What do you think?
Rate this book
The Battle for the Soul of Capitalism
There is no one better qualified to tell us about the failures of the American financial system and the grotesque abuses that have taken place in recent years than John Bogle, who as founder and former chief executive of the Vanguard mutual funds group has seen firsthand the innermost workings of the financial industry. A zealous advocate for the small investor for more than fifty years, Bogle has championed the restoration of integrity in industry practices. As an astute observer and commentator, he knows that a trustworthy business and financial complex is essential to America’s continuing leadership in the world and to social and economic progress at home.
This book tells not just a story about what went wrong but, more important, the story of why we lost our way and of how we can right our course. Bogle argues for a return to a governance structure in which owners’ capital that has been put at risk is used in their interests rather than in the interests of corporate and financial managers. Given that ownership is now consolidated in the hands of relatively few large mutual and pension funds, the specific reforms Bogle details in this book are essential as well as practical. Every investor, analyst, Wall-Streeter, policy maker, and businessperson should read this deeply informed book.
This book tells not just a story about what went wrong but, more important, the story of why we lost our way and of how we can right our course. Bogle argues for a return to a governance structure in which owners’ capital that has been put at risk is used in their interests rather than in the interests of corporate and financial managers. Given that ownership is now consolidated in the hands of relatively few large mutual and pension funds, the specific reforms Bogle details in this book are essential as well as practical. Every investor, analyst, Wall-Streeter, policy maker, and businessperson should read this deeply informed book.
288 pages, Hardcover
First published January 1, 2005
42 people are currently reading
1056 people want to read
About the author
John C. Bogle
60 books592 followersJohn 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 on http://en.wikipedia.org/wiki/John_C._...
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 30 of 32 reviews
October 23, 2018
Those readers who are not aware of the generally corrupt behaviors of many financiers and business executives [1] may think that this title is a bit overly dramatic. Those whose hostility to these abuses often involves a fashionable hostility to capitalism may wonder why it would be worthwhile to fight for the soul of capitalism, on the other hand. In general, though, I happen to agree with the perspective and approach of the author, whose fondness for classic literature and biblical quotes and support of virtue is combined with a sharp critique of contemporary business practice that is contrary to both biblical and classical conceptions of virtue. This book is a deeply serious one, full of close argumentation as well as immense historical sweep and a large degree of statistical support, as Bogle is making an argument that aims at both the body and the spirit, the mind and the heart, and is seeking to encourage a drastic reform of the way we currently do business in the hope that it will allow our culture's successful business practices to endure and not be swamped by corrupt crony capitalism, as is being threatened at present.
This argument is a tightly organized one that consists of ten chapters in four parts that take up almost 250 pages of material after the lengthy forward, acknowledgements and introductory history of the connection between capitalism and American society. The first part of the book examines the issue of corporate America (I), including what went wrong in the shift between owner and managerial capitalism (1), why things went wrong in corporate America (2), and how corporate America can be returned to the control of its owners (3). The author then turns his attention to the problems of investment America (II) with a look at what went wrong with auditors and financial managers (4), why things went wrong in the confusion of momentary stock prices and eternal intrinsic values (5), and how to fix investment America through the involvement of owners (6). The third part of the book turns its attention on the problems of mutual fund America (III) with a look at what went wrong in the triumph of salesmanship over stewardship (7), how mutual funds lost their way (8), and how mutual funds must be organized, operated, and managed for shareholders (9). The fourth part of the book consists of the author's concluding chapter and the author's hopes to begin the world anew in the 21st century (10), plans that have not gone well so far.
There are a lot of reasons why this book works so well. The author's quotations of the Bible, his paraphrasing of Gibbon's Decline and Fall of the Roman Empire, his keen awareness of the history of mutual funds and contemporary investment vehicles, and his own generally moderate and principled political beliefs combine to make this book a tour de force for the sort of reader who appreciates sound biblical and historical exegesis, a deep knowledge of history and business, and a critical approach towards the conduct of regulators and businessmen that does not involve a rejection of capitalism itself. The author is a reformer of the most principled kind, and someone whose own actions demonstrate a desire to provide as much as possible of the gains and profits of business for the investment success of investors, something that few people involved in financing can claim. There is a lot of repetition of particular points and concepts between the author's works, but that repetition is a matter of conviction rather than a lack of skill, and come off as a familiar and slightly cranky but generally astute observer of business. The author's humility in such circumstances, including his willingness to admit that he was too idealistic in his youth about the practices of managers, makes his argument all the more persuasive and powerful.
