Don't Count on It!

John C. Bogle 지음

Wiley 2010년 10월 26일 출간

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Praise for Don't Count On It!quot;This collection of Jack Bogle's writings couldn't be more timely. The clarity of his thinking-and his insistence on the relevance of ethical standards-are totally relevant as we strive to rebuild a broken financial system. For too many years, his strong voice has been lost amid the cacophony of competing self-interests, misdirected complexity, and unbounded greed. Read, learn, and support Jack's mission to reform the industry that has been his life's work.quot;-PAUL VOLCKER, Chairman of the President's Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979~1987)quot;Jack Bogle has given investors throughout the world more wisdom and plain financial 'horse sense' than any person in the history of markets. This compendium of his best writings, particularly his post-crisis guidance, is absolutely essential reading for investors and those who care about the future of our society.quot;-ARTHUR LEVITT, former Chairman, U.S. Securities and Exchange Commissionquot;Jack Bogle is one of the most lucid men in finance.quot;-NASSIM N.TALEB, PhD, author of The Black Swanquot;Jack Bogle is one of the financial wise men whose experience spans the post~World War II years. This book, encompassing his insights on financial behavior, pitfalls, and remedies, with a special focus on mutual funds, is an essential read. We can only benefit from his observations.quot;-HENRY KAUFMAN, President, Henry Kaufman Company, Inc.quot;It was not an easy sell. The joke at first was that only finance professors invested in Vanguard's original index fund. But what a triumph it has been. And what a focused and passionate drive it took: it is a zero-sum game and only costs are certain. Thank you, Jack.&am

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Foreword.Introduction.A Note to the Reader.Part One. Investment Illusions.Chapter 1 Don't Count on It! The Perils of Numeracy.Chapter 2 The Relentless Rules of Humble Arithmetic.Chapter 3 The Telltale Chart.Chapter 4 A Question So Important That It Should Be Hard to Think about Anything Else.Chapter 5 The Uncanny Ability to Recognize the Obvious.Part Two. The Failure of Capitalism.Chapter 6 What Went Wrong in Corporate America?Chapter 7 Fixing a Broken Financial System.Chapter 8 Vanishing Treasures: Business Values and Investment Values.Chapter 9 A Crisis of Ethic Proportions.Chapter 10 Black Monday and Black Swans.Chapter 11 The Go-Go Years.Part Three. What's Wrong with "Mutual" Funds.Chapter 12 Re-Mutualizing the Mutual Fund Industry: The Alpha and the Omega.Chapter 13 A New Order of Things: Bringing Mutuality to the "Mutual" Fund.Chapter 14 The Fiduciary Principle: No Man Can Serve Two Masters.Chapter 15 Mutual Funds at the Millennium: Fund Directors and Fund Myths.Chapter 16 "High Standards of Commercial Honor . . .Just and Equitable Principles of Trade . . .Fair Dealing with Investors".Part Four. What's Right with Indexing.Chapter 17 Success in Investment Management: What Can We Learn from Indexing?Chapter 18 As the Index Fund Moves from Heresy to Dogma, What More Do We Need to Know?Chapter 19 "The Chief Cornerstone".Chapter 20 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.Part Five. Entrepreneurship and Innovation.Chapter 21 Capitalism, Entrepreneurship, and Investing: The 18th Century versus the 21st Century.Chapter 22 Seventeen Rules of Entrepreneurship.Chapter 23 "Vanguard: Saga of Heroes".Chapter 24 When Does Innovation Go Too Far?Part Six. Idealism and the New Generation.

&"Don&-t Count on It! is a wise book. As most traders and investors remain convinced that they can beat the market, it&-s always sobering to hear a compelling voice from the other side.&" (Seeking Alpha)"If Bogle writes it, it&-s worth reading. His latest, Don&-t Count On It, is a collection of 35 essays, every one of them filled with wisdom and insight. . . While I have read Bogle&-s views on these issues many times, I&-m always impressed with the quality of his writing (Where else can you read quotations from Adam Smith to Winston Churchill to Cato?), the wit and humility he shows and his passion to help investors. The book is a compelling read, one that in effect tells the story and mission of a great man. We&-re lucky and privileged to have him fighting on our side.& As Bogle noted in his book, Machiavelli &"described the accumulation of worldly &-glory&- as the motivating principle that drives leaders to undertake &-great enterprises&- and do &-great things&- on behalf of their fellow citizens and not just themselves.&" Hard to find a better description of Bogle himself." (MarketWatch)&"Mr Bogle&-s prescription for a better system is relatively simple: to demand proper fiduciary management from money managers. They must prioritise client interests, act as responsible corporate citizens, charge reasonable fees and eliminate conflicts of interest. Amen to that. It may sound like nostalgia from an old-timer, or idealism from a visionary. But without such changes, investors and society will continue to be short-changed as the financial community carries on regardless.&" (Financial Times)&"In Don&-t Count on It! Reflections on Investment Illusions, Capitalism, &"Mutual&" Funds, Indexing, Entrepreneurship, Idealism, and Heroes, Bogle hammers at what he labels the cost matte

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저자(글) John C. Bogle

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John C. Bogle is the founder of the Vanguard Group of Mutual Funds 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 quot;Investment Giantsquot; of the twentieth century; in 2004, Time magazine named him one of the world's 100 most powerful and influential people, and Institutional Investor presented him with its Lifetime Achievement Award. In 2010, Forbes magazine described him as the person who quot;has done more good for investors than any other financier of the past century.quot; Mr. Bogle graduated from Blair Academy cum laude in 1947 and Princeton University in 1951, magna cum laude in economics. In 1999, he received the University's Woodrow Wilson Award for distinguished achievement in the nation's service.Don't Count on It! is Mr. Bogle's ninth book. His earlier books include Common Sense on Mutual Funds, The Battle for the Soul of Capitalism, The Little Book of Common Sense Investing, and Enough.

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