The seminal work on mutual funds investing is now a Wiley Investment Classic Certain books have redefined the way we view the world of finance and investing—books that should be on every investor’s shelf. Bogle On Mutual Funds—the definitive work on mutual fund investing by one of finance’s great luminaries—is just such a work, and has been added to the catalog of Wiley’s Investment Classic collection. Updated with a new introduction by expert John Bogle, this comprehensive book provides investors with the wisdom of the pioneer of mutual funds to help you identify and execute the ideal mutual fund investment choices for your portfolio. The former Vanguard Chief Executive, Bogle has long been mutual funds' most outspoken critic; in this classic book, he provides guidance on what you should and shouldn't believe when it comes to mutual funds, along with the story of persistence and perseverance that led to this seminal work. You'll learn the differences between common stock, bond, money market, and balanced funds, and why a passively managed «index» fund is a smarter investment than a fund managed by someone making weighted bets on individual securities, sectors, and the economy. Bogle reveals the truth behind the advertising, the mediocre performance, and selfishness, and highlights the common mistakes many investors make. Consider the risks and rewards of investing in mutual funds Learn how to choose between the four basic types of funds Choose the lower-cost, more reliable investment structure See through misleading advertising, and watch out for pitfalls Take a look into this timeless classic and let Bogle On Mutual Funds show you how to invest in mutual funds the right way, with the expert perspective of an industry leader.
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.
Get fifty years of industry-defining expertise in a single volume John Bogle on Investing is a compilation of the best speeches ever delivered by one of the 20th century's towering financial giants. Individually, each of these speeches delivers a powerful lesson in investing; taken together, Bogle's lifelong themes ring loud and clear. His investing philosophy has remained more or less constant throughout his illustrious career, and this book lays it out so you can learn from the very best. You'll learn what makes a successful investment strategy, consider the productive economics of long-term investing, and how emotional investment in financial markets is often counterproductive enough to forfeit success. Bogle discusses the «fiscal drag» of investing, and shows you how to cut down on sales charges, management fees, turnover costs, and opportunity costs, as he unravels a lifetime's worth of expertise to give you deep insight into the mind of a master at work. John C. Bogle founded Vanguard in 1974, then in the space of a few years, introduced the index mutual fund, pioneered the no-load mutual fund, and redefined bond fund management. This book wraps up the essence of his half-century of knowledge to deepen your understanding and enhance your investment success. Learn why simple strategies are best Discover how emotions can ruin the best investment plan Examine the universality of indexing in the financial markets Minimize the costs – financial and otherwise – associated with investing John Bogle is still in there fighting, still pushing the industry onward and upward. Take this rare opportunity to have industry-shaping expertise at your fingertips with John Bogle on Investing.
Recommended Reading by Warren Buffet in his March 2013 Letter to Shareholders How speculation has come to dominate investment—a hard-hitting look from the creator of the first index fund. 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. Here, he presents a common sense strategy that «may not be the best strategy ever devised. But the number of strategies that are worse is infinite.» The Clash of the Cultures: Investment vs. Speculation completes the trilogy of best-selling books, beginning with Bogle on Investing: The First 50 Years (2001) and Don't Count on It! (2011)
"The Mutual Fund Industry Handbook is a remarkably important work . . . I am profoundly impressed by the broad and comprehensive sweep of information and knowledge that this book makes available to industry participants, college and business school students, and anyone else with a serious interest in this industry." – From the Foreword by John C. Bogle President, Bogle Financial Markets Research Center Founder and former chief executive, The Vanguard Group A Foreword by John C. Bogle, founder of The Vanguard Group and one of the most respected leaders in the mutual fund industry, sets the stage for this authoritative book that explains the complexities of the phenomenal industry in simple terms. Investors like the fact that mutual funds offer professional management, easy diversification, liquidity, convenience, a wide range of investment choices, and regulatory protection. Mutual Fund Industry Handbook touches on all of those features and focuses on the diverse functions performed in the day-to-day operations of the mutual fund industry. You'll learn about: Front-office functions-analysis, buying, and selling. Back-office functions, including settlement, custody, accounting, and reporting. Commission structures-front-end loads, back-end loads, or level loads. The various fund categories used by the Investment Company Institute, Morningstar, and Lipper. The roles played by fund managers, investment advisors, custodial banks, distributors, transfer agents, and other third-party service providers. If you want a definitive reference on the mutual fund industry, this is the book for you.
