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Stay the Course: The Story of Vanguard and the Index Revolution
A journey through the Index Revolution from the man who started it all
Stay the Course is the story the Vanguard Group as told by its founder, legendary investor John C. Bogle. This engrossing book traces the history of Vanguard—the largest mutual fund organization on earth.
Offering the world’s first index mutual fund in 1976, John Bogle led Vanguard from a $1.4 billion firm with a staff of 28 to a global company of 16,000 employees and with more than $5 trillion in assets under management. An engaging blend of company history, investment perspective, and personal memoir, this book provides a fascinating look into the mind of an extraordinary man and the company he created.
John Bogle continues to be an inspiring and trusted figure to millions of individual investors the world over. His creative innovation, personal integrity, and stubborn determination infuse every aspect of the company he founded. This accessible and engaging book will help
Explore the history of some of Vanguard’s most important mutual funds, including First Index Investment Trust, Wellington Fund, and Windsor Fund Understand how the Vanguard Group gave rise to the Index Revolution and transformed the lives of millions of individual investors Gain insight on John Bogle’s views on values such as perseverance, caring, commitment, integrity, and fairness Investigate a wide range of investing topics through the lens of one of the most prominent figures in the history of modern finance The Vanguard Group and John Bogle are inextricably linked—it would be impossible to tell one story without the other. Stay the The Story of Vanguard and the Index Revolution weaves these stories together taking you on a journey through the history of one revolutionary company and one remarkable man. Investors, wealth managers, financial advisors, business leaders, and those who enjoy a good story, will find this book as informative and unique as its author.
Stay the Course is the story the Vanguard Group as told by its founder, legendary investor John C. Bogle. This engrossing book traces the history of Vanguard—the largest mutual fund organization on earth.
Offering the world’s first index mutual fund in 1976, John Bogle led Vanguard from a $1.4 billion firm with a staff of 28 to a global company of 16,000 employees and with more than $5 trillion in assets under management. An engaging blend of company history, investment perspective, and personal memoir, this book provides a fascinating look into the mind of an extraordinary man and the company he created.
John Bogle continues to be an inspiring and trusted figure to millions of individual investors the world over. His creative innovation, personal integrity, and stubborn determination infuse every aspect of the company he founded. This accessible and engaging book will help
Explore the history of some of Vanguard’s most important mutual funds, including First Index Investment Trust, Wellington Fund, and Windsor Fund Understand how the Vanguard Group gave rise to the Index Revolution and transformed the lives of millions of individual investors Gain insight on John Bogle’s views on values such as perseverance, caring, commitment, integrity, and fairness Investigate a wide range of investing topics through the lens of one of the most prominent figures in the history of modern finance The Vanguard Group and John Bogle are inextricably linked—it would be impossible to tell one story without the other. Stay the The Story of Vanguard and the Index Revolution weaves these stories together taking you on a journey through the history of one revolutionary company and one remarkable man. Investors, wealth managers, financial advisors, business leaders, and those who enjoy a good story, will find this book as informative and unique as its author.
316 pages, Kindle Edition
Published November 16, 2018
134 people are currently reading
1017 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._...
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Displaying 1 - 28 of 28 reviews
January 28, 2019
This book feels like Jack Bogle is your (rich old) buddy/grandpa talking about the history of his work throughout his life. Part I reviews the history of his founding of Vanguard, Part II talks about the various funds at Vanguard - both active mutual funds and index funds, Part III is about where he sees investment management going in the future, and Part IV is a random alphabetical list of the things Bogle saw as most important throughout his life.
If you aren't familiar with index funds, you should read up on them. You can look into your retirement fund and check what you are actually invested in - most investors agree that for long-term investments like your retirement fund, the funds designed to replicate the indexes are going to beat out the actively-managed funds. Also, funds with lower expense ratios are going to get you a much better return on your investment. You can look at your investment options and choose a diversified selection of passive funds with lower fees. Anyway, Bogle discusses how he started Vanguard and how he started the first index fund there - Vanguard is now the industry leader and that is due to their selection of low-fee index funds.
He was really an inspiring figure. At the end of every chapter, he has a "Staying the Course" section and at the end of the book he says that when he asked others about his defining characteristic, they mostly said "determination."
"Paraphrasing Kipling, I treated triumph and disaster - those two imposters - just the same. I knew what I wanted to accomplish..."
This is probably not the best introductory book about mutual fund investing, but it's really an excellent read for anybody curious about how Vanguard and the proliferation of index funds came to be, and where Bogle expects the field to go in the future. Bogle was an inspirational, visionary man with a very personable writing style.
