Don't Count on It! Reflections on Investment Illusions, Capitalism, "Mutual" Funds, Indexing, Entrepreneurship, Idealism, and Heroes - Bogle, John C

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Auteur(s) : Bogle, John C

Editeur : John Wiley & Sons

Langue : Anglais

Parution : 01/11/2010

Format : Moyen, de 350g à 1kg

Nombre de pages : 640

Expédition : 1066

Dimensions : 23.5 x 15.7 x 3.9

ISBN : 9780470643969

Résumé :
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.

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Biographie:

JOHN C. BOGLE is the founder of the Vanguard Group of Mutual Funds and President of its Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as chairman and chief executive officer until 1996 and senior chairman until 2000. In 1999, Fortune magazine named Mr. Bogle as one of the four Investment Giants of the twentieth century...

Sommaire:

Foreword xi

Introduction xv

A Note to the Reader xxxi

Part One. Investment Illusions 1

Chapter 1 Don't Count on It! The Perils of Numeracy 5

Chapter 2 The Relentless Rules of Humble Arithmetic 25

Chapter 3 The Telltale Chart 49

Chapter 4 A Question So Important That It Should Be Hard to Think about Anything Else 71

Chapter 5 The Uncanny Ability to Recognize the Obvious 87

Part Two. The Failure of Capitalism 97

Chapter 6 What Went Wrong in Corporate America? 101

Chapter 7 Fixing a Broken Financial System 123

Chapter 8 Vanishing Treasures: Business Values and Investment Values 137

Chapter 9 A Crisis of Ethic Proportions 157

Chapter 10 Black Monday and Black Swans 161

Chapter 11 The Go-Go Years 187

Part Three. What's Wrong with Mutual Funds 203

Chapter 12 Re-Mutualizing the Mutual Fund Industry: The Alpha and the Omega 207

Chapter 13 A New Order of Things: Bringing Mutuality to the Mutual Fund 237

Chapter 14 The Fiduciary Principle: No Man Can Serve Two Masters 273

Chapter 15 Mutual Funds at the Millennium: Fund Directors and Fund Myths 297

Chapter 16 High Standards of Commercial Honor . . . Just and Equitable Principles of Trade . . . Fair Dealing with Investors 317

Part Four. What's Right with Indexing 347

Chapter 17 Success in Investment Management: What Can We Learn from Indexing? 351

Chapter 18 As the Index Fund Moves from Heresy to Dogma, What More Do We Need to Know? 369

Chapter 19 The Chief Cornerstone 393

Chapter 20 Convergence! The Great Paradox: Just as Active Fund Management Becomes More and More Like Passive Indexing, So Passive Indexing Becomes More and More Like Active Fund Management 409

Part Five. Entrepreneurship and Innovation 435

Chapter 21 Capitalism, Entrepreneurship, and Investing: The 18th Century versus the 21st Century 439

Chapter 22 Seventeen Rules of Entrepreneurship 455

Chapter 23 Vanguard: Saga of Heroes 469

Chapter 24 When Does Innovation Go Too Far? 493

Part Six. Idealism and the New Generation 507

Chapter 25 Business as a Calling 511

Chapter 26 The Right Kind of Success 517

Chapter 27 This Above All: To Thine Own Self Be True 521

Chapter 28 Enough 529

Chapter 29 If You Can Trust Yourself . . . 535

Chapter 30 The Fifth Never 543

Chapter 31 When a Man Comes to Himself 549

Part Seven. Heroes and Mentors 557

Chapter 32 Walter L. Morgan 563

Chapter 33 Paul A. Samuelson 569

Chapter 34 Peter L. Bernstein 575

Chapter 35 Bernard Lown, MD 581

Index 587

Don't Count on It! is a wise book. As most traders and investors remain convinced that they can beat the market, it's always sobering to hear a compelling voice from the other side. (Seeking Alpha)

If Bogle writes it, it's worth reading. His latest, Don't Count On It, is a collection of 35 essays, every one of them filled with wisdom and insight. . . While I have read Bogle's views on these issues many times, I'm always impressed with the quality of his writing (Where else can you read quotations from Adam Smith to Winston Churchill to Cato?), the wit and humility he shows and his passion to help investors. The book is a compelling read, one that in effect tells the story and mission of a great man. We're lucky and privileged to have him fighting on our side. As Bogle noted in his book, Machiavelli described the accumulation of worldly 'glory' as the motivating principle that drives leaders to undertake 'great enterprises' and do 'great things' on behalf of their fellow citiz