The Clash of the Cultures: Investment vs. Speculation

The book concludes with ten simple rules that will help investors meet their financial goals. Bogle has witnessed a massive shift in the culture of the financial sector. 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. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. 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 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. Here, he presents a common sense strategy that "may not be the best strategy ever devised. 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. 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. Mr. But the n

What a Great Book! Whether you are new to investing or a veteran, this should be a "must read." Indeed, the take-aways are very simple: If you want to succeed in investing, invest in index funds, and hold them long-term. Bogle eschews specialty investing (funds or equities other than broad market index funds), and he eschews speculation even more.So, in theory, one could take a pass on reading the book and walk away with this advice (which, actually, has been around forever)for free. But that's not the purpose of the book. What the book does is explain, in incredibly persuasive detail, WHY Bogle believes what he doe. I Never Realized That I worked 25 years in a Casino I spent 8 years in the "securities" business as a salesman and then 13 years as a trader using house money. As a salesman, I cannot tell you the number of players (customers) that got wiped clean based on my advice. As a trader, I was directly part of the casino, effectively using the house favoring odds to scrape off a fair amount of money from the players. As a young person in the business as a salesman I was operating under the belief that I was assisting people in making "investments" but actually I had them putting all their chips (money) on black number 33 - long,long shots that rarely if ev. Another Jack Bogle classic book I was already a life-long fan of Jack Bogle and his low-cost index funds. I have probably read about Another Jack Bogle classic book Artephius (. I was already a life-long fan of Jack Bogle and his low-cost index funds. I have probably read about 4 of his previous books. Since I was already familiar with Jack's work, there were few surprises for me in this book.As William Bernstein pointed out in his review, the large Wall Street investment firms have been a failure in terms of helping the average investor achieve his financial goals. Billions, yes billions of dollars are paid out in Wall Street bonuses every year, primarily for figuring out how to sell people and firms investments they should not buy. Just read a few books by people that w. of his previous books. Since I was already familiar with Jack's work, there were few surprises for me in this book.As William Bernstein pointed out in his review, the large Wall Street investment firms have been a failure in terms of helping the average investor achieve his financial goals. Billions, yes billions of dollars are paid out in Wall Street bonuses every year, primarily for figuring out how to sell people and firms investments they should not buy. Just read a few books by people that w

Bernstein. Featured Guest Review by William J