The Clash of the Cultures: Investment vs. Speculation
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- Author：John C. Bogle
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Summary
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 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。 In The Clash of the Cultures， he urges a return to the common sense principles of long-term investing。
Provocative and refreshingly candid， this book discusses Mr。 Bogle's views on the changing culture in the mutual fund industry， how speculation has invaded our national retirement system， the failure of our institutional money managers to effectively participate in corporate governance， and the need for a federal standard of fiduciary duty。
Mr。 Bogle recounts the history of the index mutual fund， how he created it， and how exchange-traded index funds have altered its original concept of long-term investing。 He also presents a first-hand history of Wellington Fund， a real-world case study on the success of investment and the failure of speculation。 The book concludes with ten simple rules that will help investors meet their financial goals。 Here， he presents a common sense strategy that "may not be the best strategy ever devised。 But the number of strategies that are worse is infinite。"
The Clash of the Cultures: Investment vs。 Speculation completes the trilogy of best-selling books， beginning with Bogle on Investing: The First 50 Years （2001） and Don't Count on It！ （2011）
Reviews
Brian Ferry
，
John Bogle’s investment strategy isn’t sexy but it’s proven and reliable。 His revolutionary idea for a market index fund has been widely adopted and implanted since its inception。 Everyone should maintain a sizable portion of their portfolio in index funds。 The risk is radically reduced when dispersing it across the market and holding the investment for a long period of time。 It just makes sense。This is a great recommendation for your buddy who thinks he knows how to beat the market or is really John Bogle’s investment strategy isn’t sexy but it’s proven and reliable。 His revolutionary idea for a market index fund has been widely adopted and implanted since its inception。 Everyone should maintain a sizable portion of their portfolio in index funds。 The risk is radically reduced when dispersing it across the market and holding the investment for a long period of time。 It just makes sense。This is a great recommendation for your buddy who thinks he knows how to beat the market or is really into Bitcoin right now。。。 。。。more
Rick Wilson
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“It is difficult to get a man to understand something when his salary depends upon his not understanding it。” -Upton SinclairBeware men selling solutions to “dangerous markets”As Americans we really seem to adore the story of “bad man gone good“ and Bogle is one such example。 He was a mutual fund manager who “saw the light，” as he grew weary of fleecing old widows out of their pensions he is now recommend broad market ETFs to everyone。 And while I think that’s noble and very kind of him， you can “It is difficult to get a man to understand something when his salary depends upon his not understanding it。” -Upton SinclairBeware men selling solutions to “dangerous markets”As Americans we really seem to adore the story of “bad man gone good“ and Bogle is one such example。 He was a mutual fund manager who “saw the light，” as he grew weary of fleecing old widows out of their pensions he is now recommend broad market ETFs to everyone。 And while I think that’s noble and very kind of him， you can’t help but scrunch your eyebrows a little bit at the fact that it’s Bogle himself supplying a great majority of those ETFs， building a multi trillion dollar empire upon those instruments。 The book itself is mediocre， it’s a middling examination of the miss placed and misaligned incentives present in much of the financial industry。 With the solution I guess to put all your money into Bogles ETfs。 I thought the most valuable part of the book were the other books recommended by the author， so that should probably tell you something。 I don’t really know what this book does that hasn’t been examined a few thousand times in other places。 If you’re looking for financial advice， there really isn’t much。 If you’re looking for interesting parables， there really aren’t many。 It’s a fairly shallow look back at the industry by someone who made their living claiming their “different“ from the industry。 Disappointing first read by Bogle， but probably not enough to prevent me from reading more。 。。。more
Morten Hovland
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This review has been hidden because it contains spoilers。 To view it， click here。 -RTM-Time is your friend， impulse is your enemy-Buy right and hold tight-Have realistic expectations: The Bagel and the Doughnut-Forget the needle， buy the haystack-Minimize the Croupier`s take- There`s no escaping risk- Beware of fighting the Last war- The hedgehog bests the fox-Stay the course -RTM-Time is your friend， impulse is your enemy-Buy right and hold tight-Have realistic expectations: The Bagel and the Doughnut-Forget the needle， buy the haystack-Minimize the Croupier`s take- There`s no escaping risk- Beware of fighting the Last war- The hedgehog bests the fox-Stay the course 。。。more
Tomek
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You will find some history of TIFs and ETFs and why should you focus on long-term investments （you must avoid speculation if you do not want to lose your money）。 Buying very well diversifed ETF is the best option for an average person。 If I had to sum up the book in two sentences， it would be: Buy， hold forever and be aware of fees。 Magic of compounding might be your friend but， also can be your foe。And remember， stay the Course！