[1] See, for example:
https://edgeinducedcohesion.blog/2018...
https://edgeinducedcohesion.blog/2017...
https://edgeinducedcohesion.blog/2015...
https://edgeinducedcohesion.blog/2014...
https://edgeinducedcohesion.blog/2012...
This argument is a tightly organized one that consists of ten chapters in four parts that take up almost 250 pages of material after the lengthy forward, acknowledgements and introductory history of the connection between capitalism and American society. The first part of the book examines the issue of corporate America (I), including what went wrong in the shift between owner and managerial capitalism (1), why things went wrong in corporate America (2), and how corporate America can be returned to the control of its owners (3). The author then turns his attention to the problems of investment America (II) with a look at what went wrong with auditors and financial managers (4), why things went wrong in the confusion of momentary stock prices and eternal intrinsic values (5), and how to fix investment America through the involvement of owners (6). The third part of the book turns its attention on the problems of mutual fund America (III) with a look at what went wrong in the triumph of salesmanship over stewardship (7), how mutual funds lost their way (8), and how mutual funds must be organized, operated, and managed for shareholders (9). The fourth part of the book consists of the author's concluding chapter and the author's hopes to begin the world anew in the 21st century (10), plans that have not gone well so far.
There are a lot of reasons why this book works so well. The author's quotations of the Bible, his paraphrasing of Gibbon's Decline and Fall of the Roman Empire, his keen awareness of the history of mutual funds and contemporary investment vehicles, and his own generally moderate and principled political beliefs combine to make this book a tour de force for the sort of reader who appreciates sound biblical and historical exegesis, a deep knowledge of history and business, and a critical approach towards the conduct of regulators and businessmen that does not involve a rejection of capitalism itself. The author is a reformer of the most principled kind, and someone whose own actions demonstrate a desire to provide as much as possible of the gains and profits of business for the investment success of investors, something that few people involved in financing can claim. There is a lot of repetition of particular points and concepts between the author's works, but that repetition is a matter of conviction rather than a lack of skill, and come off as a familiar and slightly cranky but generally astute observer of business. The author's humility in such circumstances, including his willingness to admit that he was too idealistic in his youth about the practices of managers, makes his argument all the more persuasive and powerful.
[1] See, for example:
https://edgeinducedcohesion.blog/2018...
https://edgeinducedcohesion.blog/2017...
https://edgeinducedcohesion.blog/2015...
https://edgeinducedcohesion.blog/2014...
https://edgeinducedcohesion.blog/2012...
January 25, 2014
"He is certainly not a good citizen who does not wish to promote, with every means of his power,the welfare of the whole society of his fellow citizens." - Adam Smith
While Smith's writings are still widely read and quoted 200 years later, one of his dictums would appear to be quite false indeed. When Smith proclaimed "Capitalism cannot survive without morality", the common sense of the words created a false sense of security in the economic and political system of young America. For those allowed to participate in society's institutions, trusting and being trusted were the cornerstones of everyday dealings. But somehow we (or they, depending on where you fall in the socioeconomic spectrum) lost our way. Morality could aptly be described as a rarity in American's dealings with it's largest financial institutions. And because of this, Jack Bogle believes we need to act, or our day of reckoning may be near.
It would be more than a little naive to believe that capitalism would go the way of the dodo bird within my lifetime. But social unrest is the most transformative of movements, organised or not. Believing that the growing divide between the richest and poorest in society has been bought on by systemic problems within "Corporate America", "Investment America", and "Mutual Fund America", Bogle offers both how we got here, and sage advice for reversing what he describes as our conversion from "Ownership Capitalism" to "Manager's Capitalism."