If you aren't familiar with index funds, you should read up on them. You can look into your retirement fund and check what you are actually invested in - most investors agree that for long-term investments like your retirement fund, the funds designed to replicate the indexes are going to beat out the actively-managed funds. Also, funds with lower expense ratios are going to get you a much better return on your investment. You can look at your investment options and choose a diversified selection of passive funds with lower fees. Anyway, Bogle discusses how he started Vanguard and how he started the first index fund there - Vanguard is now the industry leader and that is due to their selection of low-fee index funds.
He was really an inspiring figure. At the end of every chapter, he has a "Staying the Course" section and at the end of the book he says that when he asked others about his defining characteristic, they mostly said "determination."
"Paraphrasing Kipling, I treated triumph and disaster - those two imposters - just the same. I knew what I wanted to accomplish..."
This is probably not the best introductory book about mutual fund investing, but it's really an excellent read for anybody curious about how Vanguard and the proliferation of index funds came to be, and where Bogle expects the field to go in the future. Bogle was an inspirational, visionary man with a very personable writing style.
February 4, 2019
Disappointing. More a recitation of dates, numbers, and facts about the various Vanguard funds than anything.
Mr. Bogle must have had innumerable anecdotes and stories about what had transpired over the years at Vanguard and about the people he met that could have made this a rich, colorful book. Sadly, such anecdotes and stories are missing from the book, as he, for example, sums up his relationships over the years with the various Presidents with just one or two sentences on each President.
Mr. Bogle must have had innumerable anecdotes and stories about what had transpired over the years at Vanguard and about the people he met that could have made this a rich, colorful book. Sadly, such anecdotes and stories are missing from the book, as he, for example, sums up his relationships over the years with the various Presidents with just one or two sentences on each President.
October 31, 2019
A good reminder of sound investing principles.
June 25, 2025
When I first picked up Stay the Course – John C. Bogle’s memoir and swan song – I expected just another finance book. But reading it felt like catching up with a wise mentor over coffee. Bogle’s tone is warm, his passion infectious, and his message simple: put investors first and keep costs low. As a newer investor, I found his story inspiring. He reminds us that the stock market isn’t a casino; it’s a place to quietly own great businesses and let time do the work.
One of the most striking parts of Bogle’s tale is how Vanguard was born. In 1974, he dared to start a mutual fund company that was truly mutual – owned by its shareholders and run “at cost” rather than for outside profits . Back then, that idea was almost radical. Big Wall Street firms thought it was crazy to run funds with low fees. But Bogle was convinced investors deserved a fair shake. As one obituary put it, his zeal for giving people a “‘fair shake’ was legendary” . He even described Vanguard as “a company that is of the shareholder, by the shareholder, and for the shareholder” . This structure meant Vanguard could lower fees and pass the savings back to investors. In fact, Bogle’s contrarian insight was that “the less you pay, the more you keep” . That simple mantra – that fees eat into returns – became a guiding principle for me.
In the book, Bogle traces how Vanguard grew from a scrappy startup into a huge fund family. He shows how investing in low-cost index funds – like his famous S&P 500 fund – changed everything. Buying and holding a broad market index, he argues, is the “simplest and soundest path” to success . In other words, instead of trying to pick a few winners, just buy the whole market and tune out the noise. One memorable quote encapsulates this: “The winning formula … is owning the entire stock market through an index fund, and then doing nothing. Just stay the course.” . That line made me smile, because it captures Bogle’s humor. He’s basically saying: don’t obsess over the ups and downs. Let time and compound interest work their magic.
• Bogle’s Big Ideas: Index Funds, Discipline, and Patience
One core idea in Stay the Course (and Bogle’s lifelong message) is that passive indexing beats high-priced stock picking. Bogle found early on that most active managers don’t beat the market over decades – especially after their fees. He calls active stock-picking a “loser’s game” and says the “losing” part comes from all the costs and trading that eat into returns  . This made me rethink my own investments. It turns out, as he notes, that on average the majority of active funds underperform their benchmarks, while low-cost index funds usually keep more of what the market earns . Bogle’s plainspoken wisdom – “Time is your friend; impulse is your enemy”  – reminded me to resist panic-selling when the market wobbles.
He also taught me to distinguish investing from speculating. Bogle defines investing as owning real businesses for the long run, versus speculating as chasing short-term price moves  . This resonated with how I think of it: I want to be a business-owner, not a gambler. Bogle even joked that if you struggle with a 20% market drop, maybe stocks aren’t for you . Ouch – that hit home, because early on I might’ve sold out of fear during a dip. Now I try to stick to his advice: ignore the headlines and trust the plan.