George
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This review has been hidden because it contains spoilers。 To view it， click here。 Bad。 Boring。 Banal。 You could make a drinking game out of this book on the word “Vanguard Funds”。 When America's most-successful investor （Warren Buffet） recommends this as one of his top 25 books （and further reads over 500 books per year）， it goes on my must-read list。 But， let's face it。。。its a bit of a snoozer。 I recommend reading it for the facts you will glean from chapter one， but it might not be as entertaining as you expect。 The first chapter is brilliant。 The rest drones on—part Vangua Bad。 Boring。 Banal。 You could make a drinking game out of this book on the word “Vanguard Funds”。 When America's most-successful investor （Warren Buffet） recommends this as one of his top 25 books （and further reads over 500 books per year）， it goes on my must-read list。 But， let's face it。。。its a bit of a snoozer。 I recommend reading it for the facts you will glean from chapter one， but it might not be as entertaining as you expect。 The first chapter is brilliant。 The rest drones on—part Vanguard Fund commercial and part chest pounding by the author for his bad college grades and success in creating the first index fund。 If I hear the phrase “I created the worlds first index fund” one more time， I’m going to jump from a Wall Street building without even losing a dollar。 Yes， you are famous。 That’s why I’m reading your book。 Learned: stock itself is a derivative。 It depends upon proper execution of management， positive growth， and earnings and produces a return later if those formulas hold true。 （Ok。 Interesting fact。 Likely worth the cost ofThis book）I get it。 Index funds = Good Mutual funds = Bad。 “The stock market is a giant distraction of real investing。" “A handful of fund managers are their own worst enemies。” Yes and yes。 “Stay the course。 Invest forever， rather than for a known return period。” Yes。 Am I the sober one at this party？ If you want the check off the Warren Buffet reading list， by all means。 Otherwise， pass。 。。。more
Ryan Thorpe
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Reading Bogle is a little like reading the Bible， if you aren’t from a religious family。 It’s such a well known dogma that you sorta figure you know what is in there and so you never bother to pick it up。 Then about forty pages in you wonder why you didn’t ever actually take a look in there for yourself。 While I can’t say I enjoyed reading Leviticus， I loved reading Bogle。 The thing you miss in the tag line is he has arrived at his conclusions through nuanced observation， pain staking argument， Reading Bogle is a little like reading the Bible， if you aren’t from a religious family。 It’s such a well known dogma that you sorta figure you know what is in there and so you never bother to pick it up。 Then about forty pages in you wonder why you didn’t ever actually take a look in there for yourself。 While I can’t say I enjoyed reading Leviticus， I loved reading Bogle。 The thing you miss in the tag line is he has arrived at his conclusions through nuanced observation， pain staking argument， and hard experience。 His conclusions may be simple， but it’s because of the work he put in and his care for the subject matter rather than evidence of simple minded dogmatism。 Bogle argues owners have different incentives than their agents and this applies not just to shareholders vs corporate managers but to shareholders vs money managers and other stakeholders in modern financial capitalism。 He posits the typical owner cares only about long term appreciation of capital， which can best be understood by a company’s ability to generate returns on invested capital above its cost of capital。 This basic activity eventually drives stock market activity and so should be in focus。 However， no major market participants view this as their primary goal。 Instead they focus on short term fluctuations because this is how they are paid。 As a result， a whole army of lawyers， regulators， investors， sell side analysts， and corporate managers are furiously playing a quarterly game that does not particularly matter at best and at worst creates perverse incentives to leverage， cost cut， and take needless risk。If he only pointed this out， he would have written a good book。 But he also explains how he anticipated some of this and created various institutions - from vanguard to actively managed funds， to deal with those problems。 He can then show with fifty years of data that - while not everything he did worked - most of it did。 He even includes the original memos from the sixties and the responses he received。 What a show！All of this is quite convincing to the point that you wind up feeling he is fairly justified when he asks congress to appoint him czar like powers over the retirement system so that he can fix some of its biggest problems。 Great book！ 。。。more
Eric J Delozier
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Every investor should read this book。
Tim Johnson
