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Bogle on Mutual Funds: New Perspectives for the Intelligent Investor [Paperback]

John Bogle
4.7 out of 5 stars  See all reviews (21 customer reviews)
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Book Description

Oct. 4 1994
John C. Bogle, founder of the Vanguard Group of  Investment Companies, has built a $100 billion  mutual fund company on principles of candor, fairness,  and low cost. The most outspoken critic of the  mutual fund industry, Bogle speaks to the serious  mutual fund investor, both novice and seasoned, in  this straightforward assessment of an industry Bogle  himself helped revolutionize. Here he offers the  essential principles of canny mutual fund  investing, as well as caveats to protect the investor.  Readers will learn how to: Ask three critical  questions before investing. Evaluate risk tolerance and  design a portfolio to meet current financial  objectives. Develop a diversified portfolio of equity  funds, bonds, and money market funds that will  weather the market's short term variations. Apply  Bogle's eight model portfolios to achieve their own  financial goals. Always find themselves in a winning  money market fund. Protect themselves from  inflation Use index funds to effectively balance  risk/return. Anyone who is serious about mutual funds can  apply the dynamic investment principles of  Bogle On Mutual Funds to establish a  winning, long-term investment portfolio.

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Product Description

From Publishers Weekly

In this awesome overview of investment company products and services, Bogle, founder and CEO of the $110-billion Vanguard group of funds, demonstrates that "the abundance of information available about mutual funds is . . . overwhelming." Among the minute details included, Bogle tells not only how to improve your backhand, as it were, but how to get the best grass or clay for the tennis court. Fund categories past and present--index, international, income, growth, industry-specialized (electronic, health), long- and short-term bond (U.S., corporate, "junk"), along with sales charges pro and con (Vanguard has none), high-low expense ratios, management track records and tax considerations--all are dissected to the ultimate percentile in relation to investor objectives and an inconstant economic climate. There is certainly something here for everyone, but in the aggregate the author reaches beyond the needs (and possibly the comprehension) of readers not engaged in the investment business. 70,000 first printing; first serial to Money; Fortune Book Club main selecton.
Copyright 1993 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

From Library Journal

Bogle, chairman and CEO of the $110 billion Vanguard Group of mutual funds, thoroughly discusses the risks and rewards of investing in mutual funds. He explains how to select among the four basic categories of funds: common stock, bond, money market, and balanced. He argues convincingly that a passively managed "index fund" costs less and is more reliable than a fund managed by someone making weighted bets on individual securities, sectors, and the economy. This message is similar to that found in Burton Malkiel's classic The Random Walk Down Wall Street ( LJ 6/1/90). Bogle, long the mutual fund industry's loudest critic, denounces its misleading advertising, mediocre performance, and selfishness. Sprinkled throughout the text are "caveat emptor" boxes that warn readers of the hidden pitfalls of mutual fund investing. Strongly recommended for public library collections.
- Robert Kruthoffer, Lane P.L., Hamilton, Ohio
Copyright 1993 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

