John Bogle on Investing: The First 50 Years (Wiley Investment Classics)

John C. Bogle

Language: English

Pages: 512

ISBN: 1119088364

Format: PDF / Kindle (mobi) / ePub

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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playing on the Benjamin-Graham-like theme of its predecessor. (In 2009, a fully updated 10th Anniversary Edition was published.) McGraw-Hill’s senior editor, Jeffrey A. Krames, was eager to earn back his firm’s role as my publisher. In late 2000, Jeff came to me with a proposal to publish an anthology of some of the essays and speeches that I had written earlier in my mutual fund career, going all the way back, as it turned out, to 1971. The capstone of the proposed book would be the publication

forfend!—to slip for a while. In the long run, staying the course will carry the day. In that light, after I read Mr. Safire’s October essay, I dispatched copies of it to each of Vanguard’s 200 officers, with the hope and expectation that it would be circulated widely among our crew members. My aim was to warn them of the dangers of adopting even a hint of the doughnut’s lightness, softness, and sweetness, and to remind them of our commitment to the bagel’s hard-hitting and uncompromising

compared to the stock market. s Second, the records of investment newsletters, many of which are represented at this Money Show. s Third, the records of fund advisers chosen by The New York Times. s Fourth, the record of the “Managers of the Year” selected by Morningstar. 19 I N V E S T M E N T S T R AT E G I E S s Fifth, and most dismal of all in this (as it turns out uninspiring) universe, the record of funds-of-funds, which preen about their ability to choose a portfolio of the

the better to “stay the course” no matter what transpires in our ever uncertain and unpredictable financial markets. Cervantes, once again, had it right: “Forewarned is forearmed.” 46 4 Risk and Risk Control in An Era of Confidence (Or Is It Greed?) New England Pension Consultants’ Client Conference Boston, Massachusetts April 6, 2000 I n these extraordinary and volatile markets we are facing today, it’s difficult for me to imagine more appropriate subjects than “Risk” and “Risk Control” to

selling hope? Rather, we should be focused on better solutions to investor needs. It shouldn’t take too much curiosity for an investor to learn that the shortest, simplest route to top-quartile performance is bottom-quartile expenses. And it shouldn’t take much more to figure out that the taxable investors in this industry—more than half of our shareholders—are being ill-served by the baneful tax and trading cost impact of high portfolio turnover. This all may sound both dubious to achieve and

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