While Bogle may also possesses the most compelling pen in finance, inserting timely axioms, quotes, etc., he beats you over the head while making certain points. As you might imagine, the problems inherent with Corporate, Investment and Mutual Fund America, overlap. This causes Bogle to seem to just go on and on, even though the book is well under 300 pages.
Nonetheless, calling for financial intermediaries to behave in the best interests of their clients, a request both noble and naive, with an erudition and passion that few possess makes this is a four star book.
While Smith's writings are still widely read and quoted 200 years later, one of his dictums would appear to be quite false indeed. When Smith proclaimed "Capitalism cannot survive without morality", the common sense of the words created a false sense of security in the economic and political system of young America. For those allowed to participate in society's institutions, trusting and being trusted were the cornerstones of everyday dealings. But somehow we (or they, depending on where you fall in the socioeconomic spectrum) lost our way. Morality could aptly be described as a rarity in American's dealings with it's largest financial institutions. And because of this, Jack Bogle believes we need to act, or our day of reckoning may be near.
It would be more than a little naive to believe that capitalism would go the way of the dodo bird within my lifetime. But social unrest is the most transformative of movements, organised or not. Believing that the growing divide between the richest and poorest in society has been bought on by systemic problems within "Corporate America", "Investment America", and "Mutual Fund America", Bogle offers both how we got here, and sage advice for reversing what he describes as our conversion from "Ownership Capitalism" to "Manager's Capitalism."
While Bogle may also possesses the most compelling pen in finance, inserting timely axioms, quotes, etc., he beats you over the head while making certain points. As you might imagine, the problems inherent with Corporate, Investment and Mutual Fund America, overlap. This causes Bogle to seem to just go on and on, even though the book is well under 300 pages.
Nonetheless, calling for financial intermediaries to behave in the best interests of their clients, a request both noble and naive, with an erudition and passion that few possess makes this is a four star book.
May 10, 2020
This book was written prior to the Great Recession of 2008, and the “too big to fail” bailouts. And of course was written prior to our latest Corona virus recession, and Main Street bailouts/lending programs. I’m not sure what kind of a system we’re currently living in, or if it’s good or bad, but I’m quite certain that it’s not currently free-market Capitalism.
Yet it seems that if more people, and government officials in particular had read this book prior to the Great Recession, and employed some of the authors principles, that we need to conduct ourselves and our businesses with a morality, and honesty that builds trust, that perhaps some of those problems could have been avoided.
I’m not sure I’m financially savvy enough to understand all his arguments. But I am convinced the author has the best interests of the common man at heart, and I’m glad there are smart people like him fighting for us.
Yet it seems that if more people, and government officials in particular had read this book prior to the Great Recession, and employed some of the authors principles, that we need to conduct ourselves and our businesses with a morality, and honesty that builds trust, that perhaps some of those problems could have been avoided.
I’m not sure I’m financially savvy enough to understand all his arguments. But I am convinced the author has the best interests of the common man at heart, and I’m glad there are smart people like him fighting for us.
March 31, 2017
I would summarize this book as follows: corporations, just like governments, needs checks and balances. Employees, boards and owners all play a role in keeping corporations in their place. They are not currently playing their role and as a result, the strength of corporations and returns on stocks are taking hits.
For examples the following issues are (in the end) weakening capitalism: there are no checks on CEO compensation (and comp is too high), there are too many conflicts of interest for various involved parties, owners aren't fighting for their own interests, etc.
Even though this book was written before the housing crash of the late 2000's many of the points are still valid.
Stray interesting observations: *The book discusses how capitalism still needs morals/ethics, which I found surprising *Bogle makes the distinction that the finance industry used to be a profession but now it is a business ( it has gone from helping people by doing a specific job to selling people products and marketing them to make you money) *The book frequently repeated points, but made good ones *I lost some of the confidence I had in the finance industry (not that I have that much anyways) *Investing feels like a rigged game, that I'll never win, but I'll keep playing because what choice do I have
For examples the following issues are (in the end) weakening capitalism: there are no checks on CEO compensation (and comp is too high), there are too many conflicts of interest for various involved parties, owners aren't fighting for their own interests, etc.