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Customer Reviews

4.7 out of 5 stars
4.7 out of 5 stars
Most helpful customer reviews
5.0 out of 5 stars A must-read book for speculators and traders April 10 2004
This "Definitive Book on Mutual Funds" demonstrates effectively with facts and statistics that common stocks are hugely superior to long-term bonds and cash reserves. (I personally think income-producing real estate is superior to common stocks, but there are no national statistics to prove that.)
How should we invest in common stocks? Mr. Bogle has the answer for most of us, it is indexed mutual funds (S&P 500, Russell 2000, etc.). This book should be reread if you start getting impatient and begin to feel that your stock-picking ability is superior to the stock market indices.
How readers will feel about Mr. Bogle's book, say, 10 to 20 years from now, depends upon what happens to the stock market in the future. If the stock market has a disastrous crash (index funds do not provide immunity from crashes) along the way, and 15 years from now it is, say, at 10,000, people will say, "Boy, was I stupid to believe Mr. Bogle, and put so much into the stock market."
The bottom line advice of this excellent book is that the stock market is a good bet, so obviously if the market does not cooperate, the credibility of this scholarly work will suffer. 20/20 hindsight will condemn even the best books. I am betting all my stock market investments, mostly indexed mutual funds (most of my money, however, is in real estate), that there won't be a disaster and the market will be significantly higher. The history that Mr. Bogle provides in this book shows that this is a reasonable bet.
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5.0 out of 5 stars A Must-Read for Mutual Fund Investors! Jan. 5 2004
Mr. Bogle's years of experience, outlook on investing and emphasis on how the Mutual Fund industry has forgotten it's purpose proved extremely insightful. His genuine concern for the individual investor is clearly evidident, especially with regard to the impact Fund Cost's and Fee's have on actual (after-tax) returns. He re-emphasises over and over throughout the book how the Mutual Fund industry has become more of a marketing process, with the winners being the fund managers and the losers being the individual investors. Money spent on advertising and marketing, which has proven to provide no increase on returns, is money lost by investors with no tangible value. His ability to clearly convey the proven concept of how Index Funds, with minimal fund turn-over, low cost management fee's and an objective of meeting as opposed to beating the market has made me a true believer in Indexing.
I would sincerly like to thank Mr. Bogle for committing himself and his life to investing excellence, he is truly the "VanGuard" for the individual investor!
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5.0 out of 5 stars The Prudent Way to Invest July 9 2003
By A Customer
This is the single best investment book I've ever read and used. Bogle is accessible, thorough, and helpful. His general advice has been known to Vanguard investors for quite some time and the Vanguard "philosophy" has helped me build a nice retirement nest egg over the last 20 years. You can do it too without fearing the ups and downs of the market.
This book is a gem with many facets. It explains the various investment markets; it describes the different types of mutual funds (bond, stock, balanced, money market, etc.); it tells you how to understand and evaluate risk; and it gives advice on how to construct an investment program for whatever purpose you may have in mind (college tuition, retirement, to preserve and enlarge an inheritance). Bogle also gives advice on how much risk is prudent for different investment time "horizons".
I bought this book when it first came out and have re-read it several times to make sure I'm on track. For the average investor, this is a classic.
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5.0 out of 5 stars A Wealth of Information April 8 2001
By C Jones
For almost a decade now, this has been my bible on mutual funds. Using a straightforward and candid approach, Vanguard founder John Bogle explains every aspect of mutual funds and the industry behind them. Never does Bogle exaggerate information or mislead the reader as many other financial "guru's" do to sell their books. He is a true consumer advocate and his goal is clearly to educate.
Covered is everything from stocks, bonds, money market funds, indexing, asset allocation, expense ratio's and the risks inherent not only in investing but in not investing (e.g. the erosion of the dollar vs. inflation in "safe" investments). Bogle utilizes numerous graphs and statistical data throughout the book to help make his point and to allow the reader increased comprehension.
It is important to note that this book was published in the early 1990's. Since then capital gains tax laws have changed and the Roth IRA was yet to be created. For more up-to-date information I would recommend reading Bogle's newer book, Common Sense on Mutual Funds. Nevertheless, Bogle On Mutal Funds is a great place to start educating yourself to become more financially savvy. This book has been invaluable to me and I believe it is key to my investing success. I find myself often referring to it, expecially now in these turbulent market times just to hear Mr. Bogle remind me to, "stay the course" and I will be rewarded. No wonder so many admirers refer to the beloved Mr. Bogle as, "Saint Jack."
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Most recent customer reviews
5.0 out of 5 stars The power of index funds...
John C. Bogle created the index fund. Canada invented the ETF [Exchange Traded Fund], an index fund that trades like a common stock and has a lower MER [Management Expense Ratio]... Read more
Published on March 9 2009 by Allan H. Langille
5.0 out of 5 stars First & Final mutual fund book
My first and final book on mutual funds. I've read several others, but keep returning to this one. The end of chapter summaries are invaluable. Read more
Published on March 23 2004 by G. L. Simms
5.0 out of 5 stars Sound advice on mutual funds
I read this book when it first came out ten years ago at the beginning of the bull market. At the time the book had mixed reviews. Read more
Published on Feb. 16 2004 by Joe Cool
3.0 out of 5 stars A Classic Bore
Great book, maybe. But is it ever boring. Mutual Funds excite me (I'm a CPA), but not this book.
Published on Sept. 2 2003 by Eric M. Robinson
5.0 out of 5 stars solid guide to mutual fund investment
Bogle provides an excellent guide to the world of mutual funds. He begins with an introduction to three primary classes of investments namely stocks, bonds and cash reserves and... Read more
Published on June 19 2001 by Ananth
4.0 out of 5 stars Bogle is an innovator in the Mutual Fund industry
This book is excellent as far as getting the basics with respect to mutual funds, and Bogle's point of view, albeit conservative with respect to bonds, should be listened to and... Read more
Published on Jan. 6 2000 by Cshelton
5.0 out of 5 stars The BEST book on Mutual funds you can Buy
Love this book for two reasons. First, it has lots of unique and non-intuitive things to say about mutual funds and investing. Read more
Published on March 16 1999
5.0 out of 5 stars bible of mutual fund investing
this has been the guiding light to investing in mutual funds and dispels all the myths of managed accounts.
Published on March 12 1999 by wchen44803@aol.com
5.0 out of 5 stars A book that teaches you how to think about investing
This book systematically explains what you need to know to invest in mutual funds. It is not very easy read, the first couple of chapters, for example, are not that elementary... Read more
Published on Feb. 23 1999
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