Arguably the greatest shareholder advocate in the history of
Wall Steet, John Bogle not only created the first index mutual fund
but has become the primary voice for change in an industry plagued
by excess and complacency. Bogle stumbled upon mutual funds by
accident in 1949 as a college student at Princeton. In his junior
year, he read a Fortune article about the burgeoning fund industry
that sparked his interest, and he wrote his now famous senior
thesis about it.
What began as an intellectual pursuit would turn
into Bogle’s life mission. The House That Bogle Built chronicles
the years of Bogle’s development from college whiz kid into a titan
of the mutual fund industry and shareholder advocate—highlighting
his creation of the Vanguard Group and the Vanguard 500 Index Fund
and his frequent battles to shake up the status quo. It takes you
through the two decades he spent running Vanguard, until his forced
retirement in 1999, and discloses what he thinks about the fund
industry today.
Bogle has always stood out for his extraordinary
talents in math, analysis, management, and investing. But his most
noteworthy trait is his most basic: his humanism in an industry not
exactly famous for placing people over profit. It’s Bogle’s
dedication to clients’ interests above all else that has earned him
the reputation as the “conscience” of the investing industry.
In his ninth decade of life, Bogle is remarkably
candid about the role he plays at Vanguard today—and about his
opinion of Jack Brennan, his successor. “How do you keep Vanguard a
place where judgment has at least a fighting chance to triumph over
process?” he asks. Skeptical but never defeatist, Bogle maintains a
retired-but-active status at the company, keeping a close watch
over those now at the helm of Vanguard.
The House That Bogle Built reveals one of the
investing world’s most fascinating and complex figures. A dogged
advocate of shareholder democracy, he was a self-confessed
“dictator” at Vanguard. A brilliant mathematician, he is more
interested in people than numbers. Fiercely competitive, he bemoans
the cut-throat approach that drives his industry of choice. Always,
though, Bogle places the good of the client before anything else—a
practice that has become steadily rarer in his business.
The House That Bogle Built provides an insightful look
at the past, present, and future of one of today’s largest
industries, through the eyes of one of its most influential
pioneer.
目錄:
PREFACE
CHAPTER 1 The Sopwith Camel
CHAPTER 2 The Mutual Fund Pioneer
CHAPTER 3 "He Knows More About the Fund Business than We
Do"
CHAPTER 4 A Marriage Made in Heaven
CHAPTER 5 Irreconcilable Differences
CHAPTER 6 From the Deck of riMS Vanguard
CHAPTER 7 Cutting the Gordian Knot
CHAPTER 8 The VanguardManual
CHAPTER 9 Creating Loyalty and Respect
CHAPTER 10 The Great BullMarket
CHAPTER 11 "The Devil''s Invention"
CHAPTER 12 The Two Jacks
CHAPTER 13 "Don''t Call Me a Gadfly"
CHAPTER 14 St.]ack
……
NOTES
INDEX