A journey through the Index Revolution from the man who started it all Stay the Course is the story the Vanguard Group as told by its founder, legendary investor John C. Bogle. This engrossing book traces the history of Vanguard—the largest mutual fund organization on earth. Offering the world’s first index mutual fund in 1976, John Bogle led Vanguard from a $1.4 billion firm with a staff of 28 to a global company of 16,000 employees and with more than $5 trillion in assets under management. An engaging blend of company history, investment perspective, and personal memoir, this book provides a fascinating look into the mind of an extraordinary man and the company he created. John Bogle continues to be an inspiring and trusted figure to millions of individual investors the world over. His creative innovation, personal integrity, and stubborn determination infuse every aspect of the company he founded. This accessible and engaging book will help you: Explore the history of some of Vanguard’s most important mutual funds, including First Index Investment Trust, Wellington Fund, and Windsor Fund Understand how the Vanguard Group gave rise to the Index Revolution and transformed the lives of millions of individual investors Gain insight on John Bogle’s views on values such as perseverance, caring, commitment, integrity, and fairness Investigate a wide range of investing topics through the lens of one of the most prominent figures in the history of modern finance The Vanguard Group and John Bogle are inextricably linked—it would be impossible to tell one story without the other. Stay the Course: The Story of Vanguard and the Index Revolution weaves these stories together taking you on a journey through the history of one revolutionary company and one remarkable man. Investors, wealth managers, financial advisors, business leaders, and those who enjoy a good story, will find this book as informative and unique as its author.
The importance of the life's work of mutual fund pioneer and investing legend John C. Bogle The Man in the Arena offers the essence of John C. Bogle's thinking and the meaning of his life's work, which transformed individual investing to benefit tens of millions of investors. Through Bogle's own words—as well as the voices of others whose hearts and minds he touched—the book touches on topics he cares about most deeply: Vanguard, indexing, corporate governance, and a fiduciary society. From Vanguard shareholders to true giants in finance, one cannot read their words without being struck by their sheer intensity. Bogle's parade of admirers is passionate. It is led by, arguably, the two most acclaimed leaders of our day—in the world of investing and the public life of the world—Warren Buffett and President Bill Clinton. The book is a first take at putting Bogle's life work into a broader context. It includes some of Bogle's classic essays and leads to an agenda of reform Bogle feels is essential to preserve our democratic republic. It features insight on the man from such commentators as Arthur Levitt, Burton Malkiel, Paul Volcker, and many more. Features wisdom and commentary on the career and life of legendary investor John C. Bogle Presents a summary of Bogle's prominent and successful career, as well as his investing strategies Includes commentary from a Who's Who of top investors
The best-selling investing «bible» offers new information, new insights, and new perspectives The Little Book of Common Sense Investing is the classic guide to getting smart about the market. Legendary mutual fund pioneer John C. Bogle reveals his key to getting more out of investing: low-cost index funds. Bogle describes the simplest and most effective investment strategy for building wealth over the long term: buy and hold, at very low cost, a mutual fund that tracks a broad stock market Index such as the S&P 500. While the stock market has tumbled and then soared since the first edition of Little Book of Common Sense was published in April 2007, Bogle’s investment principles have endured and served investors well. This tenth anniversary edition includes updated data and new information but maintains the same long-term perspective as in its predecessor. Bogle has also added two new chapters designed to provide further guidance to investors: one on asset allocation, the other on retirement investing. A