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The Clash of the Cultu...
 
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John C. Bogle
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The Clash of the Cultures: Investment vs. Speculation

3.77 of 5 stars 3.77  ·  rating details  ·  129 ratings  ·  14 reviews
How speculation has come to dominate investment--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, Vanguard Group founder John C. Bogle 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 agg ...more
ebook, 384 pages
Published July 5th 2012 by Wiley (first published January 1st 2012)
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Stephen Gallup
This title was on a list of books my wife wanted me to read. Had she known its message, she probably would not have included it, because her hope is for me to start making substantial short-term gains in the stock market. Bogle's focus is on how the quest for quick profits is posing a major threat to our economy.

First, he backs up and restates the original purpose of the market: "providing fresh capital to business," and thereby enabling the most promising companies to build factories, hire peop
...more
Michael D
This book is one of the reasons that I hear John C. Bogle's voice in my head every time someone offers me a "great stock tip". Written by one of the few individuals who understands the inner workings and culture of the financial world and its interaction with the U.S. political infrastructure, this book clearly details the essential elements of investing as opposed to engaging in the rampant speculation that is often encouraged by individuals with varying motivations. There's also a lot of histo ...more
Sean
I first adopted John Bogle's precepts in 2003, a time when my initial investment portfolios contained little more than a few select active equity mutual funds that my father had recommended. After reading John Bogle's work and taking Burton Malkiel's investment class, I learned that most active mutual funds fail to outperform index funds that benchmark the portfolios that the active managers strive to beat.

Bogle advances his message further in The Clash of Cultures. I rate it 2 stars because I
...more
Jerry
This book presents an argument for why the high degree of speculation present in today's investments in America are bad for the small investor community as a whole.

“In recent years, annual trading in stocks averaged some $33 trillion. But capital formation averaged some $250 billion... IPOs averaged $45 billion... and secondary offerings providing additional equity capital averaged about $205 billion... Put another way, speculation represented about 99.2% of the activities of our equity market s
...more
Jane
Worth reading especially for the historical perspective on index funds and the Wellington Fund. Also, Bogle has an excellent critique of our current retirement/investment dilemma. Still like many experts he fails to see that the average investor wastes a lot of time and money before arriving at the right method of accumulating wealth. With compounding that lost time is significant money. Bogle on the other hand (as he states on page 228) has been contributing 15% of his income to a defined contr ...more
Deb Holden
Pick some parts that may interest you because it all centers around his theme of investing in index funds. Too long to read the whole thing.
Don Walters
An interesting read. I was hoping to gain some investment insight, and did get some ideas to research on fund selection. But the book was also a good historical view on how investors have moved from a steady long term investment approach to a short term speculation mindset. And this only makes the financial community rich and takes away from the individual investor. Bogle is brilliant at explaining why diversification and long term investment in low-overhead mutual funds still gives the best ret ...more
Kathleen
Another classic by John Bogle. Why didn't I hear about him 30 years ago??? To sum up, save for retirement in low-cost INDEX funds that cover the broadest base possible, eg the entire stock market. Don't speculate, don't waver, don't withdraw money, keep saving and you will have a good retirement fund. He also gives his views on how to save the country's spotty and ill-performing retirement system, speculators in general and the financial industry's fall from grace. A truly great read.
Matt Heavner
Important read to consider in thinking about "investing" for retirement. I liked Bogle's "Don't Count on it" a bit more (this seemed to drag). Overall: costs matter, the efficient market hypothesis is just a hypothesis and a simpler hypothesis is the "costs matter hypothesis". Reversion to the mean is important.
Lance Wiggs
So far so good - but I'm not really learning anything so may not finish this book. Basically - buy index funds and stay away from mutual funds/managed funds. It's smarter economically and you don't have to think.
Mof
A must read for all individual investors. Cheap index funds are the way to go.
Joe Maguire
This is a long winded version of Bogle's excellent, short version: Enough.
Rick Waechter
I agree with it all, but there's nothing new here.
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John Clifton "Jack" Bogle (born May 8, 1929) is the founder and retired CEO of The Vanguard Group. He is known for his 1999 book Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor, which became a bestseller and is considered a classic.
More on http://en.wikipedia.org/wiki/John_C._...
More about John C. Bogle...
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor Enough.: True Measures of Money, Business, and Life The Battle for the Soul of Capitalism Bogle on Mutual Funds, New Perspectives for the Intelligent Investor

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“they pale by comparison to the trading volumes of hedge funds, to say nothing of the levels of trading in exotic securities such as interest rate swaps, collateralized debt obligations, derivatives such as futures on commodities, stock indexes, stocks, and even bets on whether a given company will go into bankruptcy (credit default swaps). The aggregate nominal value of these instruments, as I noted in Chapter 1, now exceeds $700 trillion.” 1 likes
“Over the short run, however, the fundamentals are often overwhelmed by the deafening noise of speculation—the price at which the stock market values each dollar of earnings.” 1 likes
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