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Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition |  |
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Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition | |
John C. Bogle shares his extensive insights on investing in mutual funds
Since the first edition of Common Sense on Mutual Funds was published in 1999, much has changed, and no one is more aware of this than mutual fund pioneer John Bogle. Now, in this completely updated Second Edition, Bogle returns to take another critical look at the mutual fund industry and help investors navigate their way through the staggering array of investment alternatives that are available to them. .
Written in a straightforward and accessible style, this reliable resource examines the fundamentals of mutual fund investing in today's turbulent market environment and offers timeless advice in building an investment portfolio. Along the way, Bogle shows you how simplicity and common sense invariably trump costly complexity, and how a low cost, broadly diversified portfolio is virtually assured of outperforming the vast majority of Wall Street professionals over the long-term. Written by respected mutual fund industry legend John C. Bogle Discusses the timeless fundamentals of investing that apply in any type of market Reflects on the structural and regulatory changes in the mutual fund industry Other titles by Bogle: The Little Book of Common Sense Investing and Enough.
Securing your financial future has never seemed more difficult, but you'll be a better investor for having read the Second Edition of Common Sense on Mutual Funds.
作者简介
John C. Bogle is founder of the Vanguard Mutual Fund Group 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 named him one of the world's 100 most powerful and influential people; and Institutional Investor presented him with its Lifetime Achievement Award. Bogle is also the author of Enough. and The Little Book of Common Sense Investing, both published by Wiley.
"Common Sense on Mutual Funds," by John Bogle, inventor of the retail index fund and founder of the Vanguard Group. It’s the best book ever on fund investing, just updated for new investors. The case for indexing is rock solid, as you’ll see here. It’s the only strategy that works, long term."
—Jane’s Book Club, http://janebryantquinn.com/
"As founder of the giant mutual fund company, Vanguard Group, Bogle writes what he knows: how to steer one’s way through mutual funds and the numbing variety of investment alternatives available today. His is a clear and readable style, and Bogle helps make still somewhat-arcane terms such as quantitative investing understandable."
—SmartMoney.com
"Common Sense on Mutual Funds," by John Bogle, inventor of the retail index fund and founder of the Vanguard Group. It’s the best book ever on fund investing, just updated for new investors. The case for indexing is rock solid, as you’ll see here. It’s the only strategy that works, long term."
—Jane’s Book Club, http://janebryantquinn.com/
"As founder of the giant mutual fund company, Vanguard Group, Bogle writes what he knows: how to steer one's way through mutual funds and the numbing variety of investment alternatives available today. His is a clear and readable style, and Bogle helps make still somewhat-arcane terms such as quantitative investing understandable." -SmartMoney.com
专业书评 From the Back Cover
John Bogle—founder of the Vanguard Mutual Fund Group and creator of the first index mutual fund—is an industry pioneer. Over the years, he has single-handedly transformed the mutual fund business, and today, his vision continues to inspire investors.
It has been over a decade since the original edition of Common Sense on Mutual Funds was first published. While much has changed during this time, the importance of investing and the issues addressed in the original edition of this book have not. Now, in the Fully Updated 10th Anniversary Edition of Common Sense on Mutual Funds, Bogle returns to update his in-depth look at mutual funds and the business of investing—helping you navigate through the staggering array of investment options found in today's evolving investment landscape.
Timely and timeless, this important book examines the fundamentals of mutual fund investing in turbulent market environments and offers valuable guidance for building an investment portfolio. Along the way, Bogle shows you that simplicity and common sense still trump costly complexity, and that a low cost, broadly diversified portfolio continues to be the best way to build wealth at the lowest cost and risk—and will almost always outperform more expensive, actively managed mutual funds.
Throughout these pages, Bogle skillfully presents a platform for intelligent investing as he analyzes costs, exposes tax inefficiencies, and warns of the mutual fund industry's conflicting interests. Emphasizing long-term investing and asset allocation, Bogle offers sensible solutions to the fund selection process and reveals what it will take to make it in today's chaotic market. Updated charts, which also show original data, as well as new commentary and analysis provide timely guidance in light of recent changes in investment vehicles and market performance.
Securing your financial future has never seemed more difficult, but after reading this revised and updated edition of Common Sense on Mutual Funds, you will become a better investor. From stock and bond funds to global investing and index funds, this book will help you regain your financial footing and make more informed investment decisions.
目录
Foreword for the 10th Anniversary Edition.
Foreword for the Original Edition.
Preface to the 10th Anniversary Edition.
Preface to the Original Edition.
Acknowledgments.
About the Author.
PART I: On Investment Strategy.
1 On Long-Term Investing.
Chance and the Garden.
2 On the Nature of Returns.
Occam's Razor.
3 On Asset Allocation.
The Riddle of Performance Attribution.
4 On Simplicity.
How to Come Down to Where You Ought to Be.
PART II: On Investment Choices.
5 On Indexing.
The Triumph of Experience over Hope.
6 On Equity Styles.
Tick-Tack-Toe.
7 On Bonds.
Treadmill to Oblivion?
8 On Global Investing.
Acres of Diamonds.
9 On Selecting Superior Funds.
The Search for the Holy Grail.
PART III: On Investment Performance.
10 On Reversion to the Mean.
Sir Isaac Newton's Revenge on Wall Street.
11 On Investment Relativism.
Happiness or Misery?
12 On Asset Size.
Nothing Fails Like Success.
13 On Taxes.
The Message of the Parallax.
14 On Time.
The Fourth Dimension—Magic or Tyranny?
PART IV: On Fund Management.
15 On Principles.
Important Principles Must Be Inflexible.
16 On Marketing.
The Message Is the Medium.
17 On Technology.
To What Avail?
18 On Directors.
Serving Two Masters.
19 On Structure.
The Strategic Imperative.
PART V: On Spirit.
20 On Entrepreneurship.
The Joy of Creating.
21 On Leadership.
A Sense of Purpose.
22 On Human Beings.
Clients and Crew.
Afterword.
Appendix I Some Thoughts about the Current Stock Market as 2010 Begins.
Appendix II Some Thoughts about the Current Stock Market as 1999 Begins.
Appendix III Supplemental Data.
Notes.
Index.
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