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

Author: John C. Bogle, Arthur Levitt

Narrator: Al Kessel

Unabridged: 13 hr 11 min

Format: Digital Audiobook Download

Publisher: Ascent Audio

Published: 09/10/2019


Synopsis

Over the course of his sixty-year career in the mutual fund industry, Vanguard Group founder John C. Bogle has witnessed a massive shift in the culture of the financial sector. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. Mr. Bogle has not been merely an eye-witness to these changes, but one of the financial sector's most active participants. In The Clash of the Cultures, he urges a return to the common sense principles of long-term investing.

Provocative and refreshingly candid, this book discusses Mr. 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.

Mr. 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. He also presents a first-hand history of Wellington Fund, a real-world case study on the success of investment and the failure of speculation. The book concludes with ten simple rules that will help investors meet their financial goals.

About John C. Bogle

John C. Bogle is founder of The Vanguard Group, Inc. and president of the Bogle Financial Markets Research Center. He created Vanguard, one of the two largest mutual-fund organizations in the world, in 1974 and served as Chairman and CEO until 1996 and Senior Chairman until 2000. Designated by Fortune magazine as one of the investment industry’s four “Giants of the 20th Century,” in 2004 he was awarded the Woodrow Wilson Award from Princeton University, his alma mater, for distinguished achievement in the nation’s service. That same year Time magazine named Mr. Bogle one of the world’s 100 most powerful and influential people.


Reviews

Goodreads review by David

This book will teach you, plain and simple, the difference between a real economy and an speculative one. Everything in the news will become more relate-able and understandable. Sweet book to have near you.......more

Goodreads review by Stephen

This title was on a list of books my wife wanted me to read. 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. Bogle's focus is on how the quest for quick profits is posing a major threat t......more

Goodreads review by Rick

“It is difficult to get a man to understand something when his salary depends upon his not understanding it.” -Upton Sinclair Beware men selling solutions to “dangerous markets” As Americans we really seem to adore the story of “bad man gone good“ and Bogle is one such example. He was a mutual fund ma......more

Goodreads review by Robert

This book can be very dry, but it is also very important. John Bogle is a superhero to the average investor. He founded Vanguard, champion of low-fee index investing options for individuals. If there is a Mount Rushmore for personal finance, Bogle should be on it. In this book, he addresses, in detai......more