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Full Description
There are a few investment managers, of course, who are very good though in the short run, it s difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors large and small should instead read Jack Bogle s The Little Book of Common Sense Investing. Warren Buffett, Chairman of Berkshire Hathaway, 2014 Annual Shareholder Letter.
Investing is all about common sense. Owning a diversified portfolio of stocks and holding it for the long term is a winner s game. Trying to beat the stock market is theoretically a zero-sum game (for every winner, there must be a loser), but after the substantial costs of investing are deducted, it becomes a loser s game. Common sense tells us and history confirms that the simplest and most efficient investment strategy is to buy and hold all of the nation s publicly held businesses at very low cost. The classic index fund that owns this market portfolio is the
only investment that guarantees you with your fair share of stock market returns.
To learn how to make index investing work for you, there s no better mentor than legendary mutual fund industry veteran John C. Bogle. Over the course of his long career, Bogle founder of the Vanguard Group and creator of the world s first index mutual fund has relied primarily on index investing to help Vanguard s clients build substantial wealth. Now, with The Little Book of Common Sense Investing, he wants to help you do the same.
Filled with in-depth insights and practical advice, The Little Book of Common Sense Investing will show you how to incorporate this proven investment strategy into your portfolio. It will also change the very way you think about investing. Successful investing is not easy. (It requires discipline and patience.) But it is simple. For it s all about common sense.
With The Little Book of Common Sense Investing as your guide, you ll discover how to make investing a winner s game:
Why business reality dividend yields and earnings growth is more important than market expectations
How to overcome the powerful impact of investment costs, taxes, and inflation
How the magic of compounding returns is overwhelmed by the tyranny of compounding costs
What expert investors and brilliant academics from Warren Buffett and Benjamin Graham to Paul Samuelson and Burton Malkiel have to say about index investing
And much more
You ll also find warnings about investment fads and fashions, including the recent stampede into exchange traded funds and the rise of indexing gimmickry. The real formula for investment success is to own the entire market, while significantly minimizing the costs of financial intermediation. That s what index investing is all about. And that s what this book is all about.
Contents
Introduction xi
Chapter One A Parable 1
Chapter Two Rational Exuberance 9
Chapter Three Cast Your Lot with Business 23
Chapter Four How Most Investors Turn a Winner's Game into a Loser's Game 35
Chapter Five The Grand Illusion 49
Chapter Six Taxes Are Costs, Too 60
Chapter Seven When the Good Times No Longer Roll 68
Chapter Eight Selecting Long-Term Winners 78
Chapter Nine Yesterday s Winners, Tomorrow's Losers 89
Chapter Ten Seeking Advice to Select Funds? 100
Chapter Eleven Focus on the Lowest-Cost Funds 113
Chapter Twelve Profit from the Majesty of Simplicity 122
Chapter Thirteen Bond Funds and Money Market Funds 138
Chapter Fourteen Index Funds That Promise to Beat the Market 152
Chapter Fifteen The Exchange Traded Fund 164
Chapter Sixteen What Would Benjamin Graham Have Thought about Indexing? 176
Chapter Seventeen "The Relentless Rules of Humble Arithmetic" 187
Chapter Eighteen What Should I Do Now? 200
Acknowledgments 215
