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John Bogle on Investing: The First 50 Years
John Bogle on Investing is the first comprehensive review of the career and contributions of this dynamic investing icon. From Jack Bogle's never-before-published 1951 Princeton thesis to more than two dozen essays covering five decades of investing, it is a 50-year compendium of the work and wisdom of one of the world's most important financial figures. Investors at all levels will profit from insights including:
455 pages, Hardcover
First published September 13, 2000
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About the author
Paul A. Volcker
34 books47 followersPaul A. Volcker (1927-2019) was Founder and Chairman of the Volcker Alliance. He was Chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan from 1979 to 1987.
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Displaying 1 - 8 of 8 reviews
December 18, 2017
THE LOWER THE MARKET RETURN THE BIGGER THE BITE TAKEN BY FUND COSTS.
From 1980 to 2000 the US market product a return of 18% pa - 4.5% pa dividend, 5.9% earnings growth and 7.3% pa PE expansion, as PE grew from 7x to 30x.
Index funds represented 10% of fund assets in 1999 and 35% of flows.
Investment success lies in simplicity as basic as the virtues of thrift, independence of thought, financial discipline, realistic expectations and common sense.
The S&P 500 has produced a 13.6% pa return over the past 50 years vs 11.8% for the average mutual fund (excluding tax).
What caused the 1987 crash; i) prices were too high, ii) economy deteriorated, iii) portfolio insurance.
Vanguards MER is 0.25%. Vanguard operates at cost. The funds own the group so it doesn't have to earn a return for shareholders which is why fees are low.
Investment fundamentals, not market valuations are the piper that calls the tune over the long term.
From 1980 to 2000 the US market product a return of 18% pa - 4.5% pa dividend, 5.9% earnings growth and 7.3% pa PE expansion, as PE grew from 7x to 30x.
Index funds represented 10% of fund assets in 1999 and 35% of flows.
Investment success lies in simplicity as basic as the virtues of thrift, independence of thought, financial discipline, realistic expectations and common sense.
The S&P 500 has produced a 13.6% pa return over the past 50 years vs 11.8% for the average mutual fund (excluding tax).
What caused the 1987 crash; i) prices were too high, ii) economy deteriorated, iii) portfolio insurance.
Vanguards MER is 0.25%. Vanguard operates at cost. The funds own the group so it doesn't have to earn a return for shareholders which is why fees are low.
Investment fundamentals, not market valuations are the piper that calls the tune over the long term.
July 27, 2020
In this book about investing john bogle explains the role of mutual funds or investment companies in the financial markets. For most of the investor it is better to hold a low cost no load total market index fund which provides investor the better diversification in a very economical way .The history of the market shows that the total market index fund is not the best investment but the investments that are worst that that are infinite.Very few of today's mutual fund is going to beat the market in a margin that can be justify it's higher cost; in a long period. And to choose the tomorrow's market winner in well advance is nearly impossible . In his book he describes this in a very lucid way.He provides many historical data supporting his views. It is a very good book to read about the stock market. It gives the realistic expectation from the stock market and advises for a longer period of investments .For a beginner like me it helps to have a realistic goal. In the long period of time index fund will always win.
February 22, 2025
Hear me out, the advice is 5/5 but this book is crazy repetitive.
Idea is this:
Don’t pay anyone to invest for you, the reason being is that they will take fees, and usually fail to beat the market. If you were to just invest in index funds then you would “be” the market and forgo paying anyone fees for poor performance.
People can beat the market sometimes, but it’s rare to repeat that, 2,3,4 etc years in a row.
It gets a 3 for its repetitiveness (it’s a collection of essays). However, the book does a good job of getting the point across to anyone who is not familiar with the world of finance, like myself.
Idea is this:
Don’t pay anyone to invest for you, the reason being is that they will take fees, and usually fail to beat the market. If you were to just invest in index funds then you would “be” the market and forgo paying anyone fees for poor performance.
People can beat the market sometimes, but it’s rare to repeat that, 2,3,4 etc years in a row.
It gets a 3 for its repetitiveness (it’s a collection of essays). However, the book does a good job of getting the point across to anyone who is not familiar with the world of finance, like myself.
This entire review has been hidden because of spoilers.
March 28, 2020
It's a long book, but an excellent explanation for some accepted investment principles (diversify, keep costs low) written in an approachable way (like Buffet's letters). Probably not the best book for someone looking to learn the basics about investing (there are shorter, more pointed ones).
January 24, 2019
Excellent investment idea ( index fund) but too much repetitive. John Bogle single handedly changed the investment world for normal investors.
November 25, 2016
A book full of great information, that is then repeated over and over. The book is actually a collection of speeches the author has given over the years to various networks, commencements, etc. where he talks about his revolutionary idea of index funding. While he provides many facts over the course of the book, most speeches boil down to a few simple things:
-as an aggregate mutual funds do not beat the index
-while individual mutual funds have shown to be able to beat the market in the short term, there is no evidence of repeatability in the long run
-this short coming can be pinned primarily to excessive costs associated with management, marketing, administration, taxes, and transaction fees from high portfolio turnover
-his conclusion is not to beat the market but merely mimic it (via "index funds") and focus on reducing costs
-the additional return of index funds over mutual funds, compounded over many years provides a substantial improvement for your return on investment.
Overall I would not recommended reading this book, even if it does offer sound investment advice. There are other books out there that offer similar advice and much more, in the same number of pages.
-as an aggregate mutual funds do not beat the index
-while individual mutual funds have shown to be able to beat the market in the short term, there is no evidence of repeatability in the long run
-this short coming can be pinned primarily to excessive costs associated with management, marketing, administration, taxes, and transaction fees from high portfolio turnover
-his conclusion is not to beat the market but merely mimic it (via "index funds") and focus on reducing costs
-the additional return of index funds over mutual funds, compounded over many years provides a substantial improvement for your return on investment.
Overall I would not recommended reading this book, even if it does offer sound investment advice. There are other books out there that offer similar advice and much more, in the same number of pages.
June 23, 2010
I've said it before, IF only all companies selling mutual funds would have such principles! A company and visionary founded on the principle that investing should be on behalf of the investor. Interesting principle, but only one mutual fund company willing to do it in reality. What can I say, I'm a Vanguard and John Bogle fan!
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April 15, 2015superb book
Displaying 1 - 8 of 8 reviews