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The Little Book of Common Sense Investing Audible Audiobook – Unabridged

John C. Bogle (Author), Thom Pinto (Narrator), Macmillan Audio (Publisher)
4.7 out of 5 stars 8,956 ratings

John C. Bogle's The Little Book of Index Investing is a power-packed explanation of why outperforming the market is an investor illusion. Instead, the founder of The Vanguard Group—the man who's been called "the conscience of the investment industry"*—recommends a simple, time-tested investment strategy that can deliver the greatest return to the greatest number of investors: indexing. Why? Investing is a zero-sum game where transaction costs, taxes, poor investment diversification, and poor market-timing (an affliction for most investors) hurts your portfolio more than it helps. Indexing eliminates that hurt. Bottom-line, if you can't be an index, why not invest in one? And you'll be all the happier and richer for it.
*Time Magazine

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Previous slide of product details
  1. Listening Length
    5 hours and 7 minutes
  2. Author
    John C. Bogle
  3. Narrator
    Thom Pinto
  4. Audible release date
    February 20, 2007
  5. Language
    English
  6. Publisher
    Macmillan Audio
  7. ASIN
    B000NJXF6E
  8. Version
    Unabridged
  9. Program Type
    Audiobook
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Product details

Listening Length 5 hours and 7 minutes
Author John C. Bogle
Narrator Thom Pinto
Audible.com Release Date February 20, 2007
Publisher Macmillan Audio
Program Type Audiobook
Version Unabridged
Language English
ASIN B000NJXF6E
Best Sellers Rank

Customer reviews

4.7 out of 5 stars
8,956 global ratings

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Customers say

Customers find this investment book provides clear direction and explains index funds effectively, making it a must-read for investors. Moreover, the book is easy to comprehend, particularly for beginners, and customers appreciate its accuracy with lots of statistics. Additionally, customers like its short length and find it an insightful read. However, the content receives mixed feedback - while some consider it timeless, others find it outdated, and while some find it to the point, others consider it repetitive.

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AdviceEase of readingReadabilityEffectivenessLengthAccuracyRepetitionAge of content
479 customers mention "Advice"448 positive31 negative

Customers appreciate the book's investment advice, particularly its clear direction and explanation of index funds, making it a must-read for investors.

"...if you have the appropriate market understanding and tolerance for increased risk." Read more

"Excellent, concise information that everyone can use. Worth its weight in gold." Read more

"...It has solid advice, but it should not be considered the end-all of investing, and some of the advice and quotations should be taken with a grain of..." Read more

"...adding to an allocation and the simplicity of doing so was worth the price of the book itself, especially when you see how the author details the..." Read more

270 customers mention "Ease of reading"262 positive8 negative

Customers find the book easy to comprehend and concise, describing it as a simple overview of investing concepts.

"...This book is an excellent starting point for those of us who wish to be self directed and would rather save thousands of dollars per year in..." Read more

"Excellent, concise information that everyone can use. Worth its weight in gold." Read more

"...Pros: + quick and easy read + lots of examples and diagrams to demonstrate how high expense ratios and other hidden costs can devastate a..." Read more

"...There are no populist boogie men in this book and there are no get rich quick schemes, no pretense that Bogle knows how to better time the market..." Read more

240 customers mention "Readability"240 positive0 negative

Customers find the book enjoyable and insightful, with one customer noting it is suitable for both new and experienced investors.

"Excellent, concise information that everyone can use. Worth its weight in gold." Read more

"...Overall, however, it's a great and insightful read. I plan to buy a couple extra copies to give to my family. Pros:..." Read more

"...This book was a home run...." Read more

"...It's been an incredible tool in this regard. And the red cover!! It's excellent!! It's hard to lose the book...." Read more

25 customers mention "Effectiveness"23 positive2 negative

Customers find the book effective, with one customer noting that the provided examples of past performance are clear.

"...I think this provides a low cost way for me to invest and be successful in the market with relatively little on hands management or excessive worry,..." Read more

"...The book flows smoothly in every chapter. The provided examples of past performance are clear. "Do the math," is stressed routinely...." Read more

"...And if you are a passive investor, or any investor for that matter, it can work. Could it be possible to beat the markets on your own?..." Read more

"...man who knows what he is talking about and has had undeniable, demonstrable results for some time now...." Read more

18 customers mention "Length"13 positive5 negative

Customers appreciate the book's length, with several noting it is very short, and one mentioning it's easy to fit on any bookshelf.

"...+ great format - short chapters, useful data, neat quotation sections at the end of each chapter Cons: -..." Read more

"...The longer book is great and provides alot of information (and I recommend it) but this shorter book is a great introduction...." Read more

"...This book is short, simple and to the point. You want to be the millionaire next door?..." Read more

"...It is a small book, easy to fit on any bookshelf. It is attractive with or without its dust jacket. Highly recommended." Read more

13 customers mention "Accuracy"10 positive3 negative

Customers appreciate the book's accuracy, noting it is based on data and contains lots of statistics, with one customer mentioning it has been recently updated with newer statistics.

