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The Clash of the Cultures : Investment vs. Speculation by John C. Bogle...
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Item specifics
- Condition
- ISBN
- 9781118122778
- Book Title
- Clash of the Cultures : Investment Vs. Speculation
- Publisher
- Wiley & Sons, Incorporated, John
- Item Length
- 9.1 in
- Publication Year
- 2012
- Format
- Hardcover
- Language
- English
- Illustrator
- Yes
- Item Height
- 1.5 in
- Genre
- Business & Economics
- Topic
- Personal Finance / Money Management, Finance / General, Investments & Securities / General
- Item Weight
- 22.4 Oz
- Item Width
- 6.4 in
- Number of Pages
- 384 Pages
About this product
Product Identifiers
Publisher
Wiley & Sons, Incorporated, John
ISBN-10
1118122771
ISBN-13
9781118122778
eBay Product ID (ePID)
109541194
Product Key Features
Book Title
Clash of the Cultures : Investment Vs. Speculation
Number of Pages
384 Pages
Language
English
Publication Year
2012
Topic
Personal Finance / Money Management, Finance / General, Investments & Securities / General
Illustrator
Yes
Genre
Business & Economics
Format
Hardcover
Dimensions
Item Height
1.5 in
Item Weight
22.4 Oz
Item Length
9.1 in
Item Width
6.4 in
Additional Product Features
Intended Audience
Trade
LCCN
2012-026770
Dewey Edition
23
TitleLeading
The
Reviews
'The book is a gem. Well-researched and carefully argued, there's simply no way to argue with Bogle's premises' (Best Financial News, 24th October 2012)
Dewey Decimal
332.6
Table Of Content
Foreword By Arthur Levitt ix Acknowledgments xiii About This Book xv Chapter 1 The Clash of the Cultures 1 Chapter 2 The Double-Agency Society and the Happy Conspiracy 29 Chapter 3 The Silence of the Funds: Why Mutual Funds Must Speak Out on the Governance of Our Nation's Corporations 65 Chapter 4 The "Mutual" Fund Culture--Stewardship Gives Way to Salesmanship 103 Chapter 5 Are Fund Managers True Fiduciaries?: The "Stewardship Quotient" 139 Chapter 6 The Index Fund: The Rise of the Fortress of Long-Term Investing and Its Challenge from Short-Term Speculation 167 Chapter 7 America's Retirement System: Too Much Speculation, Too Little Investment 213 Chapter 8 The Rise, the Fall, and the Renaissance of Wellington Fund: A Case Study--Investment Wins, Speculation Loses 251 Chapter 9 Ten Simple Rules for Investors and a Warning for Speculators 297 Appendix I: Performance Ranking of Major Mutual Fund Managers-March 2012 323 Appendix II: Annual Performance of Common Stock Funds versus S&P 500, 1945-1975 325 Appendix III: Growth in Index Funds--Number and Assets, 1976-2012 327 Appendix IV: Wellington Fund Record, 1929-2012 329 Appendix V: Wellington Fund Equity Ratio and Risk Exposure (Beta), 1929-2012 333 Appendix VI: Wellington Fund Performance versus Average Balanced Fund, 1929-2012 335 Appendix VII: Wellington Fund Expense Ratios, 1966-2011 337 Index 339
Synopsis
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), 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), 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., Praise for The Clash of the Cultures "Jack Bogle is brilliant and persuasive, and his ability to get to the heart of complex issues is one of his greatest gifts. . . . I have come to appreciate his unique ability to speak to investors in a language that is accessible, lyrical and yet also bracing. He points out with clarity the inherent conflicts present throughout our financial markets, most notably between the investor's interests and those of many financial professionals. . . . The entire financial services industry should be glad that Bogle is merely an expert witness, and not the judge and jury as well." From the Foreword by ARTHUR LEVITT "A calm yet impassioned call to financial arms. A trading and speculation culture has taken over on Wall Street, pushing aside the traditions that underpin sensible investing. John Bogle speaks with great credibility and deep experience explaining in meticulous detail exactly how powerful insiders gain and you lose. Listen to him carefully and act to protect your family's financial future." SIMON JOHNSON , Professor, MIT Sloan School of Management, coauthor, White House Burning " The Clash of the Cultures argues convincingly the merits of investing over speculating. Bogle's 'Stewardship Quotient' methodology helps to identify fiduciaries that value stewardship over salesmanship, an all too often mutual fund industry failure. Finally, I like his '10 Simple Rules for Investment Success,' which are logical but seldom followed. Well done!" ROBERT L. RODRIGUEZ, CFA , Managing Partner and CEO, First Pacific Advisors "This is vintage Bogle a hardhitting, noholdsbarred jeremiad showing how the culture of speculation has too often superseded the culture of longterm investing. Jack's fans will benefit particularly from his 10 simple rules comprising an optimal investment strategy for the years ahead." Professor BURTON MALKIEL , bestselling author of A Random Walk Down Wall Street, Tenth Edition
LC Classification Number
HG4521
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- Sep 21, 2021
A book is likely new.
Verified purchase: YesCondition: Pre-OwnedSold by: betterworldbooks
- Aug 22, 2023
All good.
Verified purchase: YesCondition: Pre-OwnedSold by: justinr42
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- r***7 (506)- Feedback left by buyer.Past monthVerified purchaseThank you very much for sending the neck tie as described and fast shipping. It arrived quickly and I appreciate your time preparing the packaging. Have a nice day.
- _***m (101)- Feedback left by buyer.Past yearVerified purchaseTie arrived exactly as described. Shipping was quick and the tie was well protected. Packaging was great. Sellers communication is excellent. Seller went above and beyond. Thanks again.Brooks Brothers Blue Polka Dot Silk Neck Tie (#326330557138)
- 6***a (42)- Feedback left by buyer.Past monthVerified purchaseVery nice seller. Answered questions very fast. The item was exactly as described. I am very happy with my purchase.