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Researching companies as potential investments is always an activity with the potential to create an internet wormhole。 You go from Motley Fool to Wikipedia to Yahoo Finance and somehow end up on Snoop Dogg’s blog at 3 in the morning。 Even if you just looked at sectors of the American economy you come up with quite a list: automotive， energy， financial services， healthcare， manufacturing， pharmaceuticals， real estate， restaurants， retail outlets， technology， transportation， etc。 That list could Researching companies as potential investments is always an activity with the potential to create an internet wormhole。 You go from Motley Fool to Wikipedia to Yahoo Finance and somehow end up on Snoop Dogg’s blog at 3 in the morning。 Even if you just looked at sectors of the American economy you come up with quite a list: automotive， energy， financial services， healthcare， manufacturing， pharmaceuticals， real estate， restaurants， retail outlets， technology， transportation， etc。 That list could be expanded and subdivided indefinitely。This is why nearly everyone I talk to in the finance industry praises John C。 Bogle and Vanguard。 Bogle took the hypothetical index fund and made it into a reality。 I’ve heard rumors that investing in index funds has worked out quite well for some people。 Another item for my to-do list。It’s no surprise then that a significant portion of The Clash of the Cultures is focused on making a case for owning low cost index funds。 But that’s not all it is about。 The book primarily serves as a warning against speculation。 For most people the word “speculation” is most closely associated with gambling。 This is especially accurate when the discussion centers around leveraging （borrowing money to buy stocks in the hopes that their earnings will outpace the debt） or arbitrage （capitalizing on minor price differences between markets by purchasing large quantities of something in one market and selling them at a higher price in another market）。 What Bogle refers to as speculation could be more accurately called short-termism。 And I agree that it has become the predominant way of thinking and operating in the United States。So what is short-termism according to Bogle？ Possibly， the easiest way to understand it is in terms of the difference between a renter and an owner。 An owner plans on being there for the long term。 An owner will take extra money and try to fix the place up and create value in the process。 A renter spills coffee on the carpet and may sop it up with a paper towel but won’t spring for the deep clean。 A renter is in it for the short term。Short-termism refers to a variety of investing phenomenon including: rapid buying and selling of large quantities of stocks （high turnover）， charging exorbitant fees （to cover golden parachutes， marketing costs， and transaction costs）， and a higher focus on immediate profits （instead of reinvesting in the business）。 Bogle stands firm that the only way for investors to succeed is to eliminate the fees， to have a plan and stick to it， and to own the entire market for a period of forever。 That’s where indexing comes in。Some things I found surprising but agreeable: Bogle’s support for measures such as Glass-Steagall and Dodd-Frank。 Also， his stance against Citizens United。Some things I disagreed with: the elimination of transaction costs have enabled large institutional investors in their high turnover practices， true。 But they have also lowered the cost for the small investor。 Exchange Traded Funds have also made it possible for the small investor to get into the market indexes at a more affordable price point。If you want to get the bare bones of this book， you could just skip ahead to chapter nine and copy the ten simple rules for investors。 It offers a pretty nice summary。 In the meantime， I will still buy stock in companies I like but do see some indexing in my future。 。。。more
Nick Aurelius
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Old book with timeless relevance written by a Legend。
Jiri
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The book is heavy with information and data and really does explain what the difference between investing and speculation is。 Five stars on the content。John Bogle is the guy who started the Vanguard mutual fund group based on value and low cost to help investors hang on to their savings。 He is the ideal person to write this book on its content and gives a ton of examples， facts and figures。The only determent in my opinion was that it was a bit wordy and long winded。 Instead of explaining in a st The book is heavy with information and data and really does explain what the difference between investing and speculation is。 Five stars on the content。John Bogle is the guy who started the Vanguard mutual fund group based on value and low cost to help investors hang on to their savings。 He is the ideal person to write this book on its content and gives a ton of examples， facts and figures。The only determent in my opinion was that it was a bit wordy and long winded。 Instead of explaining in a straight line from a to b， the writing rambles on sometimes using big words and complicated language。 I would recommend this book to anyone trying to learn about investing for their future。 。。。more
Chee Seng
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Too much rant
Brian Weisz
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Shows the difference between investing and speculating， and why investing is so much better than speculating。 In fact， speculating can be dangerous。
Nathan Albright
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When one has read a few books by Bogle [1]， one quickly understands that he is the sort of writer who continually returns to the same few themes over and over again。 One does not read the Bogle oeuvre looking for a wide variety of material， necessarily， but one reads it with an awareness that the author has a message and sticks with it， and even if he varies the specific examples or verbiage he uses to describe his investment philosophy and his critical comments about contemporary crony capital When one has read a few books by Bogle [1]， one quickly understands that he is the sort of writer who continually returns to the same few themes over and over again。 