Don't Count on It!: Reflections on Investment Illusions, Capitalism, Mutual Funds, Indexing, Entrepreneurship, Idealism, and Heroes

Don't Count on It!: Reflections on Investment Illusions, Capitalism, Mutual Funds, Indexing, Entrepreneurship, Idealism, and Heroes

By: John C. Bogle (author), Alan S. Blinder (foreword_author)Hardback

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Praise for Don't Count On It! "This collection of Jack Bogle's writings couldn't be more timely. The clarity of his thinking and his insistence on the relevance of ethical standards are totally relevant as we strive to rebuild a broken financial system. For too many years, his strong voice has been lost amid the cacophony of competing self-interests, misdirected complexity, and unbounded greed. Read, learn, and support Jack's mission to reform the industry that has been his life's work." PAUL VOLCKER, Chairman of the President's Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979 1987) "Jack Bogle has given investors throughout the world more wisdom and plain financial 'horse sense' than any person in the history of markets. This compendium of his best writings, particularly his post-crisis guidance, is absolutely essential reading for investors and those who care about the future of our society." ARTHUR LEVITT, former Chairman, U.S. Securities and Exchange Commission "Jack Bogle is one of the most lucid men in finance." NASSIM N.T ALEB, PhD, author of The Black Swan "Jack Bogle is one of the financial wise men whose experience spans the post World War II years. This book, encompassing his insights on financial behavior, pitfalls, and remedies, with a special focus on mutual funds, is an essential read. We can only benefit from his observations." HENRY KAUFMAN, President, Henry Kaufman & Company, Inc. "It was not an easy sell. The joke at first was that only finance professors invested in Vanguard's original index fund. But what a triumph it has been. And what a focused and passionate drive it took: it is a zero-sum game and only costs are certain. Thank you, Jack." JEREMY GRANTHAM, Cofounder and Chairman, GMO "On finance, Jack Bogle thinks unconventionally. So, this sound rebel turns out to be right most of the time. Meanwhile, many of us sometimes engage in self-deception. So, this book will set us straight. And in the last few pages, Jack writes, and I agree, that Peter Bernstein was a giant. So is Jack Bogle." JEAN-MARIE EVEILLARD, Senior Adviser, First Eagle Investment Management Insights into investing and leadership from the founder of The Vanguard Group Throughout his legendary career, John Bogle-founder of the Vanguard mutual fund group and creator of the first index mutual fund-has helped investors build wealth the right way, while, at the same time, leading a tireless campaign to restore common sense to the investment world. A collection of essays based on speeches delivered to professional groups and college students in recent years, in Don't Count on It is organized around eight themes * Illusion versus reality in investing * Indexing to market returns * Failures of capitalism * The flawed structure of the mutual fund industry * The spirit of entrepreneurship * What is enough in business, and in life * Advice to America's future leaders * The unforgettable characters who have shaped his career Widely acclaimed for his role as the conscience of the mutual fund industry and a relentless advocate for individual investors, in Don't Count on It, Bogle continues to inspire, while pushing the mutual fund industry to measure up to their promise.

About Author

John C. Bogle is the founder of the Vanguard Group of Mutual Funds and President of its Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as chairman and chief executive officer until 1996 and senior chairman until 2000. In 1999, Fortune magazine named Mr. Bogle as one of the four "Investment Giants" of the twentieth century; in 2004, Time magazine named him one of the world's 100 most powerful and influential people, and Institutional Investor presented him with its Lifetime Achievement Award. In 2010, Forbes magazine described him as the person who "has done more good for investors than any other financier of the past century." Mr. Bogle graduated from Blair Academy cum laude in 1947 and Princeton University in 1951, magna cum laude in economics. In 1999, he received the University's Woodrow Wilson Award for distinguished achievement in the nation's service. Don't Count on It! is Mr. Bogle's ninth book. His earlier books include Common Sense on Mutual Funds, The Battle for the Soul of Capitalism, The Little Book of Common Sense Investing, and Enough.


Foreword. Introduction. A Note to the Reader. Part One. Investment Illusions. Chapter 1 Don't Count on It! The Perils of Numeracy. Chapter 2 The Relentless Rules of Humble Arithmetic. Chapter 3 The Telltale Chart. Chapter 4 A Question So Important That It Should Be Hard to Think about Anything Else. Chapter 5 The Uncanny Ability to Recognize the Obvious. Part Two. The Failure of Capitalism. Chapter 6 What Went Wrong in Corporate America? Chapter 7 Fixing a Broken Financial System. Chapter 8 Vanishing Treasures: Business Values and Investment Values. Chapter 9 A Crisis of Ethic Proportions. Chapter 10 Black Monday and Black Swans. Chapter 11 The Go-Go Years. Part Three. What's Wrong with "Mutual" Funds. Chapter 12 Re-Mutualizing the Mutual Fund Industry: The Alpha and the Omega. Chapter 13 A New Order of Things: Bringing Mutuality to the "Mutual" Fund. Chapter 14 The Fiduciary Principle: No Man Can Serve Two Masters. Chapter 15 Mutual Funds at the Millennium: Fund Directors and Fund Myths. Chapter 16 "High Standards of Commercial Honor ...Just and Equitable Principles of Trade ...Fair Dealing with Investors". Part Four. What's Right with Indexing. Chapter 17 Success in Investment Management: What Can We Learn from Indexing? Chapter 18 As the Index Fund Moves from Heresy to Dogma, What More Do We Need to Know? Chapter 19 "The Chief Cornerstone". Chapter 20 Convergence! The Great Paradox: Just as Active Fund Management Becomes More and More Like Passive Indexing, So Passive Indexing Becomes More and More Like Active Fund Management. Part Five. Entrepreneurship and Innovation. Chapter 21 Capitalism, Entrepreneurship, and Investing: The 18th Century versus the 21st Century. Chapter 22 Seventeen Rules of Entrepreneurship. Chapter 23 "Vanguard: Saga of Heroes". Chapter 24 When Does Innovation Go Too Far? Part Six. Idealism and the New Generation. Chapter 25 Business as a Calling. Chapter 26 The Right Kind of Success. Chapter 27 "This Above All: To Thine Own Self Be True". Chapter 28 "Enough". Chapter 29 If You Can Trust Yourself ... Chapter 30 The Fifth "Never". Chapter 31 "When a Man Comes to Himself ". Part Seven. Heroes and Mentors. Chapter 32 Walter L. Morgan. Chapter 33 Paul A. Samuelson. Chapter 34 Peter L. Bernstein. Chapter 35 Bernard Lown, MD. Index.

Product Details

  • ISBN13: 9780470643969
  • Format: Hardback
  • Number Of Pages: 496
  • ID: 9780470643969
  • weight: 976
  • ISBN10: 047064396X

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