Even though this book was written before the housing crash of the late 2000's many of the points are still valid.
Stray interesting observations: *The book discusses how capitalism still needs morals/ethics, which I found surprising *Bogle makes the distinction that the finance industry used to be a profession but now it is a business ( it has gone from helping people by doing a specific job to selling people products and marketing them to make you money) *The book frequently repeated points, but made good ones *I lost some of the confidence I had in the finance industry (not that I have that much anyways) *Investing feels like a rigged game, that I'll never win, but I'll keep playing because what choice do I have
June 11, 2010
If you still think that mutual funds and unit trusts are still the best investments around, try having a shot at this book. It may alter your reality forever.
The Battle for the Soul of Capitalism exposes the decadence and corruption that takes place in the mutual fund industry and how you, the individual investor, lose out ultimately.
In his timely classic, John Bogle argues that mutual fund companies these days have interests that do not run parallel to yours and how they have been trying to outdo each other in terms of volume while paying little attention to the average investor. On top of that, employee compensations in mutual fund companies have been hovering at obscene levels in the form of “management fees’ while ultimately are chipping away at investor returns. Among the interesting issues pointed out is the fact that mutual fund returns has been dwindling while employee pay at these same companies are sky-rocketing through the roof.
As founder and former CEO of a mutual fund company, John Bogle is perhaps more than qualified to speak on the matter. On top of that, he has a no-nonsense and straightforward approach to the touchy subject of corporate America’s employee’s compensation. This makes for a very entertaining read indeed. Highly recommended.
The Battle for the Soul of Capitalism exposes the decadence and corruption that takes place in the mutual fund industry and how you, the individual investor, lose out ultimately.
In his timely classic, John Bogle argues that mutual fund companies these days have interests that do not run parallel to yours and how they have been trying to outdo each other in terms of volume while paying little attention to the average investor. On top of that, employee compensations in mutual fund companies have been hovering at obscene levels in the form of “management fees’ while ultimately are chipping away at investor returns. Among the interesting issues pointed out is the fact that mutual fund returns has been dwindling while employee pay at these same companies are sky-rocketing through the roof.
As founder and former CEO of a mutual fund company, John Bogle is perhaps more than qualified to speak on the matter. On top of that, he has a no-nonsense and straightforward approach to the touchy subject of corporate America’s employee’s compensation. This makes for a very entertaining read indeed. Highly recommended.
January 30, 2008
Although I am decently versed in finance this book was definitely an eye opener into corporate america, Investment america, and mutual fund america. it is refreshing to see that some one willing to stand up to such machines and willing to call them on their inefficiencies.
Most times when people call for reforms of the capitalist system they are usually devoid of ideas. this books is filled with ideas to help improve the matter. If you interested in capitalism, corporate governance, and financial common sense then this book is worth a read.
This book is particularly good at addressing issues within mutual funds. if you are aware of what you are reading, this book will seriously augment ones view on mutual funds.
Most times when people call for reforms of the capitalist system they are usually devoid of ideas. this books is filled with ideas to help improve the matter. If you interested in capitalism, corporate governance, and financial common sense then this book is worth a read.
This book is particularly good at addressing issues within mutual funds. if you are aware of what you are reading, this book will seriously augment ones view on mutual funds.
April 7, 2017
Revolutionary when released and still highly relevant today.
A book about how investors' funds are being mismanaged by mutual funds, the conflicts of interest in the system and how nobody is looking out for the clients. Would have been eye-opening when first released in 2005 and is still pertinent today, 12 years later.
Well-written and well thought out by one of the sharpest minds and most experienced and ethical individuals in the investment industry. Bogle makes his point thoroughly, including using examples of other great investors who have similar viewpoints. Some paths he goes down are a bit idealistic or naive - you must expect some degree of commercialism in the system - but that would be the only gripe.
A book about how investors' funds are being mismanaged by mutual funds, the conflicts of interest in the system and how nobody is looking out for the clients. Would have been eye-opening when first released in 2005 and is still pertinent today, 12 years later.
