Book

Bogle, John C.

The clash of the cultures : investment vs. speculation / John C. Bogle.

Hoboken, N.J. : John Wiley & Sons, c2012.

xxv, 353 p. : ill. ; 24 cm.

Vanguard Group founder John C. Bogle discusses changes in the culture of the mutual fund industry and how speculation has come to dominate investment. The book presents 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, the author 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. At the end, he offers advice for investors and a warning for speculators.

Investments.

Speculation.

Capital gains.

Investment vs. speculation

Investment versus speculation

Includes bibliographical references and index.

The clash of the cultures -- The double-agency society and the happy conspiracy -- The silence of the funds : why mutual funds must speak out on the governance of our nation's corporations -- The "mutual" fund culture : stewardship gives way to salesmanship -- Are fund managers true fiduciaries? : the stewardship quotient -- The index fund : the rise of the fortress of long-term investing and its challenge from short-term speculation -- America's retirement system -- too much speculation, too little investment -- The rise, the fall, and the renaissance of Wellington Fund : a case study -- investment wins, speculation loses -- Ten simple rules for investors and a warning for speculators.

Available to Stanford-affiliated users. ebrary

2012026770

9781118122778

1118122771

9781118122778

1118122771

748330569

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