PDF Common Sense on Mutual Funds New Imperatives for the Intelligent Investor John C Bogle 9780471392286 Books
Download As PDF : Common Sense on Mutual Funds New Imperatives for the Intelligent Investor John C Bogle 9780471392286 Books
NATIONAL BESTSELLER!
"Cogent, honest, and hard-hitting-a must read for every investor." -Warren E. Buffett
Praise for Common Sense on Mutual Funds
"Invoking both Thomas Paine and Benjamin Graham, Jack Bogle outlines a supremely logical plan not only to better investors' returns, but to improve the whole fund industry. This isn't just the best book yet by Bogle, it may well be the best book ever on mutual funds." -DON PHILLIPS, President CEO, Morningstar, Inc.
"Buffett cannot teach you or me how to become a Warren Buffett. Bogle's reasoned precepts can enable a few million of us savers to become in twenty years the envy of our suburban neighbors-while at the same time we have slept well in these eventful times."-PAUL A. SAMUELSON, Massachusetts Institute of Technology Department of Economics
"After a lifetime of picking stocks, I have to admit that Bogle's arguments in favor of the index fund have me thinking of joining him rather than trying to beat him. Bogle's wisdom and his commonsense way of explaining things make this book indispensable reading for anyone trying to figure out how to invest in this crazy stock market."-JAMES J. CRAMER, Money Manager and Senior Columnist for TheStreet.com
"Written in his characteristic forthright and visionary style, Bogle penetrates the myths and jargon to shed a powerful light on the central issues that confront every investor, no matter what their level of experience or sophistication." -MARTIN L. LEIBOWITZ, Vice Chairman and Chief Investment Officer, TIAA-CREF
"Jack Bogle is one of the great pioneer/visionaries of the investment business. In this book, he shares his knowledge, experience, and judgment to enable us to become better investors. The final philosophical chapters provide insights that may help some of us become better people." -BYRON R. WIEN, Chief U.S. Investment Strategist Morgan Stanley Dean Witter
PDF Common Sense on Mutual Funds New Imperatives for the Intelligent Investor John C Bogle 9780471392286 Books
"TLDR: Although this book can be considered useful, it contains serious, and avoidable, shortfalls that weaken this book's position in modern economics literature. Truly the best way to use this book is to read the first part (the book is separated into multiple "parts") and then focus on the introduction and conclusion of each section. In-between, the reader finds a considerable amount of repetition and actions by the author that exactly opposed to what he recommends the reader do.
The book's first 3 chapters start off well, giving the reader a decent amount of information. However, a trend quickly appears in the author's writing style. John Bogle REALLY likes to repeat himself... ALL THE TIME. For the first quarter of this book it can be forgiven as a "writing-of-the-times" for when it was first released and he was arguing for a larger acceptance of index funds. However, even the 10-years-later musings start being repetitive after the first third. Honestly, a better 10-years-latter version would have been one that removed this excess repetition. I am convinced that the length of this book could be reduced by a full 20%.
Besides repetition (which I cannot understate how agonizing it becomes as you progress in the book) there is a consistent flaw in John Bogle's need to attribute meaning to every part of a figure, even when he stated once a few pages before that 5 year periods are rather meaningless on their own. This is not helped by figure edits that dramatically change their meanings afterward, leaving the reader guessing at what they mean. One that comes to mind is the change of certain figures from the Sharpe ratio to another that was nearly unrepresented in prior chapters. That the new figure-of-merit is better is undoubted, however the lack of explanation leaves the chapter significantly wanting.
To harp more on figures I revisit John Bogle's need to explain EVERY part of figure, even after he told the reader NOT to do this! Perhaps one of the worst chapters for this is chapter 10, where it becomes quickly obvious that, not only are the figures poorly explained, but what they imply has very little meaning. The only truly useful bit of information comes when John Bogle finally draws back to decade long+ trends (20+ years for one figure -.-). Only at this point is his argument of the market returning to a mean believable, leaving all the previous data delving and discussion next to completely useless.
Overall, the book is useful. However, it has definitely not aged well. The choice to release a new edition only as a 10 year reflection on past sections was not the revision that this book needed to stay truly relevant."
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Tags : Common Sense on Mutual Funds New Imperatives for the Intelligent Investor [John C. Bogle] on . NATIONAL BESTSELLER!<br /> Cogent, honest, and hard-hitting-a must read for every investor. -Warren E. Buffett<br /> Praise for Common Sense on Mutual Funds<br /> Invoking both Thomas Paine and Benjamin Graham,John C. Bogle,Common Sense on Mutual Funds New Imperatives for the Intelligent Investor,Wiley,0471392286,Investments Securities - General,Investments.,Mutual funds.,BUSINESS ECONOMICS / Investments Securities / Mutual Funds,Business Economics,Business Economics / Investments Securities / General,Business / Economics / Finance,Business/Economics,Finance,Investment securities,Investment Finance,Investments,Investments Securities - Mutual Funds,Mutual Funds,Wirtschaft / Betriebswirtschaft
Common Sense on Mutual Funds New Imperatives for the Intelligent Investor John C Bogle 9780471392286 Books Reviews :
Common Sense on Mutual Funds New Imperatives for the Intelligent Investor John C Bogle 9780471392286 Books Reviews
- Before digging into the book itself, it is important to recognize the work of John C. Bogle in the financial services industry. As briefly highlighted in the book, Bogle started the Vanguard investment fund to test a thesis put out by a prominent researcher on the merits of "indexing". He created the fund on the idea that investors shouldn't have to pay exorbitant management fees or transaction fees when putting their money away in a fund. The work he has done cannot be matched, and the 500+ pages of this book prove it page after page.