portfolio focused on index funds is the only investment that effectively guarantees your fair share of stock market returns. This strategy is favored by Warren Buffett, who said this about Bogle: “If a statue is ever erected to honor the person who has done the most for American investors, the hands-down choice should be Jack Bogle. For decades, Jack has urged investors to invest in ultra-low-cost index funds. . . . Today, however, he has the satisfaction of knowing that he helped millions of investors realize far better returns on their savings than they otherwise would have earned. He is a hero to them and to me.” Bogle shows you how to make index investing work for you and help you achieve your financial goals, and finds support from some of the world's best financial minds: not only Warren Buffett, but Benjamin Graham, Paul Samuelson, Burton Malkiel, Yale’s David Swensen, Cliff Asness of AQR, and many others. This new edition of The Little Book of Common Sense Investing offers you the same solid strategy as its predecessor for building your financial future. Build a broadly diversified, low-cost portfolio without the risks of individual stocks, manager selection, or sector rotation. Forget the fads and marketing hype, and focus on what works in the real world. Understand that stock returns are generated by three sources (dividend yield, earnings growth, and change in market valuation) in order to establish rational expectations for stock returns over the coming decade. Recognize that in the long run, business reality trumps market expectations. Learn how to harness the magic of compounding returns while avoiding the tyranny of compounding costs. While index investing allows you to sit back and let the market do the work for you, too many investors trade frantically, turning a winner’s game into a loser’s game. The Little Book of Common Sense Investing is a solid guidebook to your financial future.
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.
GUIDE TO MUTUAL FUNDS SECOND EDITION «Picking actively managed mutual funds is no mean challenge. And as the recent era underscores, past performance is of little help. The Morningstar Guide to Mutual Funds helps cut through the fog with a solid volume of constructive information. The central message–'truly diversify, keep it simple, focus on costs, and stick with it'–is not only timeless, it is priceless.» –John C. Bogle, founder and former CEO, The Vanguard Group «Successful investors know they must do their own due diligence. Morningstar has done much of that homework in this guide. Leave it to Morningstar to get it right, offering smart ways to pick, build and monitor a portfolio. It's a commonsense guide that should grace every investor's shelf.» –Ted David, CNBC Anchor «There's nothing Morningstar doesn't know about mutual funds. And at last, for ready reference, there's a book. You'll find everything here you need to know about managing fund investments, inside or outside a 401(k).» –Jane Bryant Quinn, Newsweek columnist and author of Making the Most of Your Money
A fresh look at the ever-changing world of mutual funds Like all investment instruments, mutual funds continue to evolve. In the last decade however, there has been plenty of change, including market capitalization, the introduction of new types of funds, and the expansion of the mutual fund model to include investments in commodities. Getting Started in Mutual Funds, Second Edition offers a completely updated look at this popular investment vehicle, including everything from Morningstar's new matrix of evaluating a fund's investment style to implementing mutual funds into long-term investment strategies in retirement plans. Throughout the book, author Alvin Hall also focuses on the basics, like how to read a prospectus, how to evaluate ongoing fees and expenses, and how to gauge a fund's performance. Acquaints you with the various types of mutual funds and how they are structured Explains important mutual fund terms and concepts New chapters include information on exchange-traded funds and how they compare to mutual funds in terms of performance, risk and fees Reveals how to assess a fund manager's investment style and its impact on your returns Gain a better understanding of mutual funds and maximize your investment returns with Getting Started in Mutual Funds, Second Edition.
