Download Don't Count on It!: Reflections on Investment Illusions, by John C. Bogle PDF

By John C. Bogle

Insights into making an investment and management from the founding father of the leading edge Group

Throughout his mythical profession, John Bogle—founder of the leading edge mutual fund crew and author of the 1st index mutual fund—has helped traders construct wealth the appropriate method, whereas, while, top a tireless crusade to revive logic to the funding world.

A number of essays according to speeches brought to specialist teams and faculty scholars lately, in Don't expect It is geared up round 8 themes
• phantasm as opposed to truth in investing
• Indexing to industry returns
• mess ups of capitalism
• The incorrect constitution of the mutual fund industry
• The spirit of entrepreneurship
• what's adequate in company, and in life
• suggestion to America's destiny leaders
• The unforgettable characters who've formed his career

Widely acclaimed for his function because the judgment of right and wrong of the mutual fund and a constant suggest for person traders, in Don't expect It, Bogle keeps to motivate, whereas pushing the mutual fund to degree as much as their promise.

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

Sample text

The painful stock market decline that we are now enduring simply represents the return to reality. Is the price of a stock truly a consistent and reliable measure of the value of the corporation? Don’t count on it! Among the principal beneficiaries of the focus on stock prices were corporate chief executives. Holding huge numbers of stock options, they were eager to “make their numbers,” by fair means or foul, or something in between. As the numbers materialized, their stock prices soared, and they sold their shares at the moment their options vested, as we know now, often in “cashless” transactions with bridge loans provided by the company.

Its most recent incarnation came in 1994, in Jeremy Siegel’s Stocks for the Long Run. Both books unabashedly state the case for equities and, arguably, both helped fuel the great bull markets that ensued. Both, of course, were then followed by great bear markets. Both books, too, were replete with data, but the seemingly infinite data presented in the Siegel tome, a product of this age of computer-driven numeracy, puts its predecessor to shame. But it’s not the panoply of information imparted in Stocks for the Long Run that troubles me.

I know that. But for the past 28 years I’ve been engaged in building an enterprise — and a financial institution at that — based far more on the sound implementation of a few commonsense investment ideas and an enlightened sense of human values and ethical standards than on the search for quantitative goals and statistical achievements. Vanguard’s market share, as I’ve said countless times, must be a measure, not an objective; it must be earned, not bought. Yet the fact is that our market share of fund industry assets has risen, without interruption, for the past 22 years.

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