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Stay the Course: The Story of Vanguard and the Index Revolution
Get Free Ebook Stay the Course: The Story of Vanguard and the Index Revolution
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From the Inside Flap
Stay the Course is the gripping story of the creation of what would become largest mutual fund organization in the world, as told by its founder, John C. Bogle. Readers will come to appreciate Bogle as a unique innovator in the world of mutual funds—an investor who used his market wisdom and business savvy to bring mutual fund investors their fair share of stock and bond market returns. This book will delight anyone who enjoys a good story with a happy ending. In 1974, when the story of The Vanguard Group began, the idea of a mutual fund that was truly mutual—owned by the fund shareholders themselves and operating on an "at-cost" basis with no profits to outside shareholders—was viewed as anathema by many seasoned investors. Not deterred by his colleagues' caution and, sometimes, outright hostility, John Bogle persevered, building what would become a $5 trillion mutual fund complex. Vanguard's remarkable success is inextricably intertwined with the index revolution that has changed the way we think about professional money management. Buying and holding the market portfolio turns out to be the simplest and soundest path to investment success. Bogle's creation—the S&P 500 Index fund—is the spark that ignited the flame of the index revolution. Bogle concludes his book with some personal insights. His memoir-like final chapter gives readers some valuable insights into the thinking of Vanguard's legendary creator. Bogle's engaging tale overflows with business insights and inspiration that you won't want to miss.
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About the Author
JOHN C. BOGLE is the founder and former CEO of The Vanguard Group and the world's first index mutual fund. A graduate of Blair Academy and Princeton University, he has spent his entire career in the mutual fund industry—67 years (and counting). Stay the Course is Mr. Bogle's twelfth book, a string that began with Bogle on Mutual Funds (1993). Subsequent books include: Common Sense on Mutual Funds (1999, updated 2010), The Battle for the Soul of Capitalism (2005), Enough. (2008), and The Little Book of Common Sense Investing (2007) and its 10th Anniversary Edition (2017). A prolific writer for the investment profession, Mr. Bogle has had 28 of his papers published in the The Financial Analysts Journal and The Journal of Portfolio Management. In 1998, CFA (Chartered Financial Analysts) Institute presented Bogle with its highest homage, the Award for Professional Excellence. For his extraordinary lifetime achievements in serving investors, Bogle has received honorary doctorate degrees from 13 universities, including Princeton, Georgetown, Delaware, Villanova, and Trinity. In 2004, TIME magazine named him as one of "the world's 100 most influential people." Despite a devastating setback in his career in 1974, and frequent serious health challenges (he received a heart transplant in 1996), John Bogle remains fully active in his career and with his family—wife Eve, six children, twelve grandchildren, and (so far) six great-grandchildren. His advice to his family is the same as his advice to investors, entrepreneurs, and readers of this book: "In good times and bad times alike, Stay the Course."
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Product details
Hardcover: 320 pages
Publisher: Wiley; 1 edition (December 6, 2018)
Language: English
ISBN-10: 1119404304
ISBN-13: 978-1119404309
Product Dimensions:
6 x 1.4 x 9 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)
Average Customer Review:
4.0 out of 5 stars
12 customer reviews
Amazon Best Sellers Rank:
#27,903 in Books (See Top 100 in Books)
Jack Bogle is a hero of mine. I may not be the most fanatical Boglehead, but (i) I regard his achievements with awe, (ii) I've been a Vanguard client more or less since I emigrated to the US and (iii) his mantra of "keep the costs low" has been mine as well for more decades than I care to recall.Alas, this book was a big disappointment. (i) It is a continuous stream of conceit. There's no denying his superlative achievements, but this book reads like an arrogant twenty-something's LinkedIn posting. (ii) The book is desperately short of objectivity He relentlessly presents every argument he can find in support of his own ideology, but the only references to arguments against are to those that he feels he can knock down. (iii) His references to performance are all based on comparative returns, but he makes no mention of comparative volatility.This book would have been *so* much better if it had been written by an outsider. (i) The inevitable huge praise for Vanguard would have come across as much more seemly than the boastful tone to which the reader is subjected here. (ii) The reader would (I hope) have been presented with a much more objective viewpoint. (iii) The points against the Bogle approach would have been evaluated more fairly. I have little doubt that Bogle would have been described as a vitally important and beneficial force in the investment world and that would have carried so much more credibility coming from an outsider than coming from Bogle himself.Your achievements speak for themselves, Jack: you do yourself no favours with such unbridled bragging.
I have read four of John Bogle's books, and his clear analytical advice guided me in investing for my goals over 30 years. His guidance on reducing investment costs to obtain most of the market return has guided me on my own investments and in my role as trustee for several family trusts. In reading his book "Stay the course", it is evident that John Bogle puts the fund shareholder's interest first and his personal gain near the last. This is exactly the reverse of most investment adviser. In each of his books and in my interactions with Vanguard employees, it is clear that the fund investor's interest is ranked first. I recommend all of Mr. Bogle's books.
A wonderful history of a man and company that changed the world. As stated time and time again, no single individual has done more to fight for the average investor than Jack Bogle. The book is a wonderful biography of Vanguard and Jack's history. Well done ðŸ‘
Great story of how John Bogle worked hard to implement his investment strategy which instead of allowing him to succeed at others expense as is usually the case, the more he succeeded the more his clients succeeded.
He was smart and one of the people you can really count on for advice . Always a good read
I’ve followed John Bogle’s advice for years and I’m happy with the results. Managed funds just eat into your returns.
The latest book from Vanguard founder Jack Bogle is an autobiographical glimpse into the successes and failures of a man who forever changed the financial services industry.While at Princeton, Bogle’s thesis developed certain principles of investing that included:• Reducing sales charges and management fees.• Funds do not beat market averages.• The investment company should serve its fund shareholders.What makes this story so fascinating is not just the principles developed by an idealistic college student in an Ivy League bubble, but rather his lifetime struggle to deliver on those principles. From being fired from Wellington to starting a tiny fund company known as Vanguard, Jack Bogle recounts his journey and reveals that his innovations were anything but instant successes. Yet, as the title suggests, Bogle “pressed on regardless,†eventually creating what is now a five trillion-dollar fund family, owned solely by its fundholders.This engrossing and engaging memoir gives the reader an insider’s perspective on the principles of investing. Reading this book will help cement what you need to understand for your own financial success.
The story that was fascinating was how Jack took a for profit company and get it to be a not for profit company. It was a long and tedious process. From reading other literature and books, it was vague how Jack was able to get it to happen. Then going no load. Without Jack, we would still be paying 8.5% commission to buy a mutual fund and paying high fees for active management.I also like the final chapter on his memoir on Jack's personal reflections.I have read all of Jack's books, and I would call this one his best. Jack explains reversion to the means in examples where things go up and then go down, so a waste of time chasing yesterday's winners.OK - I am a little bias, I bought the Vanguard STAR fund in 1985 and the Windsor II fund in 1987. Two of my best decisions early on.
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