Common Sense on Mutual Funds: 3 CD's Audio CD – Abridged, Audiobook
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"...provides good basics on how to think about mutual fund investing..." (Wall Street Journal, August 7, 2006
"...A solid advisor in the world of charlatans, false prophets and hysterics and can be recommended to everyone." (Financial Times (Germany), 27th February 2001)
"Bogle has written an incredibly insightful and impassioned study of the mutual funds industry. The study is lucid, invigorating and well informed." (Investment Adviser, 18th December 2000)--This text refers to an out of print or unavailable edition of this title.
From the Back Cover
"Cogent, honest, and hard-hitting-a must read for every investor." -Warren E. Buffett
Praise for Common Sense on Mutual Funds
"Invoking both Thomas Paine and Benjamin Graham, Jack Bogle outlines a supremely logical plan not only to better investors' returns, but to improve the whole fund industry. This isn't just the best book yet by Bogle, it may well be the best book ever on mutual funds." -DON PHILLIPS, President & CEO, Morningstar, Inc.
"Buffett cannot teach you or me how to become a Warren Buffett. Bogle's reasoned precepts can enable a few million of us savers to become in twenty years the envy of our suburban neighbors-while at the same time we have slept well in these eventful times."-PAUL A. SAMUELSON, Massachusetts Institute of Technology Department of Economics
"After a lifetime of picking stocks, I have to admit that Bogle's arguments in favor of the index fund have me thinking of joining him rather than trying to beat him. Bogle's wisdom and his commonsense way of explaining things make this book indispensable reading for anyone trying to figure out how to invest in this crazy stock market."-JAMES J. CRAMER, Money Manager and Senior Columnist for TheStreet.com
"Written in his characteristic forthright and visionary style, Bogle penetrates the myths and jargon to shed a powerful light on the central issues that confront every investor, no matter what their level of experience or sophistication." -MARTIN L. LEIBOWITZ, Vice Chairman and Chief Investment Officer, TIAA-CREF
"Jack Bogle is one of the great pioneer/visionaries of the investment business. In this book, he shares his knowledge, experience, and judgment to enable us to become better investors. The final philosophical chapters provide insights that may help some of us become better people." -BYRON R. WIEN, Chief U.S. Investment Strategist Morgan Stanley Dean Witter --This text refers to an out of print or unavailable edition of this title.
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Top Customer Reviews
Most people these days hold the bulk of their investment assets in pension funds, IRAs or 401Ks usually consisting of mutual funds, and this audience will gain significant insight from Bogle's advice. Bogle also campaigns to save the mutual fund trader from herself, relentlessly presenting the mutual fund as a buy-and-hold investment vehicle.
Those who have read a few other books on investing may find Bogle's single-mindedness and thoroughness a bit tedious. I found myself skimming for content throughout the book and especially after the first 14 chapters, finding the later material more visionary and less relevant to my investing. A good editor could probably reduce the bulk of the text by a half or two-thirds and retain the central ideas.
By the way, you can get much of this material (for example, the chapter on bond funds) from the Vanguard web site under the "Bogle Lectures." All the ideas are there - they're what the company is based on. Save a few bucks - reduce your investing costs - "costs matter" as Bogle will tell you again and again.
I can sum up the major points of this book:
1) Index funds, due to their low costs and tax efficiency, give you greater returns over the long term than similar actively managed funds.
2) Index funds are the way to go when it comes to large- and mid-cap funds. However, actively managed funds are better for small-cap funds.
3) International funds may not be needed since most US companies now have very significant international exposure.
4) Index funds are also the way to go when it comes to bond market exposure.
5) Very few investment companies will tell you about the above four points because it means that they would be admitting their own inefficiencies, their high costs, and their false claim of actively managed funds do better than indexed funds.
There, I just saved you the cost of the book.
1. The administrative costs of a mutual fund makes a huge impact on returns. For example, a 1% administrative fee eats away at least 10% of the fund's yearly return if it earns 10%.
2. Index funds have consistantly outperformed other managed funds.
3. Given #1, the managment fees for managed funds are a double burden because they reduce returns that are already typically below what a low cost index fund can offer.
Bogle also touches other topics on the mutual fund industry. I found that he hammered the same points home again several different ways. This made some parts of the book drag, but I suppose it is useful for those who may be skeptical about index funds to see the evidence presented in several formats. Bogle also touches upon the (mis?)-management of mutual funds. Fees have gone up despite the proven inability of funds to beat the market despite the supposed skill of their managers, funds turnover their securities rapidly leaving the unprepared owner (invester) with capital gains nightmares as well as lost returns due to trading costs.
Also interesting, Bogle reviews his life in the mutual fund industry. I feel Bogle hits us with a little too much data and not enough of the drama of the industry. For example, does Bogle's fellow fund managers believe they have the skill to beat the market or do they know they are ripping people off by creating and marketing funds with excessive fees and unproductive churning of assets?Read more ›
Most recent customer reviews
In waging his crusade against actively managed funds, Bogle loses sight of the fact that even index funds are managed nonetheless. Read morePublished on April 13 2004
If we were not a democracy someone would lock this guy up. He has spilled all the beans on the fake financial advisors and financial and insurance sales people that want to sell... Read morePublished on Feb. 11 2004 by J. E. Robinson
Despite the prosaic title of the book, and the conservative investment philosophy of its author, "Common Sense on Mutual Funds" has a revolutionary aim. Read morePublished on Dec 9 2003 by Jeffery Steele
Bogle's book is a classic. It eloquently discusses mutual fund fundamentals and makes a strong argument for indexing. Read morePublished on Oct. 30 2003
John Bogle has done more to benefit investors than any 10,000 brokers, business talking heads, high-priced fund managers, or how-to investment books.Published on Oct. 28 2003
The fund industry sells the fantasy that everyone can beat the market. What nonsense, since we are, in the aggregate, the market. Don't be sucked in! Read morePublished on Jan. 14 2003
John Bogle is a nice guy, but he is dead wrong about the stock market and about active management of mutual funds. Read morePublished on Oct. 13 2002 by Edward D. Phillips, Ph.D.
John Bogle uses a lot of data and rationalism to hit home the point. This is an excellent book for people wanting to start investing in the stock market, especially mutual funds. Read morePublished on Sept. 14 2002 by Manish G.
The central theme of this book is good -- that index funds are likely to deliver better returns than actively managed funds due to their low cost, high diversification, and tax... Read morePublished on Sept. 10 2002 by dHXYbarINd1T
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