One does not read the Bogle oeuvre looking for a wide variety of material， necessarily， but one reads it with an awareness that the author has a message and sticks with it， and even if he varies the specific examples or verbiage he uses to describe his investment philosophy and his critical comments about contemporary crony capitalism， his general points are consistent throughout all of his works。 By the time you have read more than one of his books， you can probably guess whether that is a good thing or a bad thing for you。 For me， it was a good thing， for the author clearly admits to being a hedgehog and demonstrates it through knowing one big thing and talking about it at length over and over again in the hope that the point will sink in to at least a few people。 That appears to be Bogle's goal， and it's not a bad one as far as financial writing is concerned。This particular book has nine chapters and seven appendices that total a bit less than 350 pages， so in reading this book you have to expect some long chapters and a lot of detailed discussion about Bogle's thinking on investment。 If you are reading this book， though， that is likely what you will be looking forward to。 The author begins with a discussion on the clash between investment--buying stocks or funds and holding them for the long term， and speculation--renting stocks and seeking to time the market and profit off of frequent buying and selling （1）。 After that the author talks about the agency problem and the happy conspiracy between mutual funds and company executives （2）。 There is then a discussion on why mutual funds need to speak out more about governance problems because of the profit-harming aspects of executive compensation （3）。 The author then talks about the mutual fund culture of salesmanship （4）， the issue of whether mutual fund managers are true fiduciaries （5）， the challenge that index funds receive from short-term speculation （6）， and the fact that there is too much speculation in America's current retirement system （7）。 The author then concludes the main part of his discussion with a case study of the rise， fall， and rebirth of the Wellington Fund （8） and ten simple rules for investors （9）。 After that there are appendices that include the performance ranking of major fund managers in March 2012 （i）， the annual performance of common stock funds against the S&P 500 from 1945-1975 （ii）， a chart about the growth of index funds in numbers and assets from 1976 to 2012 （iii） and some statistical charts and tables concerning Wellington Fund （iv-vii）。The author's discussion throughout is very intriguing， and it suggests some serious issues that are not often considered when one looks at money。 For one， financial managers have been poor at passing along the benefits of economies of scale to their customers。 For another， there are some serious and intractable agency problems concerning the difficulty in getting financial managers to act in ways that are good for those who own funds。 The author implies at least that there are some significant peer pressure effects on financial firms and their managers that helps keep a lot of them acting in the same ways and not acting in the best interests of customers。 In reading this book too， it became pretty clear that Bogle understands that the only way that ordinary investors of no particular brilliance in financial management （and among that number I would include myself） to have their interests met is for such people to become aware of their own self-interests and how that works in the investment market， to seek simplicity and low fees and long-term solutions and avoid the loser's game of trying to beat the market and everyone else in it。[1] See， for example:https://edgeinducedcohesion。blog/2018。。。https://edgeinducedcohesion。blog/2018。。。https://edgeinducedcohesion。blog/2018。。。 。。。more
InvestingByTheBooks。com
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This is John Bogle’s tenth book and he surely does celebrate in style。 I have read most of Mr Bogle’s books and The Clash of the Cultures is definitely the one that most resembles being a living person’s testament。 Experiences， battles， triumphs and insights from over sixty years within the financial industry， laid out in 350 extraordinarily well written pages。 As the founder of Vanguard Group in 1974 and the world’s first index fund in 1975， he has indeed had a unique position from which to obs This is John Bogle’s tenth book and he surely does celebrate in style。 I have read most of Mr Bogle’s books and The Clash of the Cultures is definitely the one that most resembles being a living person’s testament。 Experiences， battles， triumphs and insights from over sixty years within the financial industry， laid out in 350 extraordinarily well written pages。 As the founder of Vanguard Group in 1974 and the world’s first index fund in 1975， he has indeed had a unique position from which to observe the vast changes in the financial markets since， and they have not been to his liking， to put it mildly。 As the former chairman of the SEC， Arthur Lewitt once said: “The entire financial services industry should be glad Bogle is merely an expert witness， and not the judge or jury as well”。 But what I personally have come to appreciate the most， as an arduous reader of Mr Bogle， is the fact that he is not only the man behind a well-executed idea， but he also backs it up with a genuine passion for investing and old-fashioned fairness。Ten years ago， upon grudgingly taking on his 1999 classic Common Sense on Mutual Funds， I realized that true long term investing actually is made much easier via an all-market index fund。 The proof of the matter is that the average index fund – via its very construction – holds its shares about 14 times longer than the average active fund。 The very concept of indexation was indeed Bogle’s best solution to the problem of how to set up a framework that would ensure investing， not speculation， via a rock-bottom cost structure so that long term compounding could work its magic with the maximum amount of capital。 