Another powerful lesson is keeping costs low. Bogle famously found that investment costs compound over time like a “tyranny” – wiping out a lot of the gains if fees are high . One line from Vanguard’s own corporate site summarizes it well: “In investing, you get what you don’t pay for. The less you pay for your funds, the more you keep.” . That idea changed how I look at funds. I realized a 0.1% fee fund could leave thousands more in my pocket over decades compared to a 1% fee fund. It might seem small, but Bogle proved it makes a huge difference over a lifetime of compounding.
Bogle also emphasizes broad diversification – “buy the haystack, not the needle” – meaning own the entire market rather than trying to pick one perfect stock . This keeps risk low without hurting long-term gains. And perhaps most famously, he told investors to stay the course. He said the “secret to investing is there is no secret” . This means staying calm and sticking with your plan through ups and downs. It reminds me of a favorite quote from Stay the Course: “when the market goes down 50%, do you get out? No – you stay the course.” (He actually said this in other talks, but the book title itself is a constant refrain.)
• My Takeaways: How Bogle’s Wisdom Changed Me
Reading Stay the Course felt deeply personal. Writing this, I realize my own investing journey mirrored Bogle’s lessons. When I first started, I was tempted by flashy stock picks and high-flying tech funds I heard about on podcasts. I even paid a little higher fee for an “actively managed” fund because I thought it was being smart. But after learning Bogle’s story, I cringed thinking about it. Bogle’s philosophy made me switch course: I now favor broad market funds and hold them patiently.
One example: I recently took a close look at my retirement account. Inspired by Bogle, I moved more money into a total-market index fund with a rock-bottom expense ratio. It was a leap of faith – but Bogle’s words echoed in my head: “own the whole stock market…and then do nothing.” . So I’m doing just that. I’ve also become much more immune to market noise. I remember reading Stay the Course during a rough week and thinking, “Wait – I’ve seen bigger drops before.” Bogle himself admitted he got nervous when markets fell, but his remedy was to reread his own advice . I try to do something similar: step back, breathe, and remember that daily market moves don’t change the long-term trends.
Bogle’s emphasis on behavior helped me too. I’ll admit: I feel grateful for the way this book shaped me. It even reminded me of a college finance course on fundamental analysis, but reframed it. Instead of stressing over quarterly earnings or economic news, I focus on holding good companies through thick and thin. Bogle’s words “fall back on…staying the course” (to paraphrase Buffett via Bogle) resonate with me . Now I talk to friends about investing like one cares about a garden: plant many seeds (diversify), water them slowly (consistently add savings), and wait patiently for them to grow (compound).
• How Stay the Course Stacks Up
If you’ve read other investing books, you’ll recognize Bogle’s ideas. His Little Book of Common Sense Investing and Common Sense on Mutual Funds lay out the same gospel of low-cost indexing in even simpler form. What Stay the Course adds is story and personality. Instead of bullet points on fund performance, you get anecdotes about boardroom battles and personal regrets. Bogle doesn’t spare the gory details of market crashes or his clashes with Wall Street, but he tells them in a folksy way. Compared to other tomes in the genre, this book is lighter on charts and math, and heavier on “been there” wisdom. In that sense, it reminded me a bit of Warren Buffett’s writing — down-to-earth and even self-deprecating at times.
That said, if you’re brand new to investing, some parts of Bogle’s memoir feel like history class (e.g. all the parts about specific funds and dates).. But when he shifts to practical lessons (especially in the final chapters), it felt as if like Bogle was sharing a favorite quote on his blog: clear and straight to the point. Other books might offer more “how-to” details or momentum strategies, but none give the investor’s human angle that Bogle does here. It also made me appreciate how rare a book this is: written by a founder who actually lived the part of putting investors first.
• Conclusion: Why I’ll Stay the Course
Toward the end, Bogle reflects on life beyond numbers – faith, family, integrity – things he values even more than stock prices. While I’m not writing Stay the Course as a memoir of my own life, it left me introspective. I think Bogle would say the same. What matters isn’t chasing the hottest tip, but living by sound principles. For me, that means trusting simple index funds, staying patient, and not sweating every headline.
I’ll leave you with one of his favorite reminders: “Time is your friend; impulse is your enemy.” . If you’re just starting out, that advice – along with “the secret to investing is there is no secret”  – could save you countless hours of stress. Personally, Stay the Course will keep me anchored to a long-term view. Like Bogle, I’m a believer in giving average investors a fighting chance through low-cost funds and discipline. In that sense, this book feels like a conversation with a mentor who truly wants you to succeed. And after reading it, I plan to keep doing just that: stay the course, just as he wrote.
