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The Clash of the Cultures


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Table of Contents

Foreword By Arthur Levitt ix Acknowledgments xiii About This Book xv Chapter 1 The Clash of the Cultures 1 Chapter 2 The Double-Agency Society and the Happy Conspiracy 29 Chapter 3 The Silence of the Funds: Why Mutual Funds Must Speak Out on the Governance of Our Nation?s Corporations 65 Chapter 4 The ?Mutual? Fund Culture?Stewardship Gives Way to Salesmanship 103 Chapter 5 Are Fund Managers True Fiduciaries?: The ?Stewardship Quotient? 139 Chapter 6 The Index Fund: The Rise of the Fortress of Long-Term Investing and Its Challenge from Short-Term Speculation 167 Chapter 7 America?s Retirement System: Too Much Speculation, Too Little Investment 213 Chapter 8 The Rise, the Fall, and the Renaissance of Wellington Fund: A Case Study?Investment Wins, Speculation Loses 251 Chapter 9 Ten Simple Rules for Investors and a Warning for Speculators 297 Appendix I: Performance Ranking of Major Mutual Fund Managers?March 2012 323 Appendix II: Annual Performance of Common Stock Funds versus S&P 500, 1945?1975 325 Appendix III: Growth in Index Funds?Number and Assets, 1976?2012 327 Appendix IV: Wellington Fund Record, 1929?2012 329 Appendix V: Wellington Fund Equity Ratio and Risk Exposure (Beta), 1929?2012 333 Appendix VI: Wellington Fund Performance versus Average Balanced Fund, 1929?2012 335 Appendix VII: Wellington Fund Expense Ratios, 1966?2011 337 Index 339

About the 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." In January 2012, some of the nation's most respected financial leaders celebrated his distinguished career at the John C. Bogle Legacy Forum, held at New York's Museum of American Finance.


The book is a gem. Well-researched and carefully argued, there s simply no way to argue with Bogle s premises (Best Financial News, 24th October 2012)

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