The results have of course been outstanding。 To the extent that there has been a “red blanket” around the name Bogle due to the index fund as a lesser being， it surely is time to look past that。Bogle’s perennial complaint about the financial industry has been the massive gap between the investor’s interests and those of many financial professionals， where the natural temptation for the agent is to enrich himself at the expense of their principals。 The main culprits in the financial world are: outsized fees and a penchant for short- termism and failing conventionally。 The gravitational force in the last few decades has forcefully pulled money and mind in the direction of Keynes’s horror-place where the market “is merely a battle of wits”。But it is not only the dominance of speculation over investment that concerns Bogle， it is the addition of the worsening conduct， values and ethics of so many market participants。 So what is to be done？ Some changes will be market driven， for instance companies going private to escape the quarterly short-termism of the public market or pension funds moving away from high-cost， trading-intense funds without value add。 Other changes must necessarily be forced upon the participants via the regulatory route。 This could for example relate to transaction taxes， lower taxes on long-term holdings， better accounting standards à la Professor Alfred Rappaport’s working paper from last year and fairer governance standards on executive compensation （see the Conference Board Commission report on this）。 In short， a both legal- and mental framework which cares for owners first and discards the three most dangerous words in the English language: Other People’s Money。A very significant role should and will be played by this book – it flat out deserves a very wide audience。 Upon re-reading a few chapters of the book for this review， those wishes might very well largely have been answered。 In his annual letter to shareholders， Warren Buffett went out of his way to recommend The Clash of the Cultures。John Bogle is truly one of the 20th century icons of the financial world。 If his status in the contemporary mind is less than that of the Templetons， Fishers or Soroses， then history will mend this right。 He has brought more collective financial good to more people than arguably anyone within the industry。 Enough （said）。 。。。more
Michael Sparks
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Loved this book。 It is a great intro to investing and a solid rehash of true principles。 Well written with sound advice。 A book I may read again in the future if I get off track or are in doubt。
Gaetano Venezia
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An interesting descriptive work， but not a good normative work。 Bogle's venerable career at the helm of Vanguard yields a valuable perspective on the drastic changes in money management over the last century。 His experience and expertise allow him to assess the damage that self-serving money managers and corporate directors have done to the common investor。Unfortunately， Bogle fails to rigorously account for the financial sector's perverse incentives in any of his policy proposals。 In a blatant An interesting descriptive work， but not a good normative work。 Bogle's venerable career at the helm of Vanguard yields a valuable perspective on the drastic changes in money management over the last century。 His experience and expertise allow him to assess the damage that self-serving money managers and corporate directors have done to the common investor。Unfortunately， Bogle fails to rigorously account for the financial sector's perverse incentives in any of his policy proposals。 In a blatant example， he acknowledges the control that corporations have over government regulation on one page， then proposes that this already compromised government regulation be used to prevent corporate control and perverse incentives （81-83）。 In the beginning of chapter 3， Bogle describes various other impediments to money managers acting in their investors' interests， but fails to provide direct and pragmatic solutions to these problems。 Instead， he too often moralizes and calls on money managers to repent and rebuke their own self-interested behavior。That aside， this book presents a great value-investment perspective on the rise and folly of speculation in America's financial markets。 。。。more
Chris
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This book has some good chapters， some mediocre at best chapters， and some repetitive chapters。 I would recommend taking a look at any chapters you're interested in， but not reading the whole book。 The book as a whole suffers from one big problem: for as much as Mr。 Bogle dislikes speculation， he never defines speculation。 Worse， he's not consistent chapter-to-chapter in what he considers speculation。 This muddles the book's thesis。 My other major criticism is that the book can't decide whether This book has some good chapters， some mediocre at best chapters， and some repetitive chapters。 I would recommend taking a look at any chapters you're interested in， but not reading the whole book。 The book as a whole suffers from one big problem: for as much as Mr。 Bogle dislikes speculation， he never defines speculation。 Worse， he's not consistent chapter-to-chapter in what he considers speculation。 This muddles the book's thesis。 My other major criticism is that the book can't decide whether it wants to talk about what's best for the economy or what's best for individual investors。 The author appears to argue in the later chapters that those either substantially overlap or are identical， but he never makes that argument explicit。 