One of the most striking parts of Bogle’s tale is how Vanguard was born. In 1974, he dared to start a mutual fund company that was truly mutual – owned by its shareholders and run “at cost” rather than for outside profits . Back then, that idea was almost radical. Big Wall Street firms thought it was crazy to run funds with low fees. But Bogle was convinced investors deserved a fair shake. As one obituary put it, his zeal for giving people a “‘fair shake’ was legendary” . He even described Vanguard as “a company that is of the shareholder, by the shareholder, and for the shareholder” . This structure meant Vanguard could lower fees and pass the savings back to investors. In fact, Bogle’s contrarian insight was that “the less you pay, the more you keep” . That simple mantra – that fees eat into returns – became a guiding principle for me.
In the book, Bogle traces how Vanguard grew from a scrappy startup into a huge fund family. He shows how investing in low-cost index funds – like his famous S&P 500 fund – changed everything. Buying and holding a broad market index, he argues, is the “simplest and soundest path” to success . In other words, instead of trying to pick a few winners, just buy the whole market and tune out the noise. One memorable quote encapsulates this: “The winning formula … is owning the entire stock market through an index fund, and then doing nothing. Just stay the course.” . That line made me smile, because it captures Bogle’s humor. He’s basically saying: don’t obsess over the ups and downs. Let time and compound interest work their magic.
• Bogle’s Big Ideas: Index Funds, Discipline, and Patience
One core idea in Stay the Course (and Bogle’s lifelong message) is that passive indexing beats high-priced stock picking. Bogle found early on that most active managers don’t beat the market over decades – especially after their fees. He calls active stock-picking a “loser’s game” and says the “losing” part comes from all the costs and trading that eat into returns  . This made me rethink my own investments. It turns out, as he notes, that on average the majority of active funds underperform their benchmarks, while low-cost index funds usually keep more of what the market earns . Bogle’s plainspoken wisdom – “Time is your friend; impulse is your enemy”  – reminded me to resist panic-selling when the market wobbles.
He also taught me to distinguish investing from speculating. Bogle defines investing as owning real businesses for the long run, versus speculating as chasing short-term price moves  . This resonated with how I think of it: I want to be a business-owner, not a gambler. Bogle even joked that if you struggle with a 20% market drop, maybe stocks aren’t for you . Ouch – that hit home, because early on I might’ve sold out of fear during a dip. Now I try to stick to his advice: ignore the headlines and trust the plan.
Another powerful lesson is keeping costs low. Bogle famously found that investment costs compound over time like a “tyranny” – wiping out a lot of the gains if fees are high . One line from Vanguard’s own corporate site summarizes it well: “In investing, you get what you don’t pay for. The less you pay for your funds, the more you keep.” . That idea changed how I look at funds. I realized a 0.1% fee fund could leave thousands more in my pocket over decades compared to a 1% fee fund. It might seem small, but Bogle proved it makes a huge difference over a lifetime of compounding.
Bogle also emphasizes broad diversification – “buy the haystack, not the needle” – meaning own the entire market rather than trying to pick one perfect stock . This keeps risk low without hurting long-term gains. And perhaps most famously, he told investors to stay the course. He said the “secret to investing is there is no secret” . This means staying calm and sticking with your plan through ups and downs. It reminds me of a favorite quote from Stay the Course: “when the market goes down 50%, do you get out? No – you stay the course.” (He actually said this in other talks, but the book title itself is a constant refrain.)
• My Takeaways: How Bogle’s Wisdom Changed Me
Reading Stay the Course felt deeply personal. Writing this, I realize my own investing journey mirrored Bogle’s lessons. When I first started, I was tempted by flashy stock picks and high-flying tech funds I heard about on podcasts. I even paid a little higher fee for an “actively managed” fund because I thought it was being smart. But after learning Bogle’s story, I cringed thinking about it. Bogle’s philosophy made me switch course: I now favor broad market funds and hold them patiently.
One example: I recently took a close look at my retirement account. Inspired by Bogle, I moved more money into a total-market index fund with a rock-bottom expense ratio. It was a leap of faith – but Bogle’s words echoed in my head: “own the whole stock market…and then do nothing.” . So I’m doing just that. I’ve also become much more immune to market noise. I remember reading Stay the Course during a rough week and thinking, “Wait – I’ve seen bigger drops before.” Bogle himself admitted he got nervous when markets fell, but his remedy was to reread his own advice . I try to do something similar: step back, breathe, and remember that daily market moves don’t change the long-term trends.