"This book has tons of good and helpful data. Although, you can tell John isn't much of a writer...." Read more

"...I also love that the book has been recently updated with newer statistics but even if it's like 10 years in the future and you're reading this..." Read more

"...Piled with fact after fact, lots of statistics, and bare logic, the book makes its case superbly...." Read more

"...The math is kept at a very low level and the data is a little sporadic...." Read more

64 customers mention "Repetition"39 positive25 negative

Customers have mixed opinions about the book's repetition, with some finding it interesting and to the point, while others find it very repetitive.

"...I found this book as very interesting and simple to understand and I enjoyed to read it...." Read more

"...of information but in my opinion, it had many run-on sentences and ramblings...." Read more

"...This book is short, simple and to the point. You want to be the millionaire next door?..." Read more

"...This set of CDs is very repetative which is a positive...." Read more

17 customers mention "Age of content"10 positive7 negative

Customers have mixed views on the book's content, with some finding it timeless and classic, while others note that it feels outdated.

"...taught me the the basics of the stock market, the statistics, the history and best way for beginners to get into investing is through the S&P 500." Read more

"I think the book is worth reading but is outdated and could be much more concise...." Read more

"This book was an easy read with practical examples and historical data...." Read more

"...a bit more technical and has a lot of tables/graphs full of relevant historical data...." Read more

Must Read For People Thinking About Investing
5 out of 5 stars
Must Read For People Thinking About Investing
I was thinking of opening a Roth IRA and stumbled across bogleheads and consequently, this book. I just finished it and it really was merely a little book of common sense investing. John Bogle just makes too much sense and bows to the rules of humble arithmetic. The summary advice is to diversify your portfolio and invest in broad-market low-cost index funds
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Top reviews from the United States

  • Sean
    5.0 out of 5 stars This should be your first John Bogle book.
    Reviewed in the United States on May 26, 2025
    Format: HardcoverVerified Purchase
    Mark Dice from YouTube recommended this book to his followers. I had coincidentally just transferred all my inherited investment accounts from a so-called "wealth advisor" who was EXTREMELY expensive, compared to being self directed, to Fidelity and was ready to immerse myself in the world of common stocks, mutual funds, ETFs, and bonds to exceed my current profits. This book is an excellent starting point for those of us who wish to be self directed and would rather save thousands of dollars per year in excessive fees and see it transfer to larger profits in your portfolio(s).

    As I mentioned earlier, this book, imo, should be your starting point if you're interested in self directed stock market trading. John C. Bogle was a selfless man, eager to teach anyone interested in the do's and don't's of self directed index fund purchasing. This is more condensed version of Mr. Bogle's 'Common Sense on Mutual Funds New Imperatives for the Intelligent Investor'. I would recommend reading the latter after reading 'The Little Book' first.
    3 people found this helpful
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  • CMT
    5.0 out of 5 stars It’s not wrong and is good for the safe conservative investor.
    Reviewed in the United States on April 29, 2025
    Format: HardcoverVerified Purchase
    In summary, invest in an index fund like S&P 500 along with bonds. The ratio depends on age. It is a sound and proven strategy for the long term. There are ways to improve on this strategy if you have the appropriate market understanding and tolerance for increased risk.
    One person found this helpful
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  • GMat
    5.0 out of 5 stars Worth its weight in gold
    Reviewed in the United States on May 7, 2025
    Format: HardcoverVerified Purchase
    Excellent, concise information that everyone can use. Worth its weight in gold.
    One person found this helpful
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  • Vasiliy Zhulin
    4.0 out of 5 stars Quick and simple introduction to index investing
    Reviewed in the United States on June 27, 2007
    Verified Purchase
    John Bogle created the world's first index fund in 1975. In this book, he describes why you should make index funds the core of your investment portfolio.

    Bogle starts off with introducing index funds through a parable that describes how middle-man costs in finance eat away at investors' profits. He discusses why speculation doesn't work and why business reality (in his definition, divident yields plus earnings growth) is more important that market expectation (changes in P/E based on what investors are willing to pay for various equities).

    Bogle spends a few chapters discussing various problems with regular actively managed mutual funds, covering issues with performance (he asserts that less than 1% of all mutual funds were able to beat the market consistently over the past half century), various costs (expense ratios, sales charges, advertising fees, turnover costs, tax implications), poor market timing, and finally the difficulty of choosing a mutual fund (he states that there's no good way to pick a fund, since we can't foretell the future, and past performance is not an indicator of what's to come). He brings the reader to the "common sense" conclusion that index funds, in their pure simplicity, are the logical choice for any investor, as they provide the diversified return of the entire market with miniscule fees and minimal effort.

