Recommended Reading by Warren Buffet in his March 2013 Letter to Shareholders How speculation has come to dominate investmenta hardhitting look from the creator of the first index fund.
Over the course of his sixtyyear 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, valueadding culture of longterm investment has been crowded out by an aggressive, valuedestroying culture of shortterm speculation.
Mr.
Bogle has not been merely an eyewitness to these changes, but one of the financial sectors most active participants.
In The Clash of the Cultures, he urges a return to the common sense principles of longterm 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 exchangetraded index funds have altered its original concept of longterm investing.
He also presents a firsthand history of Wellington Fund, a realworld 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 bestselling books, beginning with Bogle on Investing: The First 50 Years (2001) and Don't Count on It!
(2011)
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