Bogle’s emphasis on behavior helped me too. I’ll admit: I feel grateful for the way this book shaped me. It even reminded me of a college finance course on fundamental analysis, but reframed it. Instead of stressing over quarterly earnings or economic news, I focus on holding good companies through thick and thin. Bogle’s words “fall back on…staying the course” (to paraphrase Buffett via Bogle) resonate with me . Now I talk to friends about investing like one cares about a garden: plant many seeds (diversify), water them slowly (consistently add savings), and wait patiently for them to grow (compound).
• How Stay the Course Stacks Up
If you’ve read other investing books, you’ll recognize Bogle’s ideas. His Little Book of Common Sense Investing and Common Sense on Mutual Funds lay out the same gospel of low-cost indexing in even simpler form. What Stay the Course adds is story and personality. Instead of bullet points on fund performance, you get anecdotes about boardroom battles and personal regrets. Bogle doesn’t spare the gory details of market crashes or his clashes with Wall Street, but he tells them in a folksy way. Compared to other tomes in the genre, this book is lighter on charts and math, and heavier on “been there” wisdom. In that sense, it reminded me a bit of Warren Buffett’s writing — down-to-earth and even self-deprecating at times.
That said, if you’re brand new to investing, some parts of Bogle’s memoir feel like history class (e.g. all the parts about specific funds and dates).. But when he shifts to practical lessons (especially in the final chapters), it felt as if like Bogle was sharing a favorite quote on his blog: clear and straight to the point. Other books might offer more “how-to” details or momentum strategies, but none give the investor’s human angle that Bogle does here. It also made me appreciate how rare a book this is: written by a founder who actually lived the part of putting investors first.
• Conclusion: Why I’ll Stay the Course
Toward the end, Bogle reflects on life beyond numbers – faith, family, integrity – things he values even more than stock prices. While I’m not writing Stay the Course as a memoir of my own life, it left me introspective. I think Bogle would say the same. What matters isn’t chasing the hottest tip, but living by sound principles. For me, that means trusting simple index funds, staying patient, and not sweating every headline.
I’ll leave you with one of his favorite reminders: “Time is your friend; impulse is your enemy.” . If you’re just starting out, that advice – along with “the secret to investing is there is no secret”  – could save you countless hours of stress. Personally, Stay the Course will keep me anchored to a long-term view. Like Bogle, I’m a believer in giving average investors a fighting chance through low-cost funds and discipline. In that sense, this book feels like a conversation with a mentor who truly wants you to succeed. And after reading it, I plan to keep doing just that: stay the course, just as he wrote.
This entire review has been hidden because of spoilers.
March 14, 2020
"Stay the Course" was John Bogle's final book, published in 2019 before his death. It is the first Bogle book that I have read and I enjoyed reading the history of America's Index Fund inventor and the Vanguard Revolution. Though really dense at times, each chapter covers a specific index fund type or sector or a decade in the company's history. There is a reason that John C. Bogle was recognized by Warren Buffet as the sole person that had the greatest impact on people's retirement accounts in modern history. A truly selfless man who embodied what most inventors seek - to see his invention benefit those that invest and believe in the creation.
"Loyalty must be a two-way street. Woe to any firm that does not pledge - and reward - loyalty to those on the front line who are doing the hard work. Yes, money talks. But it delivers the message that I wanted to deliver to our crew. We're all in this together." This quote struck me as powerful. As I work in a public sector job where money for my salary comes from tax payers, there is not really any promise of bonuses or retirement benefits - my retirement is 100% self-funded by means of 11% of every paycheck into an annuity savings account, and 15% of my take home income into a ROTH IRA. We are constantly scrutinized by the public for how we educate children and how money is spent. I am thankful for many of the people I work with and having a school that believes in the tireless work we do as educators. I believe I am exactly the kind of person for whom Bogle created the index fund.
Another quote that resonated with me came from his memoirs at the end of the book. My first week of student teaching back in 2008 or 2009, I was paired up a teacher who said he had taught for 53 years and been married for 52. At the time of this book, Bogle had been married for 62 years to Eve, his wife. Both men gave me the same advice. "What's the secret to being successful in life and marriage? Two secrets... First, marry a saint. Second, never forget the two most important words in the English language: Yes, dear." My father gave me the same advice before I got married. Though this was a book about Vanguard, these two words hit home and for me help me put things into perspective. There is so much more in life than worrying about work, coronavirus, and the next apocalypse. We will get through these roller coaster waves if we Stay. The. Course.