    The last few chapters cover bond funds, ETFs, and a few pages of investment advice - which boils down to keeping at least 50% (if not all) of your money in broad-market index funds. Interestingly, Bogle spends a chapter discussing what Benjamin Graham would have thought about index funds, citing various quotes from Graham's "The Intelligent Investor" and certain blurbs from Warren Buffet. He, of course, concludes that Graham would have praised index funds.

    So, did I like the book? Yep.. it was pretty good. Bogle writes very clearly and visibly tries to keep his discussions simple and to the point, so as to appeal to the widest possible audience. And with good reason! Bogle's advice is very applicable to the many individual investors today - index funds are a great low-cost and low-maintenance way to get your share (or all, as Bogle suggests) of the market's return.

    To convince the reader, Bogle uses many diagrams to illustrate returns of various mutual funds vs. index funds, and to compare what your original investment would look like after a certain time - based on how it was invested. I found an error in one of the diagrams - exhibit 10.1 (and the text around it) on page 108 lists the average fund advisor return as $188,500 instead of $88,500. Not a big deal, but it slightly undermines the point he's trying to make on that page. Overall, I feel that Bogle's diagrams illustrate some good harsh realities - he clearly illustrates how a few percentage points (i.e. the costs associated with actively managed mutual funds) can eat away enormous chunks of your money over time.

    To bring more authority into his argument, Bogle provides a "Don't Take My Word for It" section at the end of each chapter, where he quotes various respected investors and professors to support the points he made in the chapter. I enjoyed this, but it's important to be aware that some quotes can often be interpreted very differently outside a certain context.

    One very obvious issue with this book is that Bogle is selling his own product - Vanguard's funds. He doesn't try to hide this in any way. He uses Vanguard's funds in nearly all examples, and he often hints how his "world's first index fund" is the greatest thing since sliced bread. You can't really blame the man - his contribution to the world of finance and investing is enormous, and he damn well should be proud of his accomplishments. So I think it's okay to cut Bogle some slack in this area.

    The book is short - about 215 small-size pages. You can probably sit down and read it in a few solid hours. It also goes pretty quickly, as the material is not dense and easy to follow. However, some may argue that the book is too long for what it is trying to demonstrate. True, Bogle's advice really can be summed in just a few pages - index funds are a great choice for the average investor. But I have to say that I enjoyed reading the examples and history that he provides.

    In conclusion, I recommend this book to any individual investor. While Bogle's advice is in no way eye-opening or revolutionary (chances are, you already know that index funds are a very low-cost and low-maintenance way to diversify), it is good to remind yourself the reasons why you should stay away from most actively managed mutual funds. As Bogle describes, this is all common sense - but we're often blinded by flashy advertisements, hot market sectors, and seemingly-reachable dollar signs. This book is a good reality check for the average individual investors.

    I wish I could give this book 4.5 stars - but since I can't due to Amazon's rating system, I feel that it is more of a 4-star book rather than a 5-star one. It has solid advice, but it should not be considered the end-all of investing, and some of the advice and quotations should be taken with a grain of salt. Overall, however, it's a great and insightful read. I plan to buy a couple extra copies to give to my family.

    Pros:
    + quick and easy read
    + lots of examples and diagrams to demonstrate how high expense ratios and other hidden costs can devastate a portfolio's return
    + some good basic investment advice: buy and hold, avoid emotional decisions, don't be enticed by "new hot trends" (as by the time you find out about them, prices are already inflated), diversify into the whole market, look into costs before buying, etc.
    + great format - short chapters, useful data, neat quotation sections at the end of each chapter

    Cons:
    - some may be turned off by Bogle's plugs for Vanguard funds (this didn't really bother me)
    - may seem lengthy to drive one main point home (but keep in mind that there are quite a few good tid-bits scattered throughout the book)
    - take some citations with a grain of salt
    282 people found this helpful
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  • Vera Bay
    5.0 out of 5 stars Want to Sleep at Night and Pursue Other Hobbies?
    Reviewed in the United States on January 20, 2008
    Verified Purchase
    As expected, Bogle believes in the efficient market theory, meaning you cannot consistently and over the long haul beat the market. But even if you believe you can beat the market, or that you have developed a system that when backtested against market data, you can show that you beat the market, you still lose in the real world, where there are transaction fees, and worst of all, taxes. It might seem obvious, but taxes eat up a hefty portion of your gains, and most of the "systems" that beat the market statistically require you to be able to trade as soon as their indicator tells you. In the real world, this doesn't happen. You might decide to try to hold on for long term capital gains only to see your winnings evaporate. Or, if you take the trade, you must deduct immediately the taxes due. And now you must get lucky again on the next stock you put the money into, but with 45% less (Fed + CA state). Maybe noone has calculated how much your next stock has to gain just to make up the tax loss. And that is what Bogle points out is the folly of following systems that try to beat the market (assuming someone has one that works consistently).

