This is John Bogle’s tenth book and he surely does celebrate in style. I have read most of Mr Bogle’s books and The Clash of the Cultures is definitely the one. I read Clash of the Cultures: Investment vs. Speculation by Vanguard founder John Bogle. It’s a wonderful book outlining what true investing is. John Bogle’s story is an oft-told tale, yet even Bogle junkies will learn some fascinating new facts from the latest book by the founder of the Vanguard Group.

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The prudent, value-adding culture of long-term investment has been crowded out by an aggr. Highlights our financial culture change free m investment to speculation and describes how it occurred with emphasis on the cozy relationship between fund managers and corporation management, which results in less concern for the actual owners of the funds. But it is not easy, for it requires discipline, patience, steadfastness, and that most uncommon of all gifts, common sense.

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Why didn’t I hear about him 30 years ago??? The author then concludes the main part of his discussion with a case study of the rise, fall, and rebirth of the Wellington Fund 8 and ten simple rules for investors 9.

Well-researched and carefully argued, there’s simply no way to argue with Bogle’s premises — that the little guy always loses, that the more you churn the more you lose, that most people’s retirements are dramatically underfunded, that management looks out for itself and not the stockholders, and that greed is driving the bus. Unfortunately, Bogle fails to rigorously account for the financial sector’s perverse incentives in any of his policy proposals.

Open Preview See a Problem? InForbes magazine described him as the person who “has done more good for investors than any other financier of the past century. Voting machine vs weighing machine speculation vs investment. No trivia or quizzes yet. An exceptional walk-through of the history of index funds from the pioneer that steered Vanguard back from the financial cellar to a paragon status of responsibility and balance.

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Bogle goes into some detail explaining how that works out. During the past 24 years, corporations had projected earnings growth at an average annual rate of This huge wave of speculation in the financial markets is not limited to individual stocks.

The Clash of the Cultures: Investment vs. Speculation by John C. Bogle

Description Recommended Reading by Warren Buffet in his March Letter to Shareholders How speculation has come to dominate investment a hard-hitting look from the creator of the first index fund. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation.

bogke If you are reading this book, though, that is likely what you will be looking forward to. Bogle recounts the history of the index mutual fund, how he created it, and how exchange-traded index funds have altered its original concept of long-term investing.

Morgan, as well as the Gospels of Luke and John. In reading this book too, it became pretty clear that Bogle understands that the only way that ordinary investors of no particular brilliance in financial management and among that number I would include myself to have their interests met is for such people to become aware of their own self-interests and how that works in the investment market, to seek simplicity and low fees and long-term solutions and avoid the loser’s game of trying to beat the market and everyone else in it.

The Clash of the Cultures : John C. Bogle :

The “real market of intrinsic business value” has been replaced by “an expectations market” that distorts the way businesses are run. If you’re still considering reading this book, note that chapters 4, and 5 are just variations on chapter 2, and chapter 8 is a related case study.

In short, a both legal- and mental framework which cares for owners first and discards the three most dangerous words in the English language: Wellington Fund Record, Appendix V: Jan 06, Don Walters rated it really liked it. Fortunately, his wisdom is widely available cultres everyone. Bogle has not been merely an eye-witness to these changes, but one of the financial sector s most active participants.

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He created Vanguard in and served as chairman and chief executive officer until and senior chairman until I rate it 2 stars because I I first adopted John Bogle’s precepts ina time when my initial investment portfolios contained little more than a few select active equity mutual funds that ckltures father had recommended.

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The Clash of the Cultures : Investment vs. Speculation

But the number of strategies that are worse is infinite. Meanwhile, many employees in the private sector have been switched into defined-contribution schemes. Here, he presents a common sense strategy that “may not be the best strategy ever devised.

Shows the difference between investing and speculating, and why investing is so much better than speculating.

Bogle’s views on the changing culture in the mutual fund culturew, how speculation has invaded our national retirement system, the failure of our institutional money managers to effectively participate in corporate governance, and the need for a federal standard of fiduciary duty. Hoping to achieve that end, they naturally entrust their money to intermediaries, advisors and mutual funds, for example. Bogle’s focus is on how the quest for quick profits is posing a major threat to our economy.

After that the author talks about the od problem and the happy conspiracy between mutual funds and company executives 2.

Worth reading especially for nohn historical perspective on index funds and the Wellington Fund. The quick version limited repetition would be to read chapters 2, 6, 8, and 9. Jul 19, Jake Stevens rated it really liked it.

The Best Books of I would recommend taking a look at any chapters you’re interested in, but not reading the whole book.

Hhe experience and expertise allow him to assess the damage that self-serving money managers and corporate directors have done to the common investor. Jack’s fans willbenefit particularly from his 10 simple rules comprising an optimalinvestment strategy for the years ahead.