JOHN BOGLE THE CLASH OF CULTURES PDF

  • June 20, 2019

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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Put another way, speculation represented about Speculation, he brings his considerable wisdomand experience to bear on the most troubling developments of therecent era–the crowding out of long-term investment byshort-term speculation.

The Clash of the Cultures: Investment vs. Speculation

In fact, speculating can be dangerous. The clasj you face extends beyond those to to actual security selection itself and identifying attractive businesses to buy and holding them for long periods of time. Description Recommended Reading by Warren Buffet in his March Letter to Shareholders How speculation has come to dominate investment—a hard-hitting look from ghe creator of the first index fund.

But employees are not saving enough, are not allocating their portfolios efficiently and are incurring too many costs.

The Clash of the Cultures took me a long time to get through.

He created Vanguard in and served as chairman and chief executive officer until and senior chairman until After that the author talks about the agency problem and the happy conspiracy between mutual funds and company executives 2. He is known for his book Common Sense on Mutual Funds: By using our website you agree to our use of cookies. My other ov criticism is that the book can’t decide whether it wants to talk about what’s best for the economy or what’s best for individual investors.

The quick version limited repetition would be to read chapters 2, 6, 8, and 9. Bogle as one of the four “Investment Giants” of the twentieth century.

The Clash of the Cultures : John C. Bogle :

Reversion to the mean is important. Provocative and refreshingly candid, this book discusses Mr. Sep 26, Sam rated it really liked it.

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 nogle driving the bus.

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There is then a discussion on why mutual funds need to speak out more about governance problems because of the profit-harming aspects of executive compensation 3.

Jack’s fans willbenefit particularly from his 10 simple rules comprising an optimalinvestment strategy for the years ahead. But it is not only the dominance of speculation over investment that concerns Bogle, it is the addition of the worsening conduct, values and ethics of so many market participants.

Here, he presents a common sense strategy that “may not be the best strategy ever devised. Return to Book Page. John Bogle speakswith great credibility and deep experience–explainingin meticulous detail exactly how powerful insiders gain and youlose. This particular book has nine chapters and seven appendices that total a bit less than pages, so in reading this book you have to expect some long chapters and a lot of detailed discussion about Bogle’s thinking on investment.

After reading John Bogle’s work and taking Burton Malkiel’s investment class, I learned that most active mutual funds fail to outperform index funds that benchmark the portfolios that the active managers strive to beat. 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.

Over the course of his sixty-year career in the mutual fund industry, Vanguard Group founder John C. The prudent, value-adding culture of long-term investment has been crowded out by an aggr How speculation has come to dominate investment—a hard-hitting look from the creator of the first index fund. The author begins with a discussion on the clash between investment–buying stocks or funds and holding them for the long term, and speculation–renting stocks and seeking to time the market and profit off of frequent buying and selling 1.

Provocative and refreshingly candid, this book discusses Mr. Wellington Fund Record, Appendix V: Had she known its message, she probably would not have included it, because her hope is for me to start making substantial short-term gains in the stock market. I agree with it all, but there’s nothing new here.

I liked Bogle’s “Don’t Count on it” a bit more this seemed to drag. Why didn’t I hear about him 30 years ago???

About this latter tactic, he acknowledges that it has a short-term effect of reducing costs and increasing profits, but warns that it’s likely to “erode the company’s prospects for long-term growth. Bogle’s views on the changing culture in the mutual fund industry, 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.

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

Hoping to achieve that end, they naturally entrust their money to intermediaries, advisors and mutual funds, for example. Sep 30, Nagireddyreddy added it.

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Much of that wisdom has been assembled in Bogle’s most recent book The Clash of the Cultures: The book concludes with ten simple rules that will help investors meet their financial goals. But the number of strategies that are worse is infinite.

The Clash of the Cultures : Investment vs. Speculation

Though this has been great for the financial sector, it has johh at the expense of the public. Index fund seems to be the way to go for people that dont wanna spend a lot of time in trading.

May 16, Kathy Nealen rated it really liked it. This muddles the book’s thesis. This book in not about investment as I thought it’s about how Wall street became more addicted to speculation clasb how it impacted investors behavior and lead to focus in short instead of long term gains calling it wall street casino saying that finance people will destroy economy.

InFortune magazine named Mr. Still like many experts he fails to see that the average investor wastes a lot of time and money before arriving at the right method of accumulating wealth. The main culprits in the financial world are: Insightful and instructive, the book paints an alarming pictureof how the financial world has moved away from a culture focused onvalue-adding long-term investment claah a value-destroyingculture of rampant speculation–and the inevitable clash ofthese two cultures brought about by this transformation.

As in his culfures books, Bogle is a master of the clear point and the pithy quote – from the investment writings of John Maynard Keynes and Benjamin Graham, pension adviser Keith Ambachtsheer and Bogle’s old mentor the late Walter L. I rate it 2 stars because I learned little new that I had not known prior to reading this work. Chapters 3 through 5 are example after example of why the author believes most mutual funds cultuures active managers are bad for investors.

Oof also a lot of historical detail about the development of index funds, the Wellington group, Vanguard, etc. Some changes will be market driven, for instance companies going private to escape the quarterly short-termism of the public market or pension funds moving away from high-cost, trading-intense funds without value add.