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The House that Bogle Built: How John Bogle and Vanguard Reinvented the Mutual Fund Industry

ISBN: 9780071749060 | 0071749063

Edition: 1st
Format: Hardcover
Publisher: McGraw-Hill
Pub. Date: 3/28/2011

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Summary Table of Contents

Revised, expanded, and updated edition of the classic account of John C. "Jack" Bogle, Vanguard, and the mutual fund industry

The definitive account of how one of the 20th Century's greatest investors revolutionized the mutual fund industry-and his thoughts on the investing world today One of the most revered investors of his time, John Bogle is a financial industry pioneer, an investing guru, a shrewd analyst, and a survivor. We should heed what he has to say about the state of investing today. The House That Bogl... MOREe Builttells the story of John Bogle, the founding of The Vanguard Group in 1975, and his outlook on the future of investing. It highlights Bogle's revolutionary, iconoclastic nature and his goal of keeping costs low and the interests of investors his top priorities-which was in stark contrast to others in the mutual fund business who were greedy for higher sales profits and management fees. Bogle quickly developed a reputation as being the "conscience" of the industry and has since been revered for helping reform its practices. Featuring never-before-published research and interviews with Bogle himself, The House That Bogle Builtcovers covers Bogle's views about Vanguard, his successor Jack Brennan, and the current crisis in the world of investing. Bogle firmly believes that investors, who own 70 percent of the shares of large public companies, have done far too little to ensure that large companies avoid financial recklessness. The House That Bogle Builtprovides a sober perspective on the future of an industry spinning out of control.

"One of the best financial books of 2011." National Post John Bogle'�"s journey from financial-industry pioneer to one of its toughest critics Arguably the greatest shareholder advocate in the history of Wall Steet, John Bogle not only created the first index mutual fund but has become the primary voice for change in an industry plagued by excess and complacency. Bogle stumbled upon mutual funds by accident in 1949 as a college student at Princeton. In his junior year, he read a Fortunearticle about the burgeoning fund industry that sparked his interest, and he wrote his now famous senior thesis about it. What began as an intellectual pursuit would turn into Bogle'�"s life mission. The House That Bogle Builtchronicles the years of Bogle'�"s development from college whiz kid into a titan of the mutual fund industry and shareholder advocate'� ;highlighting his creation of the Vanguard Group and the Vanguard 500 Index Fund and his frequent battles to shake up the status quo. It takes you through the two decades he spent running Vanguard, until his forced retirement in 1999, and discloses what he thinks about the fund industry today. Bogle has always stood out for his extraordinary talents in math, analysis, management, and investing. But his most noteworthy trait is his most basic: his humanism in an industry not exactly famous for placing people over profit. It'�"s Bogle'�"s dedication to clients'�" interests above all else that has earned him the reputation as the '�Sconscience'� of the investing industry. In his ninth decade of life, Bogle is remarkably candid about the role he plays at Vanguard today'� ;and about his opinion of Jack Brennan, his successor. '�SHow do you keep Vanguard a place where judgment has at least a fighting chance to triumph over process?'� he asks. Skeptical but never defeatist, Bogle maintains a retired-but-active status at the company, keeping a close watch over those now at the helm of Vanguard. The House That Bogle Builtreveals one of the investing world'�"s most fascinating and complex figures. A dogged advocate of shareholder democracy, he was a self-confessed '�Sdictator'� at Vanguard. A brilliant mathematician, he is more interested in people than numbers. Fiercely competitive, he bemoans the cut-throat approach that drives his industry of choice. Always, though, Bogle places the good of the client before anything else'� ;a practice that has become steadily rarer in his business. The House That Bogle Builtprovides an insightful look at the past, present, and future of one of today'�"s largest industries, through the eyes of one of its most influential pioneer.

Preface	p. vii
The Sopwith Camel	p. 1
The Mutual Fund Pioneer	p. 15
�He Knows More About the Fund Business than We Do�	p. 21
A Marriage Made in Heaven	p. 29
Irreconcilable Differences	p. 41
From the Deck of HMS Vanguard	p. 53
Cutting the Gordian Knot	p. 61
The Vanguard Manual	p. 75
Creating Loyalty and Respec... MOREt	p. 85
The Great Bull Market	p. 101
�The Devils Invention�	p. 119
The Two Jacks	p. 135
�Don't Call Me a Gadfly�	p. 157
St. Jack	p. 183
The Rise of the Speculator	p. 203
The Spirit of Mutuality	p. 221
The Heart of the Matter	p. 241
The Future of Indexing	p. 251
The Future of Vanguard	p. 275
Acknowledgments	p. 291
Notes	p. 293
Index	p. 303
Table of Contents provided by Ingram. All Rights Reserved.

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