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Common Sense on Mutual Funds

John C. Bogle shares his extensive insights on investing in mutual funds. Since the first edition of "Common Sense on Mutual Funds" was published in 1999, much has changed, and no one is more aware of this than mutual fund pioneer John Bogle. Now, in this completely updated Second Edition, Bogle returns to take another critical look at the mutual fund industry and help investors navigate their way through the staggering array of investment alternatives that are available to them. Written in a straightforward and accessible style, this reliable resource examines the fundamentals of mutual fund investing in today's turbulent market environment and offers timeless advice in building an investment portfolio. Along the way, Bogle shows you how simplicity and common sense invariably trump costly complexity, and how a low cost, broadly diversified portfolio is virtually assured of outperforming the vast majority of Wall Street professionals over the long-term. It is written by respected mutual fund industry legend John C. Bogle. It discusses the timeless fundamentals of investing that apply in any type of market. It reflects on the structural and regulatory changes in the mutual fund industry. Other titles by Bogle include: "The Little Book of Common Sense Investing and Enough". Securing your financial future has never seemed more difficult, but you'll be a better investor for having read the Second Edition of "Common Sense on Mutual Funds".
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Table of Contents

Foreword for the 10th Anniversary Edition ix Foreword for the Original Edition xiii Preface to the 10th Anniversary Edition xv Preface to the Original Edition xix Acknowledgments for the 10th Anniversary Edition xxvii Acknowledgments for the Original Edition xxix About the Author xxxi PART I: On Investment Strategy 1 Chapter 1 On Long-Term Investing 3 Chance and the Garden Chapter 2 On the Nature of Returns 45 Occam's Razor Chapter 3 On Asset Allocation 77 The Riddle of Performance Attribution Chapter 4 On Simplicity 109 How to Come Down to Where You Ought to Be PART II: On Investment Choices 143 Chapter 5 On Indexing 145 The Triumph of Experience over Hope Chapter 6 On Equity Styles 191 Tick-Tack-Toe Chapter 7 On Bonds 217 Treadmill to Oblivion? Chapter 8 On Global Investing 251 Acres of Diamonds Chapter 9 On Selecting Superior Funds 277 The Search for the Holy Grail PART III: On Investment Performance 303 Chapter 10 On Reversion to the Mean 305 Sir Isaac Newton's Revenge on Wall Street Chapter 11 On Investment Relativism 329 Happiness or Misery? Chapter 12 On Asset Size 347 Nothing Fails Like Success Chapter 13 On Taxes 373 The Message of the Parallax Chapter 14 On Time 401 The Fourth Dimension Magic or Tyranny? PART IV: On Fund Management 423 Chapter 15 On Principles 425 Important Principles Must Be Inflexible Chapter 16 On Marketing 445 The Message Is the Medium Chapter 17 On Technology 465 To What Avail? Chapter 18 On Directors 483 Serving Two Masters Chapter 19 On Structure 503 The Strategic Imperative PART V: On Spirit 533 Chapter 20 On Entrepreneurship 535 The Joy of Creating Chapter 21 On Leadership 549 A Sense of Purpose Chapter 22 On Human Beings 567 Clients and Crew Afterword 585 Appendix I Some Thoughts about the Current Stock Market as 2010 Begins 591 Appendix II Some Thoughts about the Current Stock Market as 1999 Begins 599 Notes 607 Index 613

About the Author

John C. Bogle is founder of the Vanguard Mutual Fund Group 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 named him one of the world's 100 most powerful and influential people; and Institutional Investor presented him with its Lifetime Achievement Award. Bogle is also the author of Enough. and The Little Book of Common Sense Investing, both published by Wiley.