That said, I cannot give this book a 5 star rating because in my eyes, it spends far too long discussing a far too simple premise. The premise is straightforward and can be gleamed from the first few pages of reading.
"On average, investors would be better off to invest in an large cap index fund like the S&P 500 for the long term than any other investment strategy".
If you are convinced of this line of reasoning already, this book may not be worth reading cover to cover. Bogle does state near the beginning of the book, "My goal has been to make each chapter a freestanding and indepedent essay on a particular issue". In my opinion, this book is an essential "manual" for personal investment strategy, but does not suffice for a casual weekend read. The text ruminates on the topic of mutual funds to the point where the read feels like the logical arguments are going in circles. Bogle does argue his points well though and backs them up with large amounts of historical data while also injecting his personal wisdom every so often (the true gem of the book).
As a millenial who has taken the personal computer revolution for granted, it is tough to appreciate the weight of this book. U.S. mutual funds now hold over $2.5 T of U.S. equity securities compared to the $40 B in 1982, and even more startling, the concept of "indexing" is actually a novel idea still. It was hard for me to grasp the innovation of indexing because I have always found it to be an obvious idea. We have fast computers and lots of stock data, so why not index?
Although my demographic (23 years of age) was probably a primary target of this text, I feel that it did not accomplish the task of compelling my thinking enough to read it straight through. Definitely worth a purchase, but I plan to peruse the chapters in random order as I need them rather than sit down and read the book cover to cover. - This is a very, very detailed book.
It is like the reference Encyclopedia of Mutual Funds. The 600+ pages cover everything from basic definitions to strategies for investment to include several levels of the economics and math that go with it.
On of my favorite things about this booko is that Bogle does not pull any punches. This is not a get rich quick view of funds. It is a treatise and a lifetime of experience condensed down into a readable book.
While you can read the book cover to cover, I recommend using it as a reference where you read the book in the sections as you need them. - People say that investing is complex and confusing and that you need to hire a financial advisor to help you on investing your money for a comfortable retirement. After reading this book, I found that much of what you hear from the financial industry is wrong and is designed to confuse the retail investor. The truth of the matter is that investing your money is not complex and that you do not need a financial advisor. If you listen and follow the advise from much of the professional investor class about where you should put your money, you would be making them rich at the expense of your savings. John Bogle is doing us retail investor's much needed truth about how to manage your money and has the roadmap and proof to tell us, what most others in the industry has long kept silent and a secret. The truth to investing is that it is not secret, do it yourself, it is not complex, and don't listen to the advise of professional portfolio managers who are out to take your money while pretending to have your back, they don't because it is at their expense. Go with Bogle's folly, read the book, and follow the wisdom in it, and you will do better than 96% of all funds managed by the portfolio managers.
- TLDR Although this book can be considered useful, it contains serious, and avoidable, shortfalls that weaken this book's position in modern economics literature. Truly the best way to use this book is to read the first part (the book is separated into multiple "parts") and then focus on the introduction and conclusion of each section. In-between, the reader finds a considerable amount of repetition and actions by the author that exactly opposed to what he recommends the reader do.
The book's first 3 chapters start off well, giving the reader a decent amount of information. However, a trend quickly appears in the author's writing style. John Bogle REALLY likes to repeat himself... ALL THE TIME. For the first quarter of this book it can be forgiven as a "writing-of-the-times" for when it was first released and he was arguing for a larger acceptance of index funds. However, even the 10-years-later musings start being repetitive after the first third. Honestly, a better 10-years-latter version would have been one that removed this excess repetition. I am convinced that the length of this book could be reduced by a full 20%.
Besides repetition (which I cannot understate how agonizing it becomes as you progress in the book) there is a consistent flaw in John Bogle's need to attribute meaning to every part of a figure, even when he stated once a few pages before that 5 year periods are rather meaningless on their own. This is not helped by figure edits that dramatically change their meanings afterward, leaving the reader guessing at what they mean. One that comes to mind is the change of certain figures from the Sharpe ratio to another that was nearly unrepresented in prior chapters. That the new figure-of-merit is better is undoubted, however the lack of explanation leaves the chapter significantly wanting.
To harp more on figures I revisit John Bogle's need to explain EVERY part of figure, even after he told the reader NOT to do this! Perhaps one of the worst chapters for this is chapter 10, where it becomes quickly obvious that, not only are the figures poorly explained, but what they imply has very little meaning. The only truly useful bit of information comes when John Bogle finally draws back to decade long+ trends (20+ years for one figure -.-). Only at this point is his argument of the market returning to a mean believable, leaving all the previous data delving and discussion next to completely useless.
Overall, the book is useful. However, it has definitely not aged well. The choice to release a new edition only as a 10 year reflection on past sections was not the revision that this book needed to stay truly relevant.
