Don't Count on It!: Reflections on Investment Illusions, Capitalism, "Mutual" Funds, Indexing, Entrepreneurship, Idealism, and Heroes

by John C. Bogle; Foreword by: Alan S. Blinder

• ISBN13: 9780470949023
• ISBN10: 0470949023
• Format: eBook
• Copyright: 2010-10-01
• Publisher: Wiley

Summary

Insights into investing and leadership from the founder of The Vanguard GroupThroughout 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 careerWidely 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.

Table of Contents

Foreword

Introduction

A Note to the Reader

Investment Illusions

Don't Count On It! The Perils of Numeracy

The Relentless Rules of Humble Arithmetic

The Telltale Chart

A Question So Important That It Should Be Hard To Think about Anything Else

The Uncanny Ability to Recognize the Obvious

Capitalism

What Went Wrong in Corporate America?

Fixing a Broken Financial System

Vanishing Treasures: Business Values and Investment Values

A Crisis of Ethic Proportions

Black Monday and Black Swans

The Go-Go Years

"Mutual" Funds

Re-Mutualizing the Mutual Fund Industry: The Alpha and the Omega

A New Order of Things: Bringing Mutuality to the "Mutual" Fund

The Fiduciary Principle: No Man Can Serve Two Masters

Mutual Funds at the Millennium: Fund Directors and Fund Myths

"High Standards of Commercial Honor...Just and Equitable Principles of Trade...Fair Dealing with Investors"

Indexing

Success In Investment Management: What Can We Learn From Indexing?

As The Index Fund Moves from Heresy to Dogma...What More Do We Need To Know?

"The Chief Cornerstone"

Convergence!

The Great Paradox: Just as Active Fund Management Becomes More and More Like Passive Indexing, So Passive Indexing Becomes More and More Like Active Fund Management

Entrepreneurship

Capitalism, Entrepreneurship, and Investing: The 18^th Century vs. the 21^st Century

Seventeen Rules of Entrepreneurship

"Vanguard: Saga of Heroes"

When Does Innovation Go Too Far?

Idealism

Business as a Calling

The Right Kind of Success

"This Above All: To Thine Own Self Be True"

"Enough"

If You Can Trust Yourself...

The Fifth "Never"

"When a Man Comes to Himself"

Heroes

Paul A. Samuelson

Peter L. Bernstein

Bernard Lown, M.D..

Index

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