    In the real world, investors consistently time the market incorrectly. Bogle shows mathematically that you are not guaranteed to even get the return that the fund shows as an average, if you're always buying at the top. Indeed many mutual funds expand and shrink as their relative performance goes up or down. Therefore the majority of the investors in that fund got in near the peaks, and tend to exit when the fund goes down. People are constantly switching to the Morningstar 4 or 5 star funds, not realizing that they are not getting the average gains that attracted them because they put their money in after the gains have already occurred.

    Finally, as he has preached over and over again, expenses are like this little cancer that truly can devastate any actively managed fund. Expenses can eat up what dividends are paid, and reduce the amount of your capital to be put to work in compounding (assuming you reinvest).

    EFT's can work for you if you buy and hold. However their very format of being traded in the secondary market encourage frequent trading. Bogle is not a fan of market timing, and this includes sector investing, which is a form of market timing. The pletora of index EFT's of all different colors and stripes allow people to easily invest in sectors that are hot and dump them when they are not. Problem again, taxes, transaction costs, and bad timing.

    I suppose the old adage, "simple is best", rings true here. Bogle does admit that being humans, we would get bored if investing were only so simple. So he suggests that you split your money into Serious Money Account (95%) and Funny Money Account (5%). Then after one year, five years, ten years, compare your results. Don't forget the taxes, make sure to set them aside immediately from your profits (move them to another account, so you can't cheat!). Bogle is betting that if you put your Serious Money Account in indexs you will beat your Funny Money Account. I'm thinking you'll also sleep better and have time to pursue other hobbies, as well as have it easier during tax time. Do I follow his advice myself? Well I haven't for more than 20 years, and honestly I'm not beating the market, as the -$3000 which shows up most years tells. Problem is knowing what to do, and giving up on the dream of being above average. You do know that everyone can't possibly be above average, right? Sleep tight and get rich, what are you waiting for?
    10 people found this helpful
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Top reviews from other countries

  • Víctor Castillo
    5.0 out of 5 stars EXCELENTE PRODUCTO
    Reviewed in Mexico on May 22, 2025
    Format: HardcoverVerified Purchase
    EXCELENTE PRODUCTO
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  • Ness
    5.0 out of 5 stars Great book to start Investing.
    Reviewed in Canada on December 3, 2024
    Format: HardcoverVerified Purchase
    It is a great book to start Investing, using common language and not boring stuff.
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  • Tenlha
    5.0 out of 5 stars Super
    Reviewed in Germany on November 5, 2024
    Format: HardcoverVerified Purchase
    I wish I could read this book 8 year before anyway it’s not too late I am 30 years
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  • Harshdeep Mehta
    5.0 out of 5 stars A Bible for Investment life, and lots of Common Sense with supporting data
    Reviewed in India on January 30, 2024
    Verified Purchase
    Book-level: Advanced

    Sir John Bogle has really written a masterpiece, and rightly qualifies to be marked as a "Bible" for Investment Philosophy.

    Considering author was a founder of the Vanguard empire, and a pioneer of the Index Mutual Fund, most of the book is presenting supporting ideas for the same. The Stock Market is a price discovery place and if all people invest in Index Fund, then price discovery of companies out of the index will be a tough task, hence most should but not everyone should follow him. :) If you are willing to ignore the Vanguard Index Mutual Fund push, as not all readers are from the USA, and learn how to choose investment vehicle then this book provides a great deal of details and guiding principles.

    Book answers below questions well.
    - Active vs Passive Investment
    - Why cost matters?
    - Why future numbers will not be as good as past?
    - Why choosing a recent table topper is a bad idea?
    - When to choose advisor? and, what to expect from one?
    - ETF vs Index Fund
    - Why Sector or Theme based Index Funds are an illusion?
    - What Asset Allocation should one choose? and, the magic of cost along with it.

    With lots of courage, and though author gave evidence to support his argument, I would like to counter the argument of Indexing is better choice in developed and emerging market. Considering I am from India, this country does have pockets of companies which are out of the index and hence Active Fund Managers are still able to deliver out performance to justify their cost. Situation is tilting towards author's argument but there is still scope for few years, if not many, for Active Managers to deliver out performance. And I am neither a Fund Manager myself nor associated with any nor paid to write this.
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  • Alex
    4.0 out of 5 stars Très bien
    Reviewed in Belgium on April 5, 2024
    Format: HardcoverVerified Purchase
    -
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