The default focus seems to be on individual investors， leaving the discussion of what's best for the economy as a whole incomplete。If you're still considering reading this book， note that chapters 4， and 5 are just variations on chapter 2， and chapter 8 is a related case study。 Chapters 6 and 7 are the author's solution to investment problems （one for society， the other for the individual investor）， and chapter 9 is the resulting advice for individual investors。 The quick version （limited repetition） would be to read chapters 2， 6， 8， and 9。 You can add chapter 7 if you want Mr。 Bogle's opinion on American's retirement systems。 Chapters 3 through 5 are example after example of why the author believes most mutual funds and active managers are bad for investors。 If I had been the editor， I would have cut a bunch out of this book and had it focus exclusively on suggestions for individual investors and background on where those suggestions came from and why they're beneficial; hopefully my suggestions above will mimic that result。 。。。more
Luke Gruber
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Vanguard’s former CEO， John Bogel， articulates the transformation from mutual fund to index fund to exchange traded fund with parallels of investment vs speculation。 He explained some of the major problems with the investment world （two agent model， federal obstacles， CEO pay。。。 etc） and actually provides decent solutions to problems that have been around for a long time。 It’s a very dry book， and I think he spends too much time using the Wellington fund as examples。 25% of the book was helpful， Vanguard’s former CEO， John Bogel， articulates the transformation from mutual fund to index fund to exchange traded fund with parallels of investment vs speculation。 He explained some of the major problems with the investment world （two agent model， federal obstacles， CEO pay。。。 etc） and actually provides decent solutions to problems that have been around for a long time。 It’s a very dry book， and I think he spends too much time using the Wellington fund as examples。 25% of the book was helpful， the rest was a bit boring and repetitive。 It was ok。 。。。more
Anders Gränfors
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From Warren Buffets list
Sam
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Invest in indexed funds with low fees。
Jake Stevens
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Honestly a bit dense for light reading， but a really informative look at long term investing。 I found his chapter on retirement in America especially insightful。
Kathy Nealen
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Highlights our financial culture change free m investment to speculation and describes how it occurred with emphasis on the cozy relationship between fund managers and corporation management， which results in less concern for the actual owners of the funds。Favorite quotes: "The secret to investing is there is no secret。 There is only the magic of simplicity。 But it is not easy， for it requires discipline， patience， steadfastness， and that most uncommon of all gifts， common sense。"。 Highlights our financial culture change free m investment to speculation and describes how it occurred with emphasis on the cozy relationship between fund managers and corporation management， which results in less concern for the actual owners of the funds。Favorite quotes: "The secret to investing is there is no secret。 There is only the magic of simplicity。 But it is not easy， for it requires discipline， patience， steadfastness， and that most uncommon of all gifts， common sense。"。 。。。more
Wit
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A well recommended book on Mutual FundsSurprisingly it would be better if more focused。 The main themes were about active vs passive divide， some history， and investing principles。
Raed
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This book in not about investment as I thought it's about how Wall street became more addicted to speculation and how it impacted investors behavior and lead to focus in short instead of long term gains calling it wall street casino saying that finance people will destroy economy。 This book in not about investment as I thought it's about how Wall street became more addicted to speculation and how it impacted investors behavior and lead to focus in short instead of long term gains calling it wall street casino saying that finance people will destroy economy。 。。。more
Nagireddyreddy
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I have intrested
Brad Herman
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Great introduction to long-term investment from a pioneer in the industry。 Provides a thorough history of the market， phenomenal advice on investment （along with the numbers to back it up）， and speaks out against the current trends destroying the market and value for investors。 Highly recommended。
Monster Jin
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opened up my eye on the underlying nature of trading。 Voting machine vs weighing machine （speculation vs investment）。 Index fund seems to be the way to go for people that dont wanna spend a lot of time in trading。 keep the cost low。
David Carrasquillo
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This book will teach you， plain and simple， the difference between a real economy and an speculative one。 Everything in the news will become more relate-able and understandable。 Sweet book to have near you。
John Bonini
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An exceptional walk-through of the history of index funds from the pioneer that steered Vanguard back from the financial cellar to a paragon status of responsibility and balance。
Kari Olfert
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