Well-written and well thought out by one of the sharpest minds and most experienced and ethical individuals in the investment industry. Bogle makes his point thoroughly, including using examples of other great investors who have similar viewpoints. Some paths he goes down are a bit idealistic or naive - you must expect some degree of commercialism in the system - but that would be the only gripe.
October 28, 2012
More in depth discussions of the ways financial firms put their own profits ahead of their customers. Good for readers interested in mutual funds and investing. Sentences tend to be long and in two parts.
If it wasn't for Bogle and Vanguard, savers would never get fair treatment.
If it wasn't for Bogle and Vanguard, savers would never get fair treatment.
May 1, 2022
Bogle’s central message is that we’ve gone from an ownership society, with respect to stocks, to an intermediation society with deleterious results on corporate governance, mutual fund governance, and shareholder democracy. This message is not new. Agency theory has been an aspect of finance for a while and even Thorstein Veblen wrote about it in the 1920s (https://www.panarchy.org/veblen/absen...). However, while Bogle does give some indication that principal-agent conflicts have been the subject of academic study* since the early 20th century (no nod to Veblen though!), he believes it has become especially pernicious. Moreover, the rise of index funds and passive investment strategies have worsened inattentive ownership.
This thesis then proceeds for 10 additional chapters of articulation and examples, becoming a bit repetitive. Little effort is made to connect this back to the overall title which speaks to the ‘soul of capitalism’, when this book focuses primarily on public capital markets. Maybe it’s really the ‘soul’ of public capital markets, but that’s a little less catchy.
All of the classic hits are mentioned: executive compensation; stock option expensing; accounting fraud; high management fees; lack of independent directors, etc.
Much of Bogle’s discussion is rather dated given the elapse of time (SEC disclosure requirements on pay; say on pay proxy rules) and so my review may be colored by that.
The book certainly doesn’t claim to have a nuanced perspective insofar as it proceeds with the hall of horrors of governance abuse, accounting failures, and the like. Which, results in it being a bit of a slog.
There are knits here and there in the text. Discussion on accounting restatements glides over restatement due to error and restatement due to change in accounting principle/standard accounted for retrospectively to goose the numbers; the reader would not have known that the FASB had adopted a proposal to require expensing of stock options at the time the book was published; the academic work he cites on executive pay is a matter of deep dispute.
Overall, a bit uneven. 2.5 rounded up to 3 given my respect for Jack Bogle.
*one would be remiss not to mention the parable of the talents in the Gospel of Matthew and Luke has being one of the earliest principal-agent observations!
This thesis then proceeds for 10 additional chapters of articulation and examples, becoming a bit repetitive. Little effort is made to connect this back to the overall title which speaks to the ‘soul of capitalism’, when this book focuses primarily on public capital markets. Maybe it’s really the ‘soul’ of public capital markets, but that’s a little less catchy.
All of the classic hits are mentioned: executive compensation; stock option expensing; accounting fraud; high management fees; lack of independent directors, etc.
Much of Bogle’s discussion is rather dated given the elapse of time (SEC disclosure requirements on pay; say on pay proxy rules) and so my review may be colored by that.
The book certainly doesn’t claim to have a nuanced perspective insofar as it proceeds with the hall of horrors of governance abuse, accounting failures, and the like. Which, results in it being a bit of a slog.
There are knits here and there in the text. Discussion on accounting restatements glides over restatement due to error and restatement due to change in accounting principle/standard accounted for retrospectively to goose the numbers; the reader would not have known that the FASB had adopted a proposal to require expensing of stock options at the time the book was published; the academic work he cites on executive pay is a matter of deep dispute.
Overall, a bit uneven. 2.5 rounded up to 3 given my respect for Jack Bogle.
*one would be remiss not to mention the parable of the talents in the Gospel of Matthew and Luke has being one of the earliest principal-agent observations!
September 12, 2023
The author was the founder of Vanguard. His company now, together with Blackrock practically own the stock market. And he lectured us in 2006 on how bad it is for the capitalist system the fact that managers forget their fiduciary duty and manage other people’s money for their own interests.
