The Clash of the Cultures: Investment vs. Speculation
John C. Bogle
Sep 2019 · Gildan Media · Narrated by Al Kessel
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13 hr 11 min
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Over the course of his sixty-year career in the mutual fund industry, Vanguard Group founder John C. Bogle has witnessed a massive shift in the culture of the financial sector. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. Mr. Bogle has not been merely an eye-witness to these changes, but one of the financial sector's most active participants. In The Clash of the Cultures, he urges a return to the common sense principles of long-term investing.
Provocative and refreshingly candid, this book discusses Mr. Bogle's views on the changing culture in the mutual fund industry, how speculation has invaded our national retirement system, the failure of our institutional money managers to effectively participate in corporate governance, and the need for a federal standard of fiduciary duty.
Mr. Bogle recounts the history of the index mutual fund, how he created it, and how exchange-traded index funds have altered its original concept of long-term investing. He also presents a first-hand history of Wellington Fund, a real-world case study on the success of investment and the failure of speculation. The book concludes with ten simple rules that will help investors meet their financial goals.
Provocative and refreshingly candid, this book discusses Mr. Bogle's views on the changing culture in the mutual fund industry, how speculation has invaded our national retirement system, the failure of our institutional money managers to effectively participate in corporate governance, and the need for a federal standard of fiduciary duty.
Mr. Bogle recounts the history of the index mutual fund, how he created it, and how exchange-traded index funds have altered its original concept of long-term investing. He also presents a first-hand history of Wellington Fund, a real-world case study on the success of investment and the failure of speculation. The book concludes with ten simple rules that will help investors meet their financial goals.
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About the author
John Clifton Bogle was born in Montclair, New Jersey on May 8, 1929. He received a bachelor's degree in economics from Princeton University in 1951. After graduation, he was hired by the Wellington Fund, a Philadelphia-based fund management company. He was named president of Wellington in 1967. He founded the Vanguard Group of Investment Companies in 1974. In 1976, he founded the Vanguard Index Trust, the first index fund for individual investors. In 1977, he started selling mutual funds directly to investors rather than through brokers, thus eliminating the sales fees. He officially stepped down as chief executive of Vanguard in January 1996 and remained as chairman until the end of 1999. He wrote several books including Bogle on Mutual Funds, Common Sense on Mutual Funds, and The Clash of the Cultures: Investment vs. Speculation. He died from esophageal cancer on January 16, 2019 at the age of 89.
Al Kessel is a full-time narrator and voice actor currently living in Arizona, where he works from his professional home recording studio.
First appointed in 1993, Arthur Levitt was the longest-serving S.E.C chairman. He served as chairman of the New York City Economic Development Corporation, chairman of the American Stock Exchange, and was the co-founder of a brokerage firm that eventually became Citigroup. He lives in Connecticut.
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