The Clash of the Cultures

John C. Bogle 지음

Wiley 2012년 07월 05일 출간

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Recommended Reading by Warren Buffet in his March 2013 Letter to ShareholdersHow speculation has come to dominate investmentm-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. Bogle has witnessed a massive shift in the culture of the financial sector. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. Mr. Bogle has not been merely an eye-witness to these changes, but one of the financial sector's most active participants. 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. 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. 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. 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. The book concludes with ten simple rules that will help investors meet their financial goals. Here, he presents a common sense strategy that quot;may not be the best strategy ever devised. But the number of strategies that are worse is infinite.quot;The Clash of the Cultures: Investment vs. Speculation completes the trilogy of best-selling books, beginning with Bogle on Investing: The First 50 Years (2001) and Don't Count on It! (2011)

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Foreword By Arthur Levitt ixAcknowledgments xiiiAbout This Book xvChapter 1 The Clash of the Cultures 1Chapter 2 The Double-Agency Society and the Happy Conspiracy 29Chapter 3 The Silence of the Funds: Why Mutual Funds Must Speak Out on the Governance of Our Nation&'s Corporations 65Chapter 4 The “Mutual” Fund Culture&m-Stewardship Gives Way to Salesmanship 103Chapter 5 Are Fund Managers True Fiduciaries?: The “Stewardship Quotient” 139Chapter 6 The Index Fund: The Rise of the Fortress of Long-Term Investing and Its Challengefrom Short-Term Speculation 167Chapter 7 America&'s Retirement System: Too Much Speculation, Too Little Investment 213Chapter 8 The Rise, the Fall, and the Renaissance of Wellington Fund: A Case Study&m-InvestmentWins, Speculation Loses 251Chapter 9 Ten Simple Rules for Investors and a Warning for Speculators 297Appendix I: Performance Ranking of Major Mutual Fund Managers&n-March 2012 323Appendix II: Annual Performance of Common Stock Funds versus SP 500, 1945&n-1975 325Appendix III: Growth in Index Funds&m-Number and Assets, 1976&n-2012 327Appendix IV: Wellington Fund Record, 1929&n-2012 329Appendix V: Wellington Fund Equity Ratio and Risk Exposure (Beta), 1929&n-2012 333Appendix VI: Wellington Fund Performance versus Average Balanced Fund, 1929&n-2012 335Appendix VII: Wellington Fund Expense Ratios, 1966&n-2011 337Index 339

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“The Clash of the Cultures: Investment vs. Speculation”& &is a must read for investors who want to understand the forces that are working against them and what they can do about it to maximize their investment returns. It should come as no surprise to those who know Jack and his philosophy that the final words of his final book are:& ‘Stay the course!&'&m-Forbes“The Clash of the Cultures: Investment vs. Speculation is . . . an enjoyable read that ends with 10 lessons for investors that, while simple, are deeply valuable to the general public. . . Clash of the Cultures is a great summary of the breadth of Bogle's 60-plus years in the investment field. He offers observations on the shocking change in the culture of finance that he has witnessed first-hand. Among the most important of the shifts is that short-term speculation has crowded out long-term investment. Though this has been great for the financial sector, it has come at the expense of the public.” &m-CBS MoneyWatch“Bogle, as the Godfather of index investing, has ideas that are timeless and based on simple math, and at the same time exhibit uncommon sense and a routinely overlooked view of how investors are consistently overcharged by the financial services industry. Fortunately, his wisdom is widely available to everyone. Much of that wisdom has been assembled in Bogle's most recent book The Clash of the Cultures: Investment vs. Speculation (Wiley, 2012). While most of the insights are time-honored themes in the Bogle canon, they are very useful for individual investors.” &m-Reuters“Bogle's latest book tackles what looks like an artificial distinction. His Clash of the Cultures title conjures thoughts of world war and social strife. But he's talking about ‘investment vs. speculation&'. . . &As in his previous books, Bogle is a mast

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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 #34;Investment Giants#34; of the twentieth century. In 2004, Time magazine named him one of #34;the world#39;s 100 most powerful and influential people,#34; and Institutional Investor presented him with its Lifetime Achievement Award. In 2010, Forbes magazine described him as the person who #34;has done more good for investors than any other financier of the past century.#34; In January 2012, some of the nation#39;s most respected financial leaders celebrated his distinguished career at the John C. Bogle Legacy Forum, held at New York#39;s Museum of American Finance.