The final quote that resonated with me for this book: "When I'm asked what is the secret of a life well-lived, I often answer, "First rule: get out of bed in the morning. If you don't do that, not much will happen. Then, every day, teach something and learn something. Along the way, give an enthusiastic compliment to a deserving soul whom you may have never before met. Then you've earned a great night's sleep. You'll get it. When you awaken the next day, repeat these rules."'
This was the first Bogle book I read. I plan to read more. The world lost a great mind and a greater man with John's passing last year. But like he said with the gift of a heart transplant for a heart defect in 1996, he was given a second chance, and so were we. Vanguard, though named after Horatio Nelson's ship from the Battle of the Nile in 1798, has been exactly that - at the front line fighting for investors since Bogle started it. I love that Vanguard has done for decades what the rest of the companies are just now starting to do - care about lowering costs for the investor. I am excited to see the next chapter of this fabulous company.
It's been a while since I read a book cover to cover in one day. Glad it was this one!
"Loyalty must be a two-way street. Woe to any firm that does not pledge - and reward - loyalty to those on the front line who are doing the hard work. Yes, money talks. But it delivers the message that I wanted to deliver to our crew. We're all in this together." This quote struck me as powerful. As I work in a public sector job where money for my salary comes from tax payers, there is not really any promise of bonuses or retirement benefits - my retirement is 100% self-funded by means of 11% of every paycheck into an annuity savings account, and 15% of my take home income into a ROTH IRA. We are constantly scrutinized by the public for how we educate children and how money is spent. I am thankful for many of the people I work with and having a school that believes in the tireless work we do as educators. I believe I am exactly the kind of person for whom Bogle created the index fund.
Another quote that resonated with me came from his memoirs at the end of the book. My first week of student teaching back in 2008 or 2009, I was paired up a teacher who said he had taught for 53 years and been married for 52. At the time of this book, Bogle had been married for 62 years to Eve, his wife. Both men gave me the same advice. "What's the secret to being successful in life and marriage? Two secrets... First, marry a saint. Second, never forget the two most important words in the English language: Yes, dear." My father gave me the same advice before I got married. Though this was a book about Vanguard, these two words hit home and for me help me put things into perspective. There is so much more in life than worrying about work, coronavirus, and the next apocalypse. We will get through these roller coaster waves if we Stay. The. Course.
The final quote that resonated with me for this book: "When I'm asked what is the secret of a life well-lived, I often answer, "First rule: get out of bed in the morning. If you don't do that, not much will happen. Then, every day, teach something and learn something. Along the way, give an enthusiastic compliment to a deserving soul whom you may have never before met. Then you've earned a great night's sleep. You'll get it. When you awaken the next day, repeat these rules."'
This was the first Bogle book I read. I plan to read more. The world lost a great mind and a greater man with John's passing last year. But like he said with the gift of a heart transplant for a heart defect in 1996, he was given a second chance, and so were we. Vanguard, though named after Horatio Nelson's ship from the Battle of the Nile in 1798, has been exactly that - at the front line fighting for investors since Bogle started it. I love that Vanguard has done for decades what the rest of the companies are just now starting to do - care about lowering costs for the investor. I am excited to see the next chapter of this fabulous company.
It's been a while since I read a book cover to cover in one day. Glad it was this one!
March 8, 2021
Great book. Insight from the guy who created index fund !
November 3, 2025
Stocks such as Xerox, Polaroid, IBM, Avon Products, and Digital Equipment Corporation soared. These stocks, at their peaks, were valued at 50 times earnings or more. But reality finally took over. Their stock prices collapsed, leading the bear market downward. Like the “New Economy” bubble that developed in the late 1990s, the Nifty Fifty bubble burst in 1973.
Our seeming unwillingness to become a major user of technology to accomplish these goals (the “we can’t afford to be the leader” mindset) was one of the “sacred cows” that I killed at a meeting of our senior management team in 1992, described in Chapter 7. As I told the team, “We can’t afford not to be the leader.”
It seems clear there is more short-term speculation than long-term investment going on in the ETF field, not only among traders in specialty and leveraged ETFs, but in middle-of-the-road funds covering broad market segments such as the total U.S. stock market, and the total international (non-U.S.) market. The average annual turnover rates of our ETF shares are amazingly high (135%, suggesting a nine-month holding period) relative to our TIF redemption rates (18%, holding period almost six years), but only one-fourth of the 579% annual turnover rate of ETFs generally (holding period of about two months).
“He who lives by the sword shall die by the sword.”
It’s hard to imagine how both the 15% market share held by long-time leader MFS and then by Columbia could have deteriorated to today’s 1% range. But that’s what happened. In this context, I can’t help but quote Shakespeare’s warning: “uneasy lies the head that wears a crown.” What succeeds in one era often turns to failure in the next.
