New Releases by John C Bogle

John Bogle puts our obsession with financial success in perspective 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. Reveals Bogle''s unparalleled insights on money and what we should consider as the true treasures in our lives Details the values we should emulate in our business and professional callings Contains thought-provoking life lessons regarding our individual roles in society Written in a straightforward and accessible style, this unique book examines what it truly means to have "enough" in world increasingly focused on status and score-keeping.

Présentation des astuces pour avoir un portefeuille d''actions et en tirer profit.

本书是一本基金投资者的必读书和权威的参考书。作者约翰·C. 伯格是先锋投资公司集团的缔造者。他在书中不仅解释了共同基金谨慎投资的基本原则,而且探究了其微妙的精细之处,揭示了那些常常诱使投资者做出不明智决定的假象和狂热现象。

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.

getAbstract Summary: Get the key points from this book in less than 10 minutes.getAbstract.com believes that this classic work by one of the twentieth century''s great investment authorities belongs on every investor''s bookshelf. Published in 1999, at the height of a notorious stock market bubble, it was a rare, sage, clear-eyed appraisal of investment reality. It remains relevant. Author John C. Bogle argues so strenuously for a low-cost, passive investment approach based on index funds that you could almost accuse him of marketing hype. After all, he did start Vanguard, an investment company best known for its low-cost index funds. However, the evidence he presents to back up everything he says exonerates him fully. Today''s investors are not quite as eager as investors were in the 1990s to believe in the impossible dream of infinite wealth from the stock market. Still, many people waste their time and money trying to beat a market that the best financial research unequivocally shows is, for most people and over the long run, unbeatable. Bogle explains why, while recommending much-needed reform of the mutual fund industry.Book Publisher:Wiley

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.

The founder and former chief executive of the Vanguard mutual funds argues for a return to a governance structure in which owners'' capital that has been put at risk is used in their interests rather than in the interests of corporate and financial managers.

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.

How John Bogle built Vanguard and transformed the investment worldin his own words Jack Bogle remains one of the titans of the investment world and a hero to the independent investor, as renowned for his influence as he is respected for his accomplishments. Character Counts is the story of how Vanguard was born, why it has flourished, and what leadership principles and management practices fostered its development. Covering the period 19742001, the story is told through the dozens of potent and memorable speeches he has given to Vanguard crew members over the years, interspersed with a narrative that provides context and explanation. This "you are there" approach provides new insights into one of the world''s most important financial institutionsand into the mutual fund industry itself. Character Counts paints an indelible portrait of the man Fortune named one of the "four giants of finance" of the 20th century.