke of the problems facing investors who buy into burgeoning hot funds during a 1997 speech entitled “Nothing Fails Like Success”: There are three major
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an easy book on the subject. There are several beginners’ books on passive investing. Consider Bill Schultheis’s The Coffeehouse Investor (Penguin Group, 2009) or John Bogle’s The Little Book of Common Sense Investing (John Wiley & Sons, 2007). I wrote a beginner book entitled Serious Money (self-published, 1999). It’s
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light, they’ll often collect a library of passive investing books. No doubt this collection will include Common Sense on Mutual Funds, 2nd Edition, by John Bogle (John Wiley & Sons, 2009) and The Four Pillars of Investing by William Bernstein (McGraw-Hill, 2002). In addition, I’ve written All About Index Funds
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. A premier web site is www.Bogleheads.org. This 20,000-member on-line community discusses and promotes the investment ideas and business philosophies of John C. Bogle, the founder and former Chairman and CEO of the Vanguard Group. This site is not solely about passive investing. It’s also about all things
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of a war or battle meaning to pursue a goal regardless of any obstacle or criticism. A modern usage of this term was popularized by John Bogle. During rough times in the market, don’t waver in the face of adversity, “Stay the course!” Passive investing will work for you if you
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appears and further study is highly recommended. There are several fine books, articles, and web sites devoted to index funds and ETFs. All books by John Bogle and William Bernstein are excellent references. In addition, the www.bogleheads.org web site is an ideal place to ask anonymous questions about index funds
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rate of return an investor would receive if the securities held in his or her portfolio were held until their maturity dates. Notes Preface 1. John C. Bogle, “The Chief Cornerstone,” (speech, Superbowl of Indexing conference, Phoenix, Arizona, December 7, 2005). 2. Charles Ellis, “The Loser’s Game,” Financial Analysts Journal 31, no
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, PBS, June 20, 2003, www.pbs.org/wsw/tvprogram/20030620.html. Chapter 1: Framing the Debate 1. Wellington Fund, Prospectus, April 14, 1950, 2. 2. John C. Bogle, “The Economic Role of the Investment Company” (undergraduate thesis, Princeton University Department of Economics and Social Institution, April 21, 1951), 27. The paper points to
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. 4. Burton Malkiel, A Random Walk Down Wall Street (New York: W. W. Norton, 1973), 226. 5. John C. Bogle, “The First Index Mutual Fund: A History of Vanguard Index Trust and the Vanguard Index Strategy,” John C. Bogle Research Center, 1996, www.vanguard.com/bogle_site/lib/sp19970401.html. 6. William F. Sharpe, “Indexed Investing
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Forecast?” Econometrica 1 (July 1933): 309–324. 3. Alfred Cowles III, “Stock Market Forecasting,” Econometrica 12, no. 3–4 (July–October 1944): 206–214. 4. John C. Bogle, “The Economic Role of the Investment Company” (undergraduate thesis, Princeton University Department of Economics and Social Institution April 21, 1951), 19. Includes further reference to
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of Portfolio Management 1, no. 1 (1974): 17–19. 3. Charles D. Ellis, “The Loser’s Game,” Financial Analysts Journal 31, no. 4 (1975). 4. John C. Bogle, “The First Index Mutual Fund: A History of Vanguard Index Trust and the Vanguard Index Strategy,” Bogle Financial Market Research Center, 1996, www.vanguard.com
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, no. 1 (March 1997): 80. Chapter 5: Passive Choices Expand 1. John C. Bogle, “The First Index Mutual Fund: A History of Vanguard Index Trust and the Vanguard Index Strategy,” John C. Bogle Research Center, 1996, www.vanguard.com/bogle_site/lib/sp19970401.html. 2. John C. Bogle, 1996. 3. Christopher R. Blake, Edwin J. Elton, and Martin J
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. Matthew R. Morey, “The Kiss Of Death: A 5-Star Morningstar Mutual Fund Rating?” Journal of Investment Management 3, no. 2 (Second Quarter 2005). 15. John C. Bogle, “Nothing Fails Like Success” (presentation, The Contrary Opinion Forum, Vergennes, Vermont, October 3, 1997. The full text is available at http://www.johncbogle.com. 16
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also alpha (α) Dunn’s Law and fund beta and Jensen’s study and market risk and range of, for 15 funds Jenson, Michael C. John Bogle on Investing: The First 50 Years (Bogle) Johnson, Edward C., III Johnson, Walter Perry Journal of Business Journal of Finance Journal of Indexes Journal of
Smarter Investing
by Tim Hale · 2 Sep 2014 · 332pp · 81,289 words
that they will do so, although the odds increase over time. Diversifying away from equities and holding other assets such as bonds makes sense. As John Bogle, founder of Vanguard, a leading, global investment firm, says: ‘Asset allocation [the mix of your investments] is not a panacea. It is a reasoned – if
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made by the active management industry, the evidence simply does not support their wishful thinking. This is nicely summed up in the comments made by John Bogle (2003), one of the patriarchs of losing-the-fewest points investing. He founded Vanguard, one of the USA’s largest managers, which focuses on index
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to do so. Warren Buffett (the Sage of Omaha), widely regarded as one of the greatest active investors of our time, has been described by John Bogle (Targett, 2001) as follows: ‘He thinks like an index investor: he buys a few large stocks, holds them for a good holding period – forever – and
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tempted into buying flavour of the month investment ideas or products; or chasing performance. The list of irrational decision-making opportunities is long and distinguished. John Bogle summed this up perfectly in an address to the Investment Analysts Society of Chicago (2003): ‘If I have learned anything in my 52 years in
