John C. Bogle, Arthur Levitt – foreword – The Clash of the Cultures

Over the course of his 60-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 eyewitness 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 audiobook 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.

Author: John C. Bogle, Arthur Levitt – foreword
Narrator: Al Kessel
Duration: 13 hours 11 minutes
Released: 19 Oct 2009
Publisher: Gildan Media
Language: English

User Review:

seeker three-piece

As another reviewer said, it’s a dry listen/read. However, this book is excellent. The past few years I have been reading books by the legends – Philip Fisher (Common Stocks and Uncommon Profits), Benjamin Graham (Intelligent Investor). “The Clash of the Cultures’ is one of those eye-opening books where you realize if you are to invest that you had better educate yourself so that you can make money by truly investing long-term. It is unfortunate that many would-be investor ‘education’ is watching short-term “buy buy buy! sell sell sell!” mentality stuff (think Mad Money). This book, although it was a slog will help shape an investor so that he/she can cut through the noise and make money.