Two Bogle Investment Classics in One Elegant Boxed Set
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 boxed set includes John Bogle on Investing and Bogle on Mutual Funds, now regarded as timeless investment classics, like Bogle himself. Warren Buffett has called him an “American hero” for his contributions to the investment success of ordinary investors.
John Bogle on Investing wraps up the essence of his half-century of knowledge to deepen your understanding and enhance your investment success. Bogle’s 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.
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 is just such a work. Updated with a new introduction, 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. 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 On Mutual Funds Caveat Emptor Index xxxvii
Part I BUILDING BLOCKS 1
Chapter One THE REWARDS OF INVESTING 3
Chapter Two THE RISKS OF INVESTING 24
Chapter Three MUTUAL FUNDS: PRINCIPLES, PRACTICALITIES, PERFORMANCE 48
Part II MUTUAL FUND SELECTION 65
Chapter Four HOW TO SELECT A COMMON STOCK MUTUAL FUND 67
Chapter Five HOW TO SELECT A BOND MUTUAL FUND 97
Chapter Six HOW TO SELECT A MONEY MARKET FUND 120
Chapter Seven HOW TO SELECT A BALANCED MUTUAL FUND 135
Chapter Eight WHERE TO GET MUTUAL FUND INFORMATION 147
Part III NEW PERSPECTIVES ON THREE KEY ISSUES 167
Chapter Nine INDEX FUNDS 169
Chapter Ten MUTUAL FUND COSTS 190
Chapter Eleven TAXES AND MUTUAL FUNDS 209
Part IV PRACTICAL APPLICATION OF INVESTMENT PRINCIPLES 233
Chapter Twelve THE ALLOCATION OF INVESTMENT ASSETS 235
Chapter Thirteen MUTUAL FUND MODEL PORTFOLIOS 259
Chapter Fourteen A MANDATE FOR FUND SHAREHOLDERS 280
Epilogue TWELVE PILLARS OF WISDOM 303
Notes 308
Index 311
Bogle On Mutual Funds: New Perspectives For The Intelligent Investor Caveat Emptor Index xxxvii
Part I BUILDING BLOCKS 1
Chapter One THE REWARDS OF INVESTING 3
Chapter Two THE RISKS OF INVESTING 24
Chapter Three MUTUAL FUNDS: PRINCIPLES, PRACTICALITIES, PERFORMANCE 48
Part II MUTUAL FUND SELECTION 65
Chapter Four HOW TO SELECT A COMMON STOCK MUTUAL FUND 67
Chapter Five HOW TO SELECT A BOND MUTUAL FUND 97
Chapter Six HOW TO SELECT A MONEY MARKET FUND 120
Chapter Seven HOW TO SELECT A BALANCED MUTUAL FUND 135
Chapter Eight WHERE TO GET MUTUAL FUND INFORMATION 147
Part III NEW PERSPECTIVES ON THREE KEY ISSUES 167
Chapter Nine INDEX FUNDS 169
Chapter Ten MUTUAL FUND COSTS 190
Chapter Eleven TAXES AND MUTUAL FUNDS 209
Part IV PRACTICAL APPLICATION OF INVESTMENT PRINCIPLES 233
Chapter Twelve THE ALLOCATION OF INVESTMENT ASSETS 235
Chapter Thirteen MUTUAL FUND MODEL PORTFOLIOS 259
Chapter Fourteen A MANDATE FOR FUND SHAREHOLDERS 280
Epilogue TWELVE PILLARS OF WISDOM 303
Notes 308
Index 311
John Bogle on Investing: The First 50 Years
2015 INTRODUCTION TO THE CLASSIC EDITION OF JOHN BOGLE ON INVESTING: THE FIRST 50 YEARS IX
FOREWORD: PAUL A. VOLCKER XXIX
INTRODUCTION: WILLIAM T. ALLEN XXXI
PREFACE XXXV
SOME WORDS OF APPRECIATION XLIII
Part I Investment Strategies For The Intelligent Investor
1 Investing in the New Millennium: The Bagel and the Doughnut 5
2 The Clash of the Cultures in Investing: Complexity vs. Simplicity 17
3 Equity Fund Selection: The Needle or the Haystack? 33
4 Risk and Risk Control in an Era of Confidence (or Is It Greed?) 47
5 Buy Stocks? No Way! 66
6 The Death Rattle of Indexing 82
7 25 Years of Indexing: When Active Managers Win, Who Loses? 98
8 Selecting Equity Mutual Funds 108
9 The Third Mutual Fund Industry 122
Part II Taking On The Mutual Fund Industry
10 Mutual Funds: The Paradox of Light and Darkness 141
11 Economics 101: For Mutual Fund Investors . . . For Mutual Fund Managers 153
12 Honing the Competitive Edge in Mutual Funds 168
13 Creating Shareholder Value: BY Mutual Funds . . . or FOR Mutual Fund Shareholders? 180
14 The Silence of the Funds: Mutual Fund Investment Policies and Corporate Governance 196
15 Losing Our Way: Where Are the Independent Directors? 208
Part III Economics And Idealism: The Vanguard Experiment
16 Vanguard—Child of Fortune 221
17 The Winds of Change: The Vanguard Experiment in Internalized Management 231
18 Deliverance 246
19 The Lengthened Shadow, Economics, and Idealism 260
20 On the Right Side of History 270
Part IV Personal Perspectives
21 Changing the Mutual Fund Industry: The Hedgehog and the Fox 291
22 The Majesty of Simplicity 307
23 The Things by Which One Measures One’s Life 312
24 Telltale Hearts 316
25 Press On Regardless 327
Part V The Princeton Thesis
The Economic Role of the Investment Company 341
INDEX 451
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