I gave it 2 stars for this irony. Nothing that Mr Bogle said here is wrong in this mindset (in which you agree that capitalism is the best system, leaving aside all its downsides). He made genuine appeals to greedy people to be less greedy. Too bad it didn’t work. Less than two years after this book was published greedy people took over everything and showed what capitalism was really all about.
In the end, if this book were read by capitalists today , they would say that Bogle was a sort of socialist. This is how much things got misconstrued in today’s world.
I gave it 2 stars for this irony. Nothing that Mr Bogle said here is wrong in this mindset (in which you agree that capitalism is the best system, leaving aside all its downsides). He made genuine appeals to greedy people to be less greedy. Too bad it didn’t work. Less than two years after this book was published greedy people took over everything and showed what capitalism was really all about.
In the end, if this book were read by capitalists today , they would say that Bogle was a sort of socialist. This is how much things got misconstrued in today’s world.
February 26, 2019
This is definitely not the kind of book to listen to while stretching to warm up for yoga.
He explains the structure, the issues and some of the biggest scoundrels related to investing.
It is easy to feel his frustration about our (the investor collective) inaction in getting changes implemented in the laws governing things.
As an investor, it's a little horrifying to think of how people are being basically exploited by an industry and don't realize it due to a lack of financial education and a healthy dose of denial.
But this book is certainly worth a read/listen as a part of our financial history and to know what to look for today.
He explains the structure, the issues and some of the biggest scoundrels related to investing.
It is easy to feel his frustration about our (the investor collective) inaction in getting changes implemented in the laws governing things.
As an investor, it's a little horrifying to think of how people are being basically exploited by an industry and don't realize it due to a lack of financial education and a healthy dose of denial.
But this book is certainly worth a read/listen as a part of our financial history and to know what to look for today.
June 19, 2021
Some good parts of this book to understand overvaluation and underperformance of Mutual Funds. MERs are robbing the investors who take the risk.
I found a lot of this book unnecessarily repetitive. I also found the author annoying for kissing ass with Lord Keynes and Alan Greenspan. Keynesian Economics is a plague of debt. I’m not sure why this economist would praise idiocy.
Alan Greenspan is a snake. Another debt pusher.
But fuck... stay away from MF... index or ETF with robo advisor is necessary. Concealed fees, inflation, taxes...
Overall, this book should have been much better.
2 - 4 star.
I found a lot of this book unnecessarily repetitive. I also found the author annoying for kissing ass with Lord Keynes and Alan Greenspan. Keynesian Economics is a plague of debt. I’m not sure why this economist would praise idiocy.
Alan Greenspan is a snake. Another debt pusher.
But fuck... stay away from MF... index or ETF with robo advisor is necessary. Concealed fees, inflation, taxes...
Overall, this book should have been much better.
2 - 4 star.
April 6, 2025
Great analysis of the financial markets and how the love of money is the root of evil. Vanguard transformed expectations about what a mutual fund could be. I just wish they had carried the torch of investor activism he knew needed to happen.
August 17, 2017
I couldn't find much to guide my investments. This seemed more like a wish for how the industry should work.
September 22, 2021
John Bogle’s ability to synthesize and analyze large amounts of data is incredible. The only minus point is that the book is very repetitive at times. To be continued….
March 15, 2017
Old rich man going senile yells at staff who are stealing from him.
This is such a narrow view of capitalism, the book should be titled "managers are stealing my shareholder money!". It's all about the stock market - because a few white collar criminals stealing from the rich is the main problem of capitalism and not the rich exploiting their position and changing the rules to strengthen it further.
The whole book constantly repeats the same message over and over: capitalism should benefit people who are rich and not people who manage their money. I get it, you're probably right too but the fact that you think this is somehow key to fixing problems with capitalism is laughable. Between this, the constant self-aggrandisement and the pretentious literary quotes this books is the biggest crime of capitalism.
