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
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.
Empire of the Fund: The Way We Save Now
by William A. Birdthistle · 15 May 2016 · 375pp · 106,189 words
and our experiment does not succeed, great swaths of our fellow citizens could become destitute in their most vulnerable years. How likely is that eventuality? John C. Bogle, one of America’s leading authorities on mutual fund investments, warns that our retirement system is “headed for a train wreck.”66 If he and
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check on your Rotisserie from time to time.”27 12 EXCHANGE-TRADED FUNDS Many things going on in exchange traded funds are bordering on insanity. —John C. Bogle, Founder, The Vanguard Group, 2007 On January 22, 1993, the investment adviser State Street Global Advisors introduced a new investment product: something very like a
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.The Retirement Gamble, Frontline, Apr. 23, 2013, broadcast (interview with Jack Bogle), at www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/retirement-gamble/john-bogle-the-train-wreck-awaiting-american-retirement/. 67.Thomas Piketty, Capital in the Twenty-First Century (2014). 68.Investment Company Institute, 2015 Fact Book, 25, 90
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130 (reporting that fund shareholders “pay nearly twice as much as institutional investors for money management”). 34.Letter from Erik Sirri, chief economist, SEC, to John C. Bogle, chairman, Vanguard Group, March 23, 1999: “As to your suggestion that the SEC’s Chief Economist do a revenue/cost/profit study, I know I
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/faq.aspx#faqgi9. 45.Jones v. Harris Associates L.P., 537 F.3d 728, 733 (7th Cir. 2008). 46.See id.; see also brief for John C. Bogle as amicus curiae in support of petitioners., Jones v. Harris Associates L.P., June 2009, 556 U.S. 1104 (2009). 47.Jones v. Harris Associates
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as many miles as I can… . I don’t spend a nickel, if I can help it, unless it somehow profits my mileage account.” 2.John C. Bogle, The End of ‘Soft Dollars?, 65 Fin. Analysts J. 48 (2009). 3.See id. 4.Letter of David Jones & Eric Roiter to Jonathan Katz, SEC
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-profs-seek-final-ok-of-19-5m-retirement- row-deal. 4.Ingeno, Class Action Against TIAA-CREF. 5.Orzeck, College Profs Seek Final OK. 6.John C. Bogle, Address to the Philadelphia Federal Reserve Policy Forum on Innovation and Regulation in the Financial Markets, 2007, at www.vanguard.com/bogle_site/sp20071130.html
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, The ETF Book: All You Need to Know About Exchange-Traded Funds (2009). 2.Robert C. Pozen, The Mutual Fund Business (2002). 3.Interview with John C. Bogle by IndexUniverse.com, Sept. 2011, at www.etf.com/sections/features/9947-bogle-etf-trading-has-no-social-value.html. 4.Ian Salisbury, ETFs Make
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Investors Rely on the Mechanisms of Market Efficiency: A Preliminary Investigation of Dispersion in Investor Returns, 28 J. Corp. L. 671, 683–86 (2003). 4.John C. Bogle, The Battle for the Soul of Capitalism, at 191–214 (2005). 5.See, e.g., Leo Lionni, Frederick (1967). 6.Henry T. C. Hu, Illiteracy
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 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
Work Less, Live More: The Way to Semi-Retirement
by Robert Clyatt · 28 Sep 2007
% figure for your budget attempts to capture those trading expenses and give you a clear and accurate picture of your costs. As a reference point, John Bogle, the founder of The Vanguard Group, a low-fee mutual fund firm owned by its shareholders, estimates that the fund management industry as a whole
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and possibly the same amount again for hidden trading costs that active mutual funds incur as they seek to beat the market. As mentioned earlier, John Bogle, founder of the investment firm Vanguard, has calculated that all fees, spreads, and commissions taken together on U.S. stock funds now cost investors 3
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only one in ten outperforms for three years running. One recent study shows the average mutual fund underperforms the market by 1%, and Vanguard’s John Bogle recently calculated that the average stock mutual fund achieved just 9.9% in annual returns over a recent 20-year period, falling 3.1% short
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into some of these funds. Resource The defining source of information on long-term buy-and-hold low-fee indexing has been Vanguard’s founder, John C. Bogle, author of the classic Common Sense on Mutual Funds (Wiley). Bogle also has a website loaded with numerous speeches and articles at www.vanguard.com
