This is John Bogle’s tenth book and he surely does celebrate in style. I have read most of Mr Bogle’s books and The Clash of the Cultures is definitely the one. I read Clash of the Cultures: Investment vs. Speculation by Vanguard founder John Bogle. It’s a wonderful book outlining what true investing is. John Bogle’s story is an oft-told tale, yet even Bogle junkies will learn some fascinating new facts from the latest book by the founder of the Vanguard Group.
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The Clash of the Cultures: Investment vs. Speculation
Review quote The book is a gem. 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.
Bogle’s opinion on American’s retirement systems. Reversion to the mean is important.
Bogle’s focus is on how the quest for quick profits is posing a major threat to our economy. The choice you face extends beyond those to to actual security selection itself and identifying attractive businesses to buy and holding them for long periods of time.
In a blatant example, he acknowledges the control that corporations have over government regulation on one page, then proposes that this already compromised government regulation be used to prevent corporate control and perverse incentives This is a long winded version of Bogle’s excellent, short version: I would recommend taking a look at any chapters you’re interested in, but not reading the whole book. Highlights our financial culture change free m investment to speculation and describes how it occurred with emphasis on the cozy relationship between fund managers and corporation management, which results in less concern for the actual owners of the funds.
There’s also a lot of historical detail about the development of index funds, the Wellington group, Vanguard, etc.
The Clash of the Cultures: Investment vs. Speculation by John C. Bogle
If I had been the editor, I would have cut a bunch out of this fultures and had it focus exclusively on suggestions for individual investors and background on flash those suggestions came from and why they’re beneficial; hopefully my suggestions above will mimic that result.
Dec 31, Jerry rated it liked it Shelves: Jun 03, Brad Herman rated it it was amazing Shelves: Bogle’s venerable career at the helm of Culturres yields a valuable perspective on the drastic changes in money management over the last century. Wellington Fund Record, Appendix V: Oct 27, Joe Maguire rated it it was ok.
Honestly a bit dense for light reading, but a really informative look at long term investing. Bogle’s ‘Stewardship Quotient’methodology helps to identify fiduciaries that value stewardshipover salesmanship, an all too often mutual fund industry failure. Sweet book to have near you.
The author then concludes the main part of his discussion with a case study of the rise, fall, and rebirth of the Wellington Fund 8 and ten simple rules for investors 9.
Thanks for telling us about the problem. InForbes magazine described him as the person who “has done more good for investors than any other financier of the past century. Much of that wisdom has been assembled in Bogle’s most recent book The Culfures of the Cultures: An exceptional walk-through of the history of index funds from the pioneer that steered Vanguard back from the financial cellar to a paragon status of responsibility and balance.
The Clash of the Cultures : Investment vs. Speculation
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 fhe a federal standard of fiduciary duty. To see what your friends thought of this book, please sign up.
A book I may read again in the future if I get off track or are in doubt. A truly great read. He explained some of the major problems with the investment world two agent model, federal obstacles, CEO pay He also gives his views on how to save the country’s spotty and ill-performing retirement cllash, speculators in general and the financial industry’s fall from grace.
The Clash of the Cultures : John C. Bogle :
But the number of strategies that are worse is infinite.