This is such a narrow view of capitalism, the book should be titled "managers are stealing my shareholder money!". It's all about the stock market - because a few white collar criminals stealing from the rich is the main problem of capitalism and not the rich exploiting their position and changing the rules to strengthen it further.
The whole book constantly repeats the same message over and over: capitalism should benefit people who are rich and not people who manage their money. I get it, you're probably right too but the fact that you think this is somehow key to fixing problems with capitalism is laughable. Between this, the constant self-aggrandisement and the pretentious literary quotes this books is the biggest crime of capitalism.
December 27, 2020
The problems to be addressed, still need to be addressed, especially at the institutional investor level.
June 12, 2014
This book hits the nail on the head with the succinct assessment that we have lost our ownership society. This is no where more evident than in Generation Y, where more and more you see a hesitancy to invest in the market or purchase a home born out of witnessing the housing bubble and recession of 2008. It seems rare in today's financial sector to find people who promote good stewardship and ethics. I appreciate Bogle standing up for the owners and stewardship, and promoting a return to an ownership society v. One run by middle managers. The book can be a little repetitive but it certainly accomplishes the task of driving the point home.
October 11, 2007
More of my secret passion for all things economic.
If you are someone who is struggling with understanding investments and want to start with some basic knowledge, start here or with other Bogle books, not with the books by Orman or other investment gurus...first understand what is right and wrong with the system...then develop your own investment strategies and perhaps turn to the investment gurus for ideas within the context of this basic knowledge.
If you are someone who is struggling with understanding investments and want to start with some basic knowledge, start here or with other Bogle books, not with the books by Orman or other investment gurus...first understand what is right and wrong with the system...then develop your own investment strategies and perhaps turn to the investment gurus for ideas within the context of this basic knowledge.
September 21, 2014
Extremely repetitive; I'm not exactly sure how many times he states "manager's capitalism over owner's capitalism" but it is well over a dozen. Bogle's enthusiasm and bombastic pronouncements about how the financial industry is changing do not hold up well considering the housing market scandal and subsequent collapse occurred just two years after this was written. Still, I have to give him some credit for it is rare to see someone in the financial industry call it what it is: a giant scam.
December 20, 2007
Bogle gets to the soul of our society's greatest dilemma--the fact that our biggest economic sector is the financial sector itself. Instead of an ecomomy that produces goods and services, we are an economy of that shuffles money around, mainly for the benefit of the rich. Sooner, not later, we'll milk ourselves dry.
December 3, 2008
This book has become more timely for me as the financial system has collapsed in late 2008. His ideas for reform are ethical, sound, and go to the heart of what ails the free market in America today. This book is not recommended for those who do not have more than a passing interest in economics, finance, and investing.
Want to read
June 3, 2008I saw at bit of John Bogle's interview on Bill Moyers's show on PBS and was totally fascinated by what he had to say about the current state of the economy in the US. Bogle is the founder of Vanguard investments and he was one of the first to create mutual funds.
October 4, 2008
John C. Bogle was a founder of Vanguard Funds. In this book he discusses a number of the systemic issues that threaten capitalism: diminishing sense of true ownership, speculation, management for management benefit. If you are studying economics or business, this is a must read.
May 19, 2012
Bogle pontificates. He brings no insight to the issue and is basically a technocrat - who took a basic idea of replicating the index cheaply. Very disappointing in finding there was nothing there except grandiose pronouncements about his success and how great he was - NOT.
July 16, 2008
Dry reading, but useful in some ways. I think I'd have skipped to the section on mutual funds if I'd known this book would be so dry. At least that chapter was somewhat useful to me.
September 21, 2008
This was a skimmer - it is not that it is bad, just very dry and in my mind more suitable for the financial wizards out there.
September 27, 2009
This audiobook would probably be more valuable to current investors, though I've appreciated its insight where I'm able to understand. Economics and finances not being my forte.
May 10, 2011
This is a must-read for all investors, shareholders and anyone who claims to adhere to the system of capitalism. Bogel is one of my heroes.
August 25, 2015
Investing bible for ethical investing based on long term values.
Displaying 1 - 30 of 32 reviews