Indeed, in August 2018, Fidelity announced two new index funds with an expense ratio of 0%.
Once you have found friends, never let them go.
When I’m asked what is the secret of a life well-lived, I often answer, “First rule: get out of bed in the morning. If you don’t do that, not much will happen. Then, every day, teach something and learn something. Along the way, give an enthusiastic compliment to a deserving soul whom you may have never before met. Then you’ve earned a great night’s sleep. You’ll get it. When you awaken the next day, repeat these rules.”
In general, heavy cash inflows make it harder for active managers to achieve their investment goals. So there are times when it becomes imperative for fund managers to close their funds to new investors.
Our seeming unwillingness to become a major user of technology to accomplish these goals (the “we can’t afford to be the leader” mindset) was one of the “sacred cows” that I killed at a meeting of our senior management team in 1992, described in Chapter 7. As I told the team, “We can’t afford not to be the leader.”
It seems clear there is more short-term speculation than long-term investment going on in the ETF field, not only among traders in specialty and leveraged ETFs, but in middle-of-the-road funds covering broad market segments such as the total U.S. stock market, and the total international (non-U.S.) market. The average annual turnover rates of our ETF shares are amazingly high (135%, suggesting a nine-month holding period) relative to our TIF redemption rates (18%, holding period almost six years), but only one-fourth of the 579% annual turnover rate of ETFs generally (holding period of about two months).
“He who lives by the sword shall die by the sword.”
It’s hard to imagine how both the 15% market share held by long-time leader MFS and then by Columbia could have deteriorated to today’s 1% range. But that’s what happened. In this context, I can’t help but quote Shakespeare’s warning: “uneasy lies the head that wears a crown.” What succeeds in one era often turns to failure in the next.
Indeed, in August 2018, Fidelity announced two new index funds with an expense ratio of 0%.
Once you have found friends, never let them go.
When I’m asked what is the secret of a life well-lived, I often answer, “First rule: get out of bed in the morning. If you don’t do that, not much will happen. Then, every day, teach something and learn something. Along the way, give an enthusiastic compliment to a deserving soul whom you may have never before met. Then you’ve earned a great night’s sleep. You’ll get it. When you awaken the next day, repeat these rules.”
In general, heavy cash inflows make it harder for active managers to achieve their investment goals. So there are times when it becomes imperative for fund managers to close their funds to new investors.
April 8, 2021
Jack Bogle has changed the lives of normal middle class retirement investors more than any other person in the world. He founded the Vanguard index investment company in the 1970s which was revolutionary as far as investment funds go.
This book is a little bit investment advice (which can be summed by the title), and the greater bit, a memoir of his early years of Vanguard.
There’s a good reason Jack Bogle’s famous for his investment legacy and not his writing. This particular book was repetitive and uninteresting and unnecessarily long but most importantly, there’s nothing here really important that you can’t learn much more efficiently from a google search about ‘Exchange traded funds’ investment.
Stay the course!
This book is a little bit investment advice (which can be summed by the title), and the greater bit, a memoir of his early years of Vanguard.
There’s a good reason Jack Bogle’s famous for his investment legacy and not his writing. This particular book was repetitive and uninteresting and unnecessarily long but most importantly, there’s nothing here really important that you can’t learn much more efficiently from a google search about ‘Exchange traded funds’ investment.
Stay the course!
March 1, 2024
Enjoyed the Vanguard story, but repetitive for Bogle veterans.
"Stay the Course" by John Bogle is a captivating read, especially for those interested in the story of Vanguard and its founder's vision. The book delves into the company's founding principles and its rise to become the world's largest mutual fund organization.
However, if you're already familiar with Bogle's earlier works, you might find some repetition in the core ideas and anecdotes presented here.
Overall, it's a worthwhile read if you're new to Bogle's philosophy or want to understand his life and the impact of Vanguard.
"Stay the Course" by John Bogle is a captivating read, especially for those interested in the story of Vanguard and its founder's vision. The book delves into the company's founding principles and its rise to become the world's largest mutual fund organization.
However, if you're already familiar with Bogle's earlier works, you might find some repetition in the core ideas and anecdotes presented here.
Overall, it's a worthwhile read if you're new to Bogle's philosophy or want to understand his life and the impact of Vanguard.
March 18, 2019
‘Stay the course, press on regardless; is a splendid rule for fighting our way through the inevitable ups and downs of the short span of our existence on this earth and to enjoy a productive and honourable life well lived’ These lines pretty much summaries Jack’s outlook to life and what he lived and strived for. And that’s what he conveys in this book.