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you a better chance of surviving with your investment programme intact and your goals achieved. It is worth bearing in mind the wise words of John Bogle: ‘Asset allocation [your mix of building blocks] is not a panacea. It is a reasoned – if imperfect – approach to the inevitable uncertainty of the financial
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don’t want to hold them – in our view because they are riskier – they have higher expected returns.’ A sense of balance is provided by John Bogle (2002) who, with his years of experience and insight, fails to see the existence of the value premium. His thoughts are based largely around his
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: ‘It appears inappropriate to use the term “size effect” to imply that we should automatically expect there to be a small cap premium.’ And finally, John Bogle (2002) again provides us with a balancing viewpoint: ‘We see that the long period is punctuated by a whole series of reversion to the mean
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’ strategy that underpins the philosophy that we developed – an easy and entertaining read. The Little Book of Common Sense Investing, John C. Bogle, John Wiley & Sons, 2010 (ISBN 978–0–470–10210–7). John Bogle is the grandfather of sensible, low cost investing. He has written several key books on investing and the state of
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and investment philosophy, 2nd ‘A book of investment wisdom and common sense for the ages. Investors who follow his simple advice will be richly rewarded.’ John C. Bogle, Founder, Vanguard ‘Delightfully clear thinking and direct advice on how investors can get better results with simpler decisions.’ Charles D. Ellis, Founder, Greenwich Associates ‘An
Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School
by Andrew Hallam · 1 Nov 2011 · 274pp · 60,596 words
, we have the answer which is emphasized in Figure 3.2. Figure 3.2 Five-Star Funds vs. Total Stock Market Index (1994–2004) Source: John C. Bogle, The Little Book of Common Sense Investing One hundred dollars invested and continually adjusted to only hold the highest rated Morningstar funds from 1994 to
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.google.com/videoplay?docid=9128160907104616152#. 7. Ibid. 8. “Arithmetic of Active Management,” Financial Analysts’ Journal, 47, No. 1, January/February 1991, 7. 9. Ibid. 10. John C. Bogle, The Little Book of Common Sense Investing (Hoboken, New Jersey: John Wiley & Sons, 2007), xiv. 11. David F. Swensen, Unconventional Success, a Fundamental Approach to
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Fundamental Approach to Personal Investment, 217. 16. Ibid., 266. 17. Ibid. 18. John C. Bogle, Common Sense on Mutual Funds (Hoboken, New Jersey: John Wiley & Sons, 2010), 376. 19. Ibid., 384. 20. John C. Bogle, The Little Book of Common Sense Investing, 61. 21. John C. Bogle, Common Sense on Mutual Funds, 376. 22. Ibid. 23. Dilbert Comics, Reprinted
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with permission, Order Receipt #1591582. 24. John C. Bogle, The Little Book of Common Sense Investing, 90. 25. John C. Bogle, Don’t Count On It! (Hoboken, New
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/rfs2009.pdf. 32. “The Greatest Investors: Peter Lynch,” Investopedia, accessed April 15, 2011, http://www.investopedia.com/university/greatest/peterlynch.asp. 33. Morningstar.com. 34. John C. Bogle, The Little Book of Common Sense Investing, 47–48. 35. Andy Serwer, “The Greatest Money Manager of Our Time,” Fortune, November 15, 2006, accessed: April
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fund, most investors perform worse than the funds they own—because they like to buy high, and they hate buying low. That’s a pity. John Bogle, the founder of Vanguard, explains in his book, The Little Book of Common Sense Investing, that the average mutual fund reported a 10 percent annual
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horror when they see bargains. How do we know? We just need to observe what most investors do when stock markets are falling or rising. John Bogle, in his classic text, Common Sense on Mutual Funds, reveals the startling data while asking the rhetorical question: “Will investors never learn?” In the late
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will show you in detail how to achieve this in the simplest, possible way. Notes 1. John C. Bogle, The Little Book of Common Sense Investing (Hoboken, New Jersey: John Wiley & Sons, 2007), 51. 2. Ibid. 3. John C. Bogle, Common Sense on Mutual Funds (Hoboken, New Jersey: John Wiley & Sons, 2010), 28. 4. Jeremy Siegel
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, “Warren Buffett—1974,” accessed on January 5, 2011, http://www.forbes.com/2008/04/30/warren-buffett-profile-invest-oped-cx_hs_0430buffett.html. 14. John C. Bogle, Common Sense on Mutual Funds, 32. RULE 5 Build Mountains of Money with a Responsible Portfolio “Eat your Brussels sprouts,” I used to hear when
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managed stock market mutual funds, those without sales-load fees outperform, on average, those with sales-load fees. Figure 5.1 Comparison of Funds Source: John C Bogle, Common Sense on Mutual Funds During the same period, a U.S. government bond index averaged 7.1 percent annually. Whether you’re buying stock
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invests money should read the two classic texts: 1. A Random Walk Down Wall Street by Burton Malkiel 2. Common Sense on Mutual Funds by John Bogle “After you’re finished with these two books, you will know more about finance than 99 percent of all stockbrokers and most other finance professionals
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term. Don’t believe anyone (a broker, adviser, friend, or magazine) suggesting otherwise. Next, the staff was fortunate enough to hear John Bogle speak. A champion for the “little guy,” John Bogle is the financial genius who founded the nonprofit investment group, Vanguard. His message was the same: The brokers and financial advisers swimming
Who Stole the American Dream?
