New Releases by John C. Bogle

Conquering the obession with short-term profits is critical to the future of business, society, and capitalism itself—Alfred Rappaport presents a game plan every business leader should read “As Rappaport keeps on speaking out for the realities surrounding investment and speculation, our society will profit as it builds on his keen insights.” John C. Bogle, founder of The Vanguard Group (from the Foreword) About the Book: Alfred Rappaport, who first introduced the principles and practical application of "shareholder value" in his groundbreaking 1986 classic Creating Shareholder Value, reiterated the basic message in his 2006 Harvard Business Review article: Focusing on Wall Street quarterly earnings expectations rather than on creating long-term value is an invitation to disaster. Rappaport shows how deeply flawed short-term performance incentives for corporate and investment managers were an essential cause of the recent global financial crisis. In Saving Capitalism from Short-Termism, Rappaport examines the causes and consequences of “short-termism” and offers specific recommendations for how publicly traded companies and the investment management community can overcome it. Whether you''re a corporate manager, money manager, public policymaker, business-school student, or simply concerned about your financial future, Saving Capitalism from Short-Termism provides valuable insights and practical ideas to change the course of your organization—and contribute to a healthier economy that benefits all.

Praise for Don''t Count On It! "This collection of Jack Bogle''s writings couldn''t be more timely. The clarity of his thinking—and his insistence on the relevance of ethical standards—are totally relevant as we strive to rebuild a broken financial system. For too many years, his strong voice has been lost amid the cacophony of competing self-interests, misdirected complexity, and unbounded greed. Read, learn, and support Jack''s mission to reform the industry that has been his life''s work." —PAUL VOLCKER, Chairman of the President''s Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979–1987) "Jack Bogle has given investors throughout the world more wisdom and plain financial ''horse sense'' than any person in the history of markets. This compendium of his best writings, particularly his post-crisis guidance, is absolutely essential reading for investors and those who care about the future of our society." —ARTHUR LEVITT, former Chairman, U.S. Securities and Exchange Commission "Jack Bogle is one of the most lucid men in finance." —NASSIM N.TALEB, PhD, author of The Black Swan "Jack Bogle is one of the financial wise men whose experience spans the post–World War II years. This book, encompassing his insights on financial behavior, pitfalls, and remedies, with a special focus on mutual funds, is an essential read. We can only benefit from his observations." —HENRY KAUFMAN, President, Henry Kaufman & Company, Inc. "It was not an easy sell. The joke at first was that only finance professors invested in Vanguard''s original index fund. But what a triumph it has been. And what a focused and passionate drive it took: it is a zero-sum game and only costs are certain. Thank you, Jack." —JEREMY GRANTHAM, Cofounder and Chairman, GMO "On finance, Jack Bogle thinks unconventionally. So, this sound rebel turns out to be right most of the time. Meanwhile, many of us sometimes engage in self-deception. So, this book will set us straight. And in the last few pages, Jack writes, and I agree, that Peter Bernstein was a giant. So is Jack Bogle." —JEAN-MARIE EVEILLARD, Senior Adviser, First Eagle Investment Management Insights into investing and leadership from the founder of The Vanguard Group Throughout his legendary career, John Bogle-founder of the Vanguard mutual fund group and creator of the first index mutual fund-has helped investors build wealth the right way, while, at the same time, leading a tireless campaign to restore common sense to the investment world. A collection of essays based on speeches delivered to professional groups and college students in recent years, in Don''t Count on It is organized around eight themes Illusion versus reality in investing Indexing to market returns Failures of capitalism The flawed structure of the mutual fund industry The spirit of entrepreneurship What is enough in business, and in life Advice to America''s future leaders The unforgettable characters who have shaped his career Widely acclaimed for his role as the conscience of the mutual fund industry and a relentless advocate for individual investors, in Don''t Count on It, Bogle continues to inspire, while pushing the mutual fund industry to measure up to their promise.

