{"product_id":"dont-count-on-it-isbn-9780470643969","title":"Don't Count on It!","description":"\u003cb\u003ePraise for \u003ci\u003eDon't Count On It!\u003c\/i\u003e\u003c\/b\u003e  \u003cp\u003e\"This collection of Jack Bogle's writings couldn't be more timely. The clarity of his thinking—and his insistence on the relevance of ethical standards—are totally relevant as we strive to rebuild a broken financial system. For too many years, his strong voice has been lost amid the cacophony of competing self-interests, misdirected complexity, and unbounded greed. Read, learn, and support Jack's mission to reform the industry that has been his life's work.\"\u003cbr\u003e —\u003cb\u003ePAUL VOLCKER\u003c\/b\u003e, Chairman of the President's Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979–1987)\u003c\/p\u003e \u003cp\u003e\"Jack Bogle has given investors throughout the world more wisdom and plain financial 'horse sense' than any person in the history of markets. This compendium of his best writings, particularly his post-crisis guidance, is absolutely essential reading for investors and those who care about the future of our society.\"\u003cbr\u003e —\u003cb\u003eARTHUR LEVITT\u003c\/b\u003e, former Chairman, U.S. Securities and Exchange Commission\u003c\/p\u003e \u003cp\u003e\"Jack Bogle is one of the most lucid men in finance.\"\u003cbr\u003e —\u003cb\u003eNASSIM N.TALEB\u003c\/b\u003e, PhD, author of The Black Swan\u003c\/p\u003e \u003cp\u003e\"Jack Bogle is one of the financial wise men whose experience spans the post–World War II years. This book, encompassing his insights on financial behavior, pitfalls, and remedies, with a special focus on mutual funds, is an essential read. We can only benefit from his observations.\"\u003cbr\u003e —\u003cb\u003eHENRY KAUFMAN\u003c\/b\u003e, President, Henry Kaufman \u0026amp; Company, Inc.\u003c\/p\u003e \u003cp\u003e\"It was not an easy sell. The joke at first was that only finance professors invested in Vanguard's original index fund. But what a triumph it has been. And what a focused and passionate drive it took: it is a zero-sum game and only costs are certain. Thank you, Jack.\"\u003cbr\u003e —\u003cb\u003eJEREMY GRANTHAM\u003c\/b\u003e, Cofounder and Chairman, GMO\u003c\/p\u003e \u003cp\u003e\"On finance, Jack Bogle thinks unconventionally. So, this sound rebel turns out to be right most of the time. Meanwhile, many of us sometimes engage in self-deception. So, this book will set us straight. And in the last few pages, Jack writes, and I agree, that Peter Bernstein was a giant. So is Jack Bogle.\"\u003cbr\u003e —\u003cb\u003eJEAN-MARIE EVEILLARD\u003c\/b\u003e, Senior Adviser, First Eagle Investment Management\u003c\/p\u003e \u003cp\u003e\u003cb\u003eInsights into investing and leadership from the founder of The Vanguard Group\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThroughout his legendary career, John Bogle-founder of the Vanguard mutual fund group and creator of the first index mutual fund-has helped investors build wealth the right way, while, at the same time, leading a tireless campaign to restore common sense to the investment world.\u003c\/p\u003e \u003cp\u003eA collection of essays based on speeches delivered to professional groups and college students in recent years, in \u003ci\u003eDon't Count on It\u003c\/i\u003e is organized around eight themes\u003c\/p\u003e \u003cul\u003e \u003cli\u003eIllusion versus reality in investing\u003c\/li\u003e \u003cli\u003eIndexing to market returns\u003c\/li\u003e \u003cli\u003eFailures of capitalism\u003c\/li\u003e \u003cli\u003eThe flawed structure of the mutual fund industry\u003c\/li\u003e \u003cli\u003eThe spirit of entrepreneurship\u003c\/li\u003e \u003cli\u003eWhat is enough in business, and in life\u003c\/li\u003e \u003cli\u003eAdvice to America's future leaders\u003c\/li\u003e \u003cli\u003eThe unforgettable characters who have shaped his career\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWidely acclaimed for his role as the conscience of the mutual fund industry and a relentless advocate for individual investors, in \u003ci\u003eDon't Count on It\u003c\/i\u003e, Bogle continues to inspire, while pushing the mutual fund industry to measure up to their promise.\u003c\/p\u003e \u003cp\u003eForeword xi\u003c\/p\u003e \u003cp\u003eIntroduction xv\u003c\/p\u003e \u003cp\u003eA Note to the Reader xxxi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One. Investment Illusions 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 1 Don’t Count on It! The Perils of Numeracy 5\u003c\/p\u003e \u003cp\u003eChapter 2 The Relentless Rules of Humble Arithmetic 25\u003c\/p\u003e \u003cp\u003eChapter 3 The Telltale Chart 49\u003c\/p\u003e \u003cp\u003eChapter 4 A Question So Important That It Should Be Hard to Think about Anything Else 71\u003c\/p\u003e \u003cp\u003eChapter 5 The Uncanny Ability to Recognize the Obvious 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two. The Failure of Capitalism 97\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 6 What Went Wrong in Corporate America? 