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very readable discussion of the benefits of diversifying among key asset classes with Small, International, and Value Tilts. Bogle. Common Sense on Mutual Funds, by John C. Bogle (John Wiley and Sons). This book and anything written by Bogle are the gold standard for advice on cost-efficient indexing and long-term investing
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
In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest
by Andrew W. Lo and Stephen R. Foerster · 16 Aug 2021 · 542pp · 145,022 words
2 Harry Markowitz and Portfolio Selection 18 3 William Sharpe and the Capital Asset Pricing Model 51 4 Eugene Fama and Efficient Markets 81 5 John Bogle and the Vanguard Portfolio 113 6 Myron Scholes and the Black-Scholes / Merton Option Pricing Model 140 7 Robert Merton, from Derivatives to Retirement 173
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Cochrane for exhaustive and insightful comments that greatly improved this book, Will Goetzmann for offering his unique historical perspective on chapter 1, Michael Nolan and John Bogle Jr. for comments related to chapter 5, senior editor Joe Jackson as well as Jackie Delaney, Josh Drake, and the excellent team at Princeton University
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a bit toward a style you prefer, such as value or small cap, while recognizing that higher expected returns only come with additional risk. 5 John Bogle and the Vanguard Portfolio INVESTING IN LOW-COST index funds is common these days, an approach advocated by William Sharpe, Eugene Fama, and many of
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our other luminaries. In fact, trillions of dollars are invested in U.S. index funds alone. Yet it all started with a pioneer—John C. Bogle, or Jack, as he preferred—who in late 1975 started the world’s first index mutual fund, the First Index Investment Trust, which started with
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Chicago Booth School of Business, http://www.crsp.org/files/SpringMagazine_IndexFund.pdf. Anson, Mark, Edward Baker, John Bogle, Ronald Kahn, and Meir Statman. 2006. “Putting the Shareholder First: A Lifetime Ideal; A Conversation with John Bogle.” Journal of Investment Consulting 8, no. 1: 8–22. Anson, Mark, Edward Baker, Martin Leibowitz, Margaret Towle
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Solutions from a Lifetime of Learning Experiences: Talking Investments with Martin L. Leibowitz, PhD.” Journal of Investment Consulting 12, no. 2: 6–15. Armstrong, John [John Bogle]. 1960. “The Case for Mutual Fund Management.” Financial Analysts Journal 16, no. 3: 33–38. Arrow, Kenneth J., and Gerard Debreu. 1954. “Existence of an
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the Prosperity of the Modern World Was Created. New York: McGraw-Hill. Best, Richard. 2016. “Where Does John C. Bogle Keep His Money?” Investopedia, January 27, https://www.investopedia.com/articles/financial-advisors/012716/where-does-john-c-bogle-keep-his-money.asp. “Big Money in Boston.” 1949. Fortune, December, 116–21, 189–90, 194, 196
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.” Journal of Financial Economics 1, no. 1: 1–22. Bogle, John C. 1951. “The Economic Role of the Investment Company.” Senior thesis, Princeton University. ________. 2001. John Bogle on Investing: The First 50 Years. Hoboken, NJ: Wiley. ________. 2003a. “The Mutual Fund Industry in 2003: Back to the Future.” The Boston Security Analysts Society
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. 2009. Lives of the Laureates: Twenty-three Nobel Economists. Cambridge, MA: MIT Press. Breslow, Jason M. 2013. “John Bogle: The ‘Train Wreck’ Awaiting American Retirement.” PBS, April 23, https://www.pbs.org/wgbh/frontline/article/john-bogle-the-train-wreck-awaiting-american-retirement/. Buchan, James. 2018. John Law: A Scottish Adventurer of the Eighteenth
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. Siegel, Jeremy J., and Richard H. Thaler. 1997. “Anomalies: The Equity Premium Puzzle.” Journal of Economic Perspectives 11, no. 1: 191–200. Slater, Robert. 1997. John Bogle and the Vanguard Experiment: One Man’s Quest to Transform the Mutual Fund Industry. Chicago: Richard D. Irwin. Smith, Adam. 2008. “Myron S. Scholes—Interview
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. Sommer, Jeff. 2012. “A Mutual Fund Master, Too Worried to Rest.” The New York Times, August 11, http://www.nytimes.com/2012/08/12/business/john-bogle-vanguards-founder-is-too-worried-to-rest.html. Sosin, Joshua D. 2001. “Accounting and Endowments.” Tyche 16: 161–75. ________. 2014. “Endowments and Taxation in the
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
Broke: How to Survive the Middle Class Crisis
by David Boyle · 15 Jan 2014 · 367pp · 108,689 words
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
by William J. Bernstein · 26 Apr 2002 · 407pp · 114,478 words
Smarter Investing
by Tim Hale · 2 Sep 2014 · 332pp · 81,289 words
The Einstein of Money: The Life and Timeless Financial Wisdom of Benjamin Graham
by Joe Carlen · 14 Apr 2012 · 398pp · 111,333 words
All About Asset Allocation, Second Edition
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