Best Selling Books by John C Bogle

Throughout his legendary career, John C. Bogle-founder of the Vanguard Mutual Fund Group and creator of the first index mutual fund-has helped investors build wealth the right way and led a tireless campaign to restore common sense to the investment world. Along the way, he''s seen how destructive an obsession with financial success can be. Now, with Enough., he puts this dilemma in perspective. Inspired in large measure by the hundreds of lectures Bogle has delivered to professional groups and college students in recent years, Enough. seeks, paraphrasing Kurt Vonnegut, to poison our minds with a little humanity. Page by page, Bogle thoughtfully considers what enough actually means as it relates to money, business, and life.

Los mercados financieros son, en esencia, sistemas cerrados en los que lo que un inversor gana lo pierde otro. Navegar en estas aguas turbulentas siguiendo los consejos de Wall Street es la receta perfecta para naufragar y acabar más pobre que al principio. Pero si quieres una guía experta, consejos sólidos y un poco de humor descarado, éste es tu libro.Hace más de veinte años, un grupo informal de inversores empezó a intercambiar ideas en la web. Tenían en común la racionalidad, su espíritu solidario y el respeto por la legendaria carrera de John C. Bogle, el fundador de Vanguard. Hoy www.bogleheads.org recibe más de un millón de visitas al día y se ha convertido en el mejor foro de inversión del ciberespacio. Este libro, que destila su sabiduría, bonhomía y depurado realismo, es una guía insuperable y contraintuitiva. En sus páginas recomienda y explica cómo trazar un plan financiero personal y seguirlo al pie de la letra. ¿La clave? Elegir fondos de inversión de bajo coste, perfectamente indexados, como centro de tu cartera de inversión. Es un método simple, y en esa sencillez reside precisamente su belleza. En el camino encontrarás distracciones que te incitarán a desviarte de la ruta prevista. Pero este libro te advierte contra ellas y te prepara para evitarlas.

The mutual fund industry has undergone tremendous change in the past 60 years. Total assets, number of funds, and fund costs have increased exponentially, whereas both the duration of the funds'' portfolio holdings and the duration of their shareholders'' holdings have tumbled. The industry''s ownership of corporate stocks is at an all-time high, yet mutual fund managers have been noticeably absent from the corporate governance debate. This article details 10 fundamental changes that have taken place in the mutual fund industry since 1945 and finds that, in the aggregate, they have benefited mutual fund managers to the direct and commensurate detriment of mutual fund investors.

Remarks of the Founder and former Chief Executive of The Vanguard Group on receiving the 2005 Outstanding Financial Executive Award from Financial Management Associates International (FMA) Chicago, IL, October 15, 2005.

The message of this article is simple, obvious, and almost invariably ignored by the investment community: Gross return in the financial markets minus the costs of financial intermediation equals the net return actually delivered to investors. This equation helps explain the failure of the mutual fund industry to deliver to shareholders their fair share of market returns, and it explains the enormous shortfall in the assets of the private and public retirement systems relative to their pension liabilities. It is high time for investment professionals to consider not only the comparative advantage of outmanaging their peers but also the community advantage that would result from a major reduction in the costs of our investment system.

This paper is based on the author''s comments at the Columbia University Symposium on Bebchuk and Fried''s quot;Pay without Performance: The Unfulfilled Promise of Executive Compensation.quot; The paper offers the author''s perspective on the book and the problems of executive compensation it discusses.

Investors need to be aware that rare events with an extreme impact that, afterwards, we think we could have predicted - in short, black swans - happen in the markets. Those who are trying to measure risk in the financial markets need to carefully distinguish risk, with its probabilities, from uncertainty, which cannot be measured. We have become increasingly vulnerable to black swans because our financial economy has come to play an ever-larger role in our productive economy.

This article is a condensed version of a lecture presented February 2008 at the 27th Annual Manuel F. Cohen Memorial Lecture at the George Washington University Law School in the United States.

"A lo largo de su legendaria carrera, John C. Bogle--Fundador de Vanguard Mutual Fund Group y creador del primer índice de fondos de inversión--ha ayudado a los inversores a amasar sus fortunas de manera apropiada y ha promovido incansables campañas para restaurar el sentido común en el mundo de las inversiones. Al mismo tiempo, Bogle nos advierte qué tan destructiva puede llegar a ser la obsesión por obtener éxito financiero. Ahora, en Triunfe con integridad, él consigue poner este dilema en la perspectiva adecuada"--P. [4] of cover.

Ben shu fen wei"cong ling dao wu zhao mei yuan de xian feng ji tuan""hui su xian feng qi xia de ji jin chan pin""zong guan wei lai de tou zi guan li""yue han Bo ge de ge ren fan si"si bu fen.