John C. Bogle shares his extensive insights on investing in mutual funds Since the first edition of Common Sense on Mutual Funds was published in 1999, much has changed, and no one is more aware of this than mutual fund pioneer John Bogle. Now, in this completely updated Second Edition, Bogle returns to take another critical look at the mutual fund industry and help investors navigate their way through the staggering array of investment alternatives that are available to them. Written in a straightforward and accessible style, this reliable resource examines the fundamentals of mutual fund investing in today''s turbulent market environment and offers timeless advice in building an investment portfolio. Along the way, Bogle shows you how simplicity and common sense invariably trump costly complexity, and how a low cost, broadly diversified portfolio is virtually assured of outperforming the vast majority of Wall Street professionals over the long-term. Written by respected mutual fund industry legend John C. Bogle Discusses the timeless fundamentals of investing that apply in any type of market Reflects on the structural and regulatory changes in the mutual fund industry Other titles by Bogle: The Little Book of Common Sense Investing and Enough. Securing your financial future has never seemed more difficult, but you''ll be a better investor for having read the Second Edition of Common Sense on Mutual Funds.

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.

“Spend! Spend! Spend! Where Did Tyco’s Money Go?” by James B. Stewart, fromThe New Yorker “The Decline and Fall of the Cult of Equity” by Andrew Hill, from theFinancial Times “The Death of One American Dream” by Shirleen Holt, fromThe Seattle Times “Shattered Dynasty” by Suzanna Andrews, fromVanity Fair “For Richer” by Paul Krugman, fromThe New York Times Magazine “In Defense of the Boom” by Michael Lewis, fromThe New York Times Magazine “The Telecom Boom’s Dark Remnants” by Michael Guillen, fromThe Oregonian “Rich Man, Poor Company” by Chris O’Brien and Jack Davis, from theSan Jose Mercury News “Deciding on Executive Pay: Lack of Independence Seen” by Diana B. Henriques and Geraldine Fabrikant, fromThe New York Times “How It All Fell Apart” by Johnnie L. Roberts, fromNewsweek “Planet Starbucks” by Stanley Holmes, Drake Bennett, Kate Carlisle, and Chester Dawson, fromBusinessWeek “The Google Gods” by Stefanie Olsen, from CNET News.com “Up Against Wal-Mart” by Karen Olsson, fromMother Jones “Is Our Children Learning?” by Julie Landry, fromRed Herring “The Investigation: How Eliot Spitzer Humbled Wall Street” by John Cassidy, fromThe New Yorker “Inside the Rock” by Loch Adamson, fromWorth “Unfair Disclosure” by Bob Drummond, fromBloomberg Markets “Inside McKinsey” by John A. Byrne, fromBusinessWeek “Alliance Capital’s Bad Bets” by Edward Robinson, fromBloomberg Markets “Where the Money’s Really Made” by Andy Serwer, fromFortune “The Economics of Empire” by William Finnegan, fromHarper’s Magazine “The Debt Bomb” by Jonathan R. Laing, fromBarron’s “Big Bucks, Small Town, Bond Haven” by Noelle Haner-Dorr, fromOrlando Business Journal “Flight into the Red” by Steve Huettel, from theSt. Petersburg Times “Full Price: A Young Woman, an Appendectomy, and a $19,000 Debt” by Lucette Lagnado, fromThe Wall Street Journal “The Fall of Andersen” by Delroy Alexander, Greg Burns, Robert Manor, Flynn McRoberts and E. A. Torriero, from theChicago Tribune “Why Good Accountants Do Bad Audits” by Max H. Bazerman, George Loewenstein and Don A. Moore, fromHarvard Business Review “Troubling Options—Inside the Tough Call at Sprint” by Rebecca Blumenstein and Carol Hymowitz, fromThe Wall Street Journal “Wild, Wild Qwest” by Lou Kilzer, David Milstead, and Jeff Smith, from theRocky Mountain News “The New Face of Shoplifting” by Joanne Kimberlin, fromThe Virginian-Pilot “The Year the Music Dies” by Charles C. Mann, fromWired “Big Battle for a Silly Old Bear: Who Owns the Honey Pot?” by Meg James, from theLos Angeles Times “The Monopolist” by Connie Bruck, fromThe New Yorker “From Heroes to Goats . . . and Back Ag

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.