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The Clash of the Cultures: Investment vs. Speculation


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"This is vintage Bogle--a hard-hitting, no-holds-barred jeremiad showing how the culture of speculation has too often superseded the culture of long-term investing.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

John C. Bogle is the founder of the Vanguard Group of mutual funds and President of its Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as chairman and chief executive officer until 1996 and senior chairman until 2000. In 1999, Fortune magazine named Mr. Bogle as one of the four "Investment Giants" of the twentieth century. In 2004, Time magazine named him one of "the world's 100 most powerful and influential people," and Institutional Investor presented him with its Lifetime Achievement Award. In 2010, Forbes magazine described him as the person who "has done more good for investors than any other financier of the past century." In January 2012, some of the nation's most respected financial leaders celebrated his distinguished career at the John C. Bogle Legacy Forum, held at New York's Museum of American Finance.

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