Vanguard Group founder and chair Bogle (Bogle on Mutual Funds) shares his classic ideas on how best to maximize investments in mutual funds, showing investors how to embrace simplicity and revolutionize their portfolios. The world's largest no-load mutual fund group, Vanguard has risen to the top of the heap of fund companies, following Bogle's advice on such topics as tactical allocation, long-term investing, investment relativism, rapid turnover, owning the right number of funds, and selecting index funds. The opening primer on investment strategy and the author's preference for mutual funds for their inherent value is balanced with a keen perspective on his view of the need for a major redirection of the industry, making for a solid package. The excellent narration by Grover Gardner guides serious listeners through this exemplary approach to investing in these funds. Highly recommended for all university libraries supporting a business curriculum and larger public libraries.Ă„Dale Farris, Groves, TX Copyright 2000 Cahners Business Information.

"As founder of the giant mutual fund company, Vanguard Group, Bogle writes what he knows: how to steer one s way through mutual funds and the numbing variety of investment alternatives available today. His is a clear and readable style, and Bogle helps make still somewhat-arcane terms such as quantitative investing understandable." ( "Common Sense on Mutual Funds," by John Bogle, inventor of the retail index fund and founder of the Vanguard Group. It s the best book ever on fund investing, just updated for new investors. The case for indexing is rock solid, as you ll see here. It s the only strategy that works, long term." Jane s Book Club, "Never before [have] I seen a book that so openly and successfully juxtaposed that which was said against that which actually happened over the period of a decade... As a long-time believer in low cost indexing, I didn t think I d learn much from this book. I was wrong! Reading this book offers investors a glimpse of the perspective and lessons learned from recent years that were anything but normal... This book, of course, is even more valuable to those that aren t a believer in indexing. It may be a hard read if you re among those who still believe that 90 percent of investors can all be above average. Consider the effort well worth it because the common sense in this book may save your retirement. Reading this book might also help you realize, as I have, that common sense really is pretty uncommon." Allan Roth, CBS "The definitive book on index fund investing. It explains why index fund investing is the best way no, the only way for people to invest their savings... [Bogle] does something few in the investing world would dare to do. He stands by what he said 10 years ago. The original text is presented unchanged. New data is added to reveal what happened over the past 10 years." Scott Burns, The Austin American Statesman A worthwhile addition to one s library, particularly as a reference publication... This . . revision of a book written ten years ago ... with the original text still present in the book, and an analysis of the predictions that were made ten years ago... makes fascinating reading. The analysis of the predictions on their own makes the book worth a read, even if all one does is look at the coloured sections which contain the updated material. (Australian Investors Association) More Common Sense from Jack Bogle. Jack s back and he s unbowed... The tome holds up well after a decade. Bogle hasn t altered a word of the original text, just added color coded data and text boxes to show where he was on or off the mark. Guess what? Jack doesn t offer many mea culpas... The book is still essential reading for investors. Whether you think indexing is the best way to investor not, it s filled with simple, powerful advice that can help stack the odds of long-term financial success in your favor. Reading it then helped shape me as an investor and analyst. Here are the most important lessons (besides the obvious one: that indexing works) that I ve drawn from the pages of both editions, as well as a couple of points where I, and many of my colleagues, dare to differ from St. Jack. (Morningstar)

Not that many years ago, an average bookstore might have had two or three books on mutual funds filed away in the business section. Today, as the number of Americans who invest in mutual funds continues to grow, such books take up several aisles in a section of their own. There are guides for data junkies and mathphobes, books that tell how to make a killing and books that tell how to avoid the coming disaster. A few classics stand above the clutter. Bogle on Mutual Funds is one of them. Now the same author has added another. While the first book aimed at educating beginners, the new one seeks to persuade experienced investors to discard received wisdom that isn't so wise after all. While no 450-page work on mutual funds with lots of charts can be considered fun summer reading, the book is always informative and the writing never worse than painless and sometimes quite lively. Bogle speaks with a rare authority. On one hand, he is the founder of Vanguard mutual funds, the second-largest mutual fund company in the world. So he knows the business from the ground up. On the other hand, Vanguard has always been famous for running the lowest-cost mutual funds, funds that eschew loads, engage in sensible strategies and return all profit to the investors. So Bogle is also a leading consumer advocate. That rare combination, mixed with years of serious research and a dash of style, makes Bogle an unparalleled guide to the world of mutual funds. Money Book Club alternate. (Apr.)

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