by Hedrick Smith · 10 Sep 2012 · 598pp · 172,137 words
and large, foisted on Main Street by Wall Street—the mostly innocent public taken to the cleaners, as it were, by the mostly greedy financiers. —JOHN C. BOGLE, founder, the Vanguard Group HOUSING EPITOMIZES DIVIDED AMERICA. It lies astride the fault line of the economic earthquake that split the country. The housing bubble
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2010); John Hechinger, “Backdated Options Pad CEO Pay by Average of 10%,” The Wall Street Journal, November 17, 2006. 69 Bogle also derided the idea John C. Bogle, The Battle for the Soul of Capitalism (New Haven, CT: Yale University Press, 2005), 10–26. 70 Dissenting academics Jay Lorsch and Rakesh Khurana, “The
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pinching “Retirement Plans Make Comeback, with Limits,” The Wall Street Journal, June 14, 2011. 32 People had totally unrealistic expectations John Bogle, interview, December 12, 2010. 33 Cost investors $8 trillion John Bogle, testimony, House Committee on Education and Labor, February 24, 2009, http://johncbogle.com/wordpress/wp-content/uploads/2009/03/statement2009
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, interview, September 17, 2010. CHAPTER 14: THE GREAT WEALTH SHIFT 1 “The American people” Morgenson and Rosner, Reckless Endangerment, xiv. 2 “Our present economic crisis” John C. Bogle, testimony, House Committee on Education and Labor, February 24, 2009. 3 It powered the growth of debt Frank J. Fabozzi, Anand K. Bhattacharya, and William
The Smartest Investment Book You'll Ever Read: The Simple, Stress-Free Way to Reach Your Investment Goals
by Daniel R. Solin · 7 Nov 2006
Time the Market But you know as well as I that theres simply no evidence that fonds have been successfol at market timing. - Remarks by John C. Bogle, founder, the Vanguard Group, president. Bogle Financial Markets Research Center, to the Bullseye 2000 Conference, Toronto, Canada, December 4, 2000. Reported at: h ttp://www
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I have said, most Smart Investors do not need our services to reach their financial goals. The Vanguard Group, and especially the company's founder, John Bogle, is a notable exception to this rule. It was Bogle and Vanguard that created the opportunity for all investors to invest for market returns, by
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an investor would opt to pay a commission on an index fond when a substantially identical fimd is available without a commission remains a mystery. -John C. Bogle, Common Sense on Mutual Funds This step is the easy part. All we know about the srock and bond markets is that over time both
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that $591 billion was invested in mutual funds in Canada. See hrtp:llwww. ific.calenglhomel index.asp. I rely in part on a speech by John Bogle, entitled "As the Index Fund Moves from Heresy to Dogma . .. What More Do We Need to Know?" (the Gary M. Brinson Distinguished Lecture. April 13
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mutual funds fail to beat their benchmark over the long term . See "Will Active Mutual Funds Continue [ 0 Underperform the Market in the Future?" by John Bogle. in Scott Simon's book Inda Mutual Funds: Profiting from an In mtmmt Rrvolution; see also the article by Edward S. O'Neal, discussed in
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necessarily represent all of the fees that should concern investors. In a speech to the Bullseye 2000 conference held in Toronto on December 4, 2000, John Bogle, the founder of rhe Vanguard Group, calculated the "real" fees of the average 160 The Real Way Smart lnveswn Beat 95%of the ~Pros" actively
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its clients at http://www.dfaus.com/dimensionallclients. The information concerning the amount of assets repre~ seored by index investments is from the speech by John Bogle referred to in the notes to Chapter 2. The study demonstrating the decline of stock picking in the United States is Utpal Bhattacharya and Neal
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& Company, 8th edition, 2006. 182 AdditionaJ Resources Mark T. Hebner. Index Funds: The 12-Step Program for Active Investors. Newport Beach, CA: IFA Publishing, 2005 . John Bogle. Bogle on Mlimal Flinds. New York: McGraw-Hili , 1993. William Bernstein. The Four Pillars of Investing. New York: McGraw-Hili, 2002. Larry Swedroe. The Only
Value of Everything: An Antidote to Chaos The
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