The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns

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		The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns
		The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns

Investing is all about common sense. Owning a diversified portfolio of stocks and holding it for the long term is a winner’s game. Trying to beat the stock market is theoretically a zero–sum game (for every winner, there must be a loser), but after the substantial costs of investing are deducted, it becomes a loser’s game. Common sense tells us—and history confirms—that the simplest and most efficient investment strategy is to buy and hold all of the nation’s publicly held businesses at very low cost. The classic index fund that owns this market portfolio is the only investment that guarantees you with your fair share of stock market returns.

To learn how to make index investing work for you, there’s no better mentor than legendary mutual fund industry veteran John C. Bogle. Over the course of his long career, Bogle—founder of the Vanguard Group and creator of the world’s first index mutual fund—has relied primarily on index investing to help Vanguard’s clients build substantial wealth. Now, with The Little Book of Common Sense Investing, he wants to help you do the same.

Filled with in–depth insights and practical advice, The Little Book of Common Sense Investing will show you how to incorporate this proven investment strategy into your portfolio. It will also change the very way you think about investing. Successful investing is not easy. (It requires discipline and patience.) But it is simple. For it’s all about common sense.

With The Little Book of Common Sense Investing as your guide, you’ll discover how to make investing a winner’s game: Why business reality—dividend yields and earnings growth—is more important than market expectations How to overcome the powerful impact of investment costs, taxes, and inflation How the magic of compounding returns is overwhelmed by the tyranny of compounding costs What expert investors and brilliant academics—from Warren Buffett and Benjamin Graham to Paul Samuelson and Burton Malkiel—have to say about index investing And much more

You’ll also find warnings about investment fads and fashions, including the recent stampede into exchange traded funds and the rise of indexing gimmickry. The real formula for investment success is to own the entire market, while significantly minimizing the costs of financial intermediation. That’s what index investing is all about. And that’s what this book is all about.

JOHN C. BOGLE is founder of the Vanguard Group, Inc., 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.

网友对The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns的评论

整书更像是对其vanguard指数基金的广告，全篇都在论证一个基本上已众所周知的观点，30年前这书或许还有可看性

Since I first challenged an "investment advisor" to show me HIS portfolio of stocks many years ago (He would not.), I have been very reluctant to follow the advice of such people. After thirty years of investing, I have come back to my first impression: indexing is the way to go. I started out when I was very young, controlled my expenses, saved, and now I work whenever I feel like it. I have weathered all the recessions and have never panicked and sold; I live below my means and never look at my portfolio; you don't lose money until you sell. Indexing and remaining cool have paid off handsomely; now if I could just teach my two sons all I have learned ...

Back when I read Peter Lynch's book, I read over and over ... and over about visiting management, evaluating management etc. I thought, "How's that going to happen?" I'm going to call any prospective CEO, announce that I'm thinking about acquiring maybe 100 shares and I'd like to come evaluate him. Really ? You see the pragmatic dilemma.

How many investment 'stories' in which you can believe for decades, that have a competitive 'moat' around the business model, and that you can purchase for less that one times book value, have YOU found? See the dilemma?

When Mr. Market is evaluating XYZ corp., have you noticed that most securities seem to go or down in lock-step, these days? ... like Mr. Market changes his opinion of (most) ALL securities the same way, each day. That wouldn't have anything to do with programmed trading; would it? Nah ...

Aspiring to all the above (and MANY more) investment guidelines strikes me as 'chasing one's tail'.

John Bogle has watched for a LONG time ... and offers many observations from that LONG perspective (that everyone espouses, but {nearly} no one sticks to for investment period). He cites examples of how few, if any, investment managers have 'beat the market' ... LONG term. For those who 'have a life' (or other business to manage), Mr. Bogle offers a pragmatic, do-able approach to long-term investing. We all know what that is; I won't bore you further, regurgitating it.

Rather than pick through it for convincing quotes, I guess it would be fair to characterize this book as a collection of facts, anecdotes and statistics - to convince those 'on the fence' of the merits to the approach, he pioneered.

He's VERY convincing ...

You decide, though ...

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