Praise for Sheldon Jacobs «Sheldon Jacobs is a level-headed gentleman who is a cross between Albert Einstein, the Dalai Lama, and Vanguard founder Jack Bogle and who had a solid record editing and publishing The No-Load Fund Investor financial newsletter for over a quarter-century.» —MarketWatch «King of no-loads.» —Investor's Business Daily «Dean of the no-load fund watchers.» —USA Today «Among financial experts who are able to think with a small investor's perspective, no one is more level-headed than Sheldon Jacobs.» —Bottom Line/Personal In July of 1993, Sheldon Jacobs was one of five nationally recognized mutual fund advisors chosen by The New York Times for a mutual fund portfolio competition. The portfolio that he selected produced the highest return of all contestants for almost seven years, and the Times quarterly publication of this contest helped him become one of the best-known mutual fund advisorsin America. Investing without Wall Street shows investors how to achieve the greatest wealth with the least effort. It details the five essentials that even a kid could master and shows that they are all you need to be a successful investor. With this knowledge, the average investor can invest on his or her own and make $252,000 more than a person investing the same way who shares his or her profits with professionals. This book will teach you how.
The irreverent guide to investing, Boglehead style The Boglehead's Guide to Investing is a DIY handbook that espouses the sage investment wisdom of John C. Bogle. This witty and wonderful book offers contrarian advice that provides the first step on the road to investment success, illustrating how relying on typical «common sense» promoted by Wall Street is destined to leave you poorer. This updated edition includes new information on backdoor Roth IRAs and ETFs as mainstream buy and hold investments, estate taxes and gifting, plus changes to the laws regarding Traditional and Roth IRAs, and 401k and 403b retirement plans. With warnings and principles both precisely accurate and grandly counterintuitive, the Boglehead authors show how beating the market is a zero-sum game. Investing can be simple, but it's certainly not simplistic. Over the course of twenty years, the followers of John C. Bogle have evolved from a loose association of investors to a major force with the largest and most active non-commercial financial forum on the Internet. The Boglehead's Guide to Investing brings that communication to you with comprehensive guidance to the investment prowess on display at Bogleheads.org. You'll learn how to craft your own investment strategy using the Bogle-proven methods that have worked for thousands of investors, and how to: Choose a sound financial lifestyle and diversify your portfolio Start early, invest regularly, and know what you're buying Preserve your buying power, keeping costs and taxes low Throw out the «good» advice promoted by Wall Street that leads to investment failure Financial markets are essentially closed systems in which one's gain garners another's loss. Investors looking for a roadmap to successfully navigating these choppy waters long-term will find expert guidance, sound advice, and a little irreverent humor in The Boglehead's Guide to Investing.
An authoritative, must-read guide to making more informed decisions about mutual funds Providing a balance of theory and application, this authoritative book will enable you to evaluate the various performance and risk attributes of mutual funds. It covers a broad range of topics, including understanding the advantages and disadvantages of mutual funds, evaluating stock/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy/sell decisions. While informative chapters combine clear summaries of existing research with practical guidelines for mutual fund analysis, step-by-step decision checklists guide you through the selection of various mutual funds. Puts the risks and rewards of mutual fund investing in perspective Skillfully examines how to select and evaluate the best mutual funds Outlines mutual fund service advantages and disadvantages Discusses the long- and short-term effectiveness of mutual funds Covering major theoretical and management issues in mutual fund analysis and portfolio management, this book is an authoritative guide.
Position your portfolio for growth with one of America's bestselling mutual fund books Are you looking for a trusted resource to help you add mutual funds to your investment strategy? With straightforward advice and a plethora of specific, up-to-date mutual fund recommendations, personal finance expert Eric Tyson helps you avoid fund-investing pitfalls and maximize your chances of success. Newly revised and updated, Mutual Funds For Dummies quickly and easily helps you pick the best funds, assemble and maintain your portfolio, and evaluate your funds' performance. In no time, it gets you up and running on exchange-traded funds, tax laws affecting investments in funds, how to evaluate different fund-investing strategies, and much more. Plan and implement a successful investment strategy that includes mutual funds Avoid fund-investing pitfalls Find the best-managed funds that match your financial goals Select among mutual funds, exchange-traded funds, and other investing options Complemented with sample fund portfolios and updated forms that show you exactly how to accomplish your financial goals, this is your trusted resource for planning and implementing a successful investment strategy that includes mutual funds.