The Clash of the Cultures: Investment vs. Speculation (Hardcover)

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By John C. Bogle, Arthur Levitt (Foreword by)
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Recommended Reading by Warren Buffet in his March 2013 Letterto Shareholders

How speculation has come to dominate investment--ahard-hitting look from the creator of the first index fund.

Over the course of his sixty-year career in the mutual fundindustry, Vanguard Group founder John C. Bogle has witnessed amassive shift in the culture of the financial sector. The prudent, value-adding culture of long-term investment has been crowded outby an aggressive, value-destroying culture of short-termspeculation. Mr. Bogle has not been merely an eye-witness to thesechanges, but one of the financial sector's most activeparticipants. In The Clash of the Cultures, he urges a return tothe 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, thefailure of our institutional money managers to effectivelyparticipate in corporate governance, and the need for a federalstandard of fiduciary duty.

Mr. Bogle recounts the history of the index mutual fund, how hecreated it, and how exchange-traded index funds have altered itsoriginal concept of long-term investing. He also presents afirst-hand history of Wellington Fund, a real-world case study onthe success of investment and the failure of speculation. The bookconcludes with ten simple rules that will help investors meet theirfinancial goals. Here, he presents a common sense strategy that"may not be the best strategy ever devised. But the number ofstrategies that are worse is infinite."

The Clash of the Cultures: Investment vs. Speculationcompletes the trilogy of best-selling books, beginning withBogle on Investing: The First 50 Years (2001) and Don'tCount on It (2011)

About the Author


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 "Investment Giants" 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 "has done more good for investors than any other financier of the past century." In January 2012, some of the nation's most respected financial leaders celebrated his distinguished career at the John C. Bogle Legacy Forum, held at New York's Museum of American Finance.
Product Details
ISBN: 9781118122778
ISBN-10: 1118122771
Publisher: Wiley
Publication Date: August 7th, 2012
Pages: 384
Language: English