The last chapter of this book is truly amazing and I just couldn’t help but be watery eyes. Thank you Jack and RIP!
The last chapter of this book is truly amazing and I just couldn’t help but be watery eyes. Thank you Jack and RIP!
March 1, 2020
John C Bogle was the founder and former CEO of The Vanguard Group (creator of the world’s first index mutual fund). This book is part corporate history on Vanguard’s origin and development and part life lessons drawn from his considerable experience but despite some interesting nuggets here neither part really satisfies as the corporate history dwells too heavily on fund performance and the life lessons are brief and superficial.
November 8, 2023
Thank You
Mr. Bogle - thank you for your tireless efforts and enjoyable and efficient writing style. You’ve done a fabulous job of giving us a glimpse of how to persevere in life - both as an investor and human being.
I believe you have contributed a great deal with your life to your community and the world around you and this inspires me to keep working hard to do the same. Thank you for sharing what was important to you as you lived and evaluated and made decisions.
Mr. Bogle - thank you for your tireless efforts and enjoyable and efficient writing style. You’ve done a fabulous job of giving us a glimpse of how to persevere in life - both as an investor and human being.
I believe you have contributed a great deal with your life to your community and the world around you and this inspires me to keep working hard to do the same. Thank you for sharing what was important to you as you lived and evaluated and made decisions.
March 6, 2019
(Rating for first half of the book)
The first part just felt like he was reciting the facts and history of Vanguard and how they introduced different funds in the market. I'd suggest reading this only if you already know what different types of funds are and are interested in historical performances of Vanguard funds.
The first part just felt like he was reciting the facts and history of Vanguard and how they introduced different funds in the market. I'd suggest reading this only if you already know what different types of funds are and are interested in historical performances of Vanguard funds.
November 15, 2021
amazing history
Stay the course.
Set and forget.
Thank you for opening my eyes up to a simple program of savings.
I only wish I knew this when I was 21. I’m now 52 and have recently moved most of my retirement savings to low cost Vanguard funds.
This book lets me know the mentality of why it works.
Because Mr Bogle has the awesome trait of helping others.
RIP
Stay the course.
Set and forget.
Thank you for opening my eyes up to a simple program of savings.
I only wish I knew this when I was 21. I’m now 52 and have recently moved most of my retirement savings to low cost Vanguard funds.
This book lets me know the mentality of why it works.
Because Mr Bogle has the awesome trait of helping others.
RIP
July 21, 2025
I like John Bogle, I appreciate the work he's done and I'd even consider myself a bit of a Boglehead but this book was awful. It reminded me of Bill Clinton's autobiography; just pages selective story telling, false modesty and humblebragging. There were a few flashes of interesting commentary but they were few and far between.
January 29, 2019
This is quite an interesting book - the last book of the recently deceased John Bogle, founder of Vanguard. It provides an interesting history of the mutual funds industry, and how Vanguard revolutionized it by introducing low cost broad index funds.
January 15, 2021
I couldn't get into this book. It's the history of how etf and index fund came about. I only got to chapter 3 and gave up. I guess I was expecting discussion of strategies and motivation to keep on going with Bogle's strategy.
February 2, 2020
good book on etf revolution
March 28, 2021
Some portions are good, esp the stats regarding index fund, and evolution of the Vanguard companies; while other parts are a bit advertisy
November 29, 2021
Some good lessons here, about both investing and life. Especially enjoyed the final chapter.
December 17, 2021
This book is quite literally amazing.
July 26, 2022
ดีงาม หนังสือปู่ Jack อ่านสนุกเหมือนเดิม
December 27, 2022
Very in-depth book about the history of Vanguard. Really doesn’t provide many interesting insights.
May 28, 2024
This was an amazing book by an amazing man! I am particularly thankful that he described the challenges and tactics that he faced while building a revolutionary structured organization.
January 14, 2020
Jack Bogle tells the story of how he mutualized the Wellington funds to create Vanguard and save American investors billions of dollars. His passion for the little guy investor comes through and he convincingly argues for long-term indexing as the optimal strategy. This book is good summary of Bogle's career, Vanguard, Vanguard's funds, and the ethical challenges of modern asset management that Bogle campaigned against.
December 13, 2019
First couple sections are quite informative but bland because it is just facts but the important part is the third section about future regulations and how to revolutionize the financial industry to better serve shareholders of mutual funds.
May 26, 2023
Echoes and repeats themes in The Little Book of Common Sense Investing. Only necessary to read one or the other to understand the ideas presented.
Read
January 26, 2019Nice book about Vanguard and the Index Revolution. RIP to a good man. Cheers
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