by John Bogle
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Product Description
John C. Bogle, founder of the Vanguard Group of Investment Companies, has built a $100 billion mutual fund company on principles of candor, fairness, and low cost. The most outspoken critic of the mutual fund industry, Bogle speaks to the serious mutual fund investor, both novice and seasoned, in this straightforward assessment of an industry Bogle himself helped revolutionize. Here he offers the essential principles of canny mutual fund investing, as well as caveats to protect the investor. Readers will learn how to: Ask three critical questions before investing. Evaluate risk tolerance and design a portfolio to meet current financial objectives. Develop a diversified portfolio of equity funds, bonds, and money market funds that will weather the market's short term variations. Apply Bogle's eight model portfolios to achieve their own financial goals. Always find themselves in a winning money market fund. Protect themselves from inflation Use index funds to effectively balance risk/return. Anyone who is serious about mutual funds can apply the dynamic investment principles of Bogle On Mutual Funds to establish a winning, long-term investment portfolio.
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Average Customer Review:
1 of 2 people found the following review helpful:
 An outstanding guide for investors, 2008-04-22
"There are intelligent ways to go about investing and less intelligent ways." So says John Bogle, one of the most influential money managers of the last 50 years.
Bogle was one of the leaders in making index mutual funds available to ordinary investors. Bogle's index funds, and others that followed his example, helped turn very, very ordinary investors into very, very rich investors. This book essentially explains why Bogle's investment philosophy succeeds so well.
The book concentrates on the three basic types of mutual funds: stock, bond, and money market funds; describes the three important characteristics that all investments have: risk, return, and cost; explains why different categories of assets -- stocks versus bonds, for example -- have different risk and return characteristics; and shows how to construct an intelligent, balanced portfolio that will help you meet your investment goals.
One of the keys to Bogle's strategy is the idea that, while investors don't have direct control over risk or return, they do have direct control over cost; and by choosing low-cost funds (index funds are very low cost!), investors can dramatically improve their results. One of the other keys to Bogle's strategy is the efficient market theory, which, among other things, supplies an important part of the theoretical justification for relying on passively managed index funds. Those aren't fun, sexy concepts, and Bogle's methodical discussions don't do much to make them more entertaining. On the other hand, they will help you make money if you understand and apply them, and making money through investing is both fun and sexy!
This book is over ten years old now, so it doesn't have much to say about exchange-traded funds, sector funds, or some other, recent developments in financial management, but the basic principles it describes can easily be applied to those new-fangled inventions too.
This is one of the best books I've ever read about investing.
0 of 0 people found the following review helpful:
The single best book on investing!, 2007-08-28
If you're going to read one book on investing and one book only, this is the one! Really, you won't need any other - it's that complete and that good. Not everybody can invest in index funds, but you can and you very probably won't get a better result any other way.
0 of 0 people found the following review helpful:
Ecellent book about mutual fund, 2007-06-27
One of the best books about mutual funds in the market even though it is over a decade old.
1 of 3 people found the following review helpful:
 Good Source of Info on Mutual Funds, 2007-03-31
I thought that this was a very thorough book on mutual funds. Bogle brings to light many things that I wouldn't have known. The only problem is it requires good concentration to get through parts of this book as it can be a bit dry at times. Very good source of information overall. I would recommend it for someone to have as a reference.
1 of 1 people found the following review helpful:
Another happy long time Bogle-Head, 2007-03-08
Im a long time fan of John Bogle - few men in private industry, in particular the financial saector,have brought this much integrity to the business. Bought this book when it first came out in'93. Have given copies to two sons, a son in law, and 2 grandsons since then. The advice is priceless in the book. There are only 9 books about mutual funds worth buying, in my experience, 7 have been written by John Bogle, 1 about him and Vanguard (that I know of) and 1 by Venita Van Kaspel (not sure of the spelling)about mutual fund investing. It's hard to understand why one would choose any fund group other than Vanguard. [...]
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