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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 you: * 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 Course: 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.

The best-selling investing \"bible\" offers new information, new insights, and new perspectives The Little Book of Common Sense Investing is the classic guide to getting smart about the market. Legendary mutual fund  pioneer John C. Bogle reveals his key to getting more out of investing: low-cost index funds. Bogle describes the simplest and most effective investment strategy for building wealth over the long term: buy and hold, at very low cost, a mutual fund that tracks a broad stock market Index such as the S&P 500. While the stock market has tumbled and then soared since the first edition of Little Book of Common Sense was published in April 2007, Bogle's investment principles have endured and served investors well.  This tenth anniversary edition includes updated data and new information but maintains the same long-term perspective as in its predecessor.  Bogle has also added two new chapters designed to provide further guidance to investors:  one on asset allocation, the other on retirement investing. A portfolio focused on index funds is the only investment that effectively guarantees your fair share of stock market returns. This strategy is favored by Warren Buffett, who said this about Bogle: \"If a statue is ever erected to honor the person who has done the most for American investors, the hands-down choice should be Jack Bogle. For decades, Jack has urged investors to invest in ultra-low-cost index funds. . . . Today, however, he has the satisfaction of knowing that he helped millions of investors realize far better returns on their savings than they otherwise would have earned. He is a hero to them and to me.\" Bogle shows you how to make index investing work for you and help you achieve your financial goals, and finds support from some of the world's best financial minds: not only Warren Buffett, but Benjamin Graham, Paul Samuelson, Burton Malkiel, Yale's David Swensen, Cliff Asness of AQR, and many others. This new edition of The Little Book of Common Sense Investing offers you the same solid strategy as its predecessor for building your financial future. Build a broadly diversified, low-cost portfolio without the risks of individual stocks, manager selection, or sector rotation. Forget the fads and marketing hype, and focus on what works in the real world. Understand that stock returns are generated by three sources (dividend yield, earnings growth, and change in market valuation) in order to establish rational expectations for stock returns over the coming decade. Recognize that in the long run, business reality  trumps market expectations. Learn how to harness the magic of compounding returns while avoiding the tyranny of compounding costs. While index investing allows you to sit back and let the market do the work for you, too many investors trade frantically, turning a winner's game into a loser's game. The Little Book of Common Sense Investing is a solid guidebook to your financial future.

Some 40 years ago, a new concept of investing began its path toward implementation. On Sep 18, 1975, at the board meeting of the one-year-old Vanguard Group, the directors approved the author's proposal that their firm form the world's first index mutual fund. Proud of their new creation, they named it First Index Investment Trust -- now the Vanguard 500 Index Fund. Ultimately, index funds would earn remarkable acceptance from individual and institutional investors alike. But all that glitters isn't gold. Almost a decade passed before the second index fund was formed, and it took two full decades for index funds to begin to earn broad acceptance. Much of that acceptance, however, reflected a major departure from the original \"buy-and-hold\" concept. Being the \"first mover\" in the index fund arena and then creating the first broad lineup of index funds, all the while preaching the gospel of indexing from a \"bully pulpit,\" have sparked Vanguard's unarguable leadership in the field.

Warren Buffett pointedly describes the typical consulting firm by calling it, tongue-in-cheek, \"Ratchet, Ratchet, and Bingo.\" [...]we pay CEOs on the basis of corporate performance rather than on the basis of corporate peers, CEO pay will, almost inevitably, continue on its upward path. [...]perhaps), in mid-January 2018, GE announced that it would have to add a total of $15 billion to its reserves for life annuities that it had reinsured.9 Following the announcement, the market cap of what was once the largest corporation in the world had fallen to $140 billion. The fact is that we mutual fund managers typically have our own conflicts, both in the United States and elsewhere: a bizarre industry structure in which even giant fund groups holding $1 trillion of assets or more find it necessary to hire an outside firm to manage them; a corporate dichotomy in which these managers are often publicly held and thus have conflicting fiduciary duties in serving two different masters (the fund shareholder and the management company shareholder), with financial incentives that favor the management company master; and a counterproductive set of priorities in which aggressive marketing supersedes professional management. [...]some combination of passively managed TIFs and actively managed large-cap funds that invest for the long term will hold the key to corporate governance reform.24 Finally, I confess my surprise (and disappointment) that the growth of TIFs, typically bought and held for the long term by passive investors, has been eroded by the even greater growth of ETFs, typically traded in the short term by active investors, often focused on the short term.

بعد مائة عام من الآن، سوف يتذكر المؤرخون فقط اثنين من المستثمرين من هذه الحقبة، وهما وارن بافيت وجاك بوجل. وماذا عن الكتابين اللذين سيشيرون إليهما ؟ دليل بافيت، كتاب المستثمر الذكي تأليف جراهام، وأي شيء ألفه جاك بوجل. في عالم ممتلئ بثعالب الاستثمار، يظل جاك أحد المتخصصين الخبراء. إن هذا الكتاب، الذي تم تحديثه، سوف تثبت الأيام أنه صالح لكل الأزمان، حيث إنه يصوغ بروية فكرة بوجل الواحدة الكبيرة، وهي: كيف يستطيع المستثمرون الحصول على حصتهم العادلة من عائدات السوق

In this incisive and timely essay on balancing professional values and business values in the world of investing and finance, John C. Bogle, founder of both The Vanguard Group and the first index mutual fund, offers concise and useful guidance to practitioners seeking ways to cope with the extraordinary changes in society, technology, and market forces of the past few decades. Drawing on lessons learned over his distinguished 65-year career, Mr. Bogle bases his sage and prudent advice on not only his own vast experience but also the time-tested wisdom of both Adam Smith, the 18th-century Scottish economist-philosopher, and Benjamin Graham, a legendary pioneer in our profession.