101\u003c\/p\u003e \u003cp\u003eChapter 7 Fixing a Broken Financial System 123\u003c\/p\u003e \u003cp\u003eChapter 8 Vanishing Treasures: Business Values and Investment Values 137\u003c\/p\u003e \u003cp\u003eChapter 9 A Crisis of Ethic Proportions 157\u003c\/p\u003e \u003cp\u003eChapter 10 Black Monday and Black Swans 161\u003c\/p\u003e \u003cp\u003eChapter 11 The Go-Go Years 187\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three. What’s Wrong with “Mutual” Funds 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 12 Re-Mutualizing the Mutual Fund Industry: The Alpha and the Omega 207\u003c\/p\u003e \u003cp\u003eChapter 13 A New Order of Things: Bringing Mutuality to the “Mutual” Fund 237\u003c\/p\u003e \u003cp\u003eChapter 14 The Fiduciary Principle: No Man Can Serve Two Masters 273\u003c\/p\u003e \u003cp\u003eChapter 15 Mutual Funds at the Millennium: Fund Directors and Fund Myths 297\u003c\/p\u003e \u003cp\u003eChapter 16 “High Standards of Commercial Honor . . . Just and Equitable Principles of Trade . . . Fair Dealing with Investors” 317\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four. What’s Right with Indexing 347\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 17 Success in Investment Management: What Can We Learn from Indexing? 351\u003c\/p\u003e \u003cp\u003eChapter 18 As the Index Fund Moves from Heresy to Dogma, What More Do We Need to Know? 369\u003c\/p\u003e \u003cp\u003eChapter 19 “The Chief Cornerstone” 393\u003c\/p\u003e \u003cp\u003eChapter 20 Convergence! The Great Paradox: Just as Active Fund Management Becomes More and More Like Passive Indexing, So Passive Indexing Becomes More and More Like Active Fund Management 409\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Five. Entrepreneurship and Innovation 435\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 21 Capitalism, Entrepreneurship, and Investing: The 18th Century versus the 21st Century 439\u003c\/p\u003e \u003cp\u003eChapter 22 Seventeen Rules of Entrepreneurship 455\u003c\/p\u003e \u003cp\u003eChapter 23 “Vanguard: Saga of Heroes” 469\u003c\/p\u003e \u003cp\u003eChapter 24 When Does Innovation Go Too Far? 493\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Six. Idealism and the New Generation 507\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 25 Business as a Calling 511\u003c\/p\u003e \u003cp\u003eChapter 26 The Right Kind of Success 517\u003c\/p\u003e \u003cp\u003eChapter 27 “This Above All: To Thine Own Self Be True” 521\u003c\/p\u003e \u003cp\u003eChapter 28 “Enough” 529\u003c\/p\u003e \u003cp\u003eChapter 29 If You Can Trust Yourself . . . 535\u003c\/p\u003e \u003cp\u003eChapter 30 The Fifth “Never” 543\u003c\/p\u003e \u003cp\u003eChapter 31 “When a Man Comes to Himself ” 549\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Seven. Heroes and Mentors 557\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 32 Walter L. Morgan 563\u003c\/p\u003e \u003cp\u003eChapter 33 Paul A. Samuelson 569\u003c\/p\u003e \u003cp\u003eChapter 34 Peter L. Bernstein 575\u003c\/p\u003e \u003cp\u003eChapter 35 Bernard Lown, MD 581\u003c\/p\u003e \u003cp\u003eIndex 587\u003c\/p\u003e  \u003ci\u003e“Don’t Count on It!\u003c\/i\u003e is a wise book. As most traders and investors remain convinced that they can beat the market, it’s always sobering to hear a compelling voice from the other side.” \u003cb\u003e\u003ci\u003e(Seeking Alpha)\u003c\/i\u003e\u003c\/b\u003e  \u003cp\u003e\"If Bogle writes it, it’s worth reading. His latest, Don’t Count On It, is a collection of 35 essays, every one of them filled with wisdom and insight. . . While I have read Bogle’s views on these issues many times, I’m always impressed with the quality of his writing (Where else can you read quotations from Adam Smith to Winston Churchill to Cato?), the wit and humility he shows and his passion to help investors. The book is a compelling read, one that in effect tells the story and mission of a great man. We’re lucky and privileged to have him fighting on our side.  As Bogle noted in his book, Machiavelli “described the accumulation of worldly ‘glory’ as the motivating principle that drives leaders to undertake ‘great enterprises’ and do ‘great things’ on behalf of their fellow citizens and not just themselves.” Hard to find a better description of Bogle himself.\" \u003ci\u003e\u003cb\u003e(MarketWatch)\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e“Mr Bogle’s prescription for a better system is relatively simple: to demand proper fiduciary management from money managers. They must prioritise client interests, act as responsible corporate citizens, charge reasonable fees and eliminate conflicts of interest. Amen to that. It may sound like nostalgia from an old-timer, or idealism from a visionary. But without such changes, investors and society will continue to be short-changed as the financial community carries on regardless.” \u003ci\u003e\u003cb\u003e(Financial Times)\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e“In \u003ci\u003eDon’t Count on It!\u003c\/i\u003e \u003ci\u003eReflections on Investment Illusions, Capitalism, “Mutual” Funds, Indexing, Entrepreneurship, Idealism, and Heroes\u003c\/i\u003e, Bogle hammers at what he labels the cost matters hypothesis: \u003ci\u003eWhether markets are efficient or inefficient, investors as a group must fall short of the market return by precisely the amount of the aggregate costs they incur. It is the central fact of investing.\u003c\/i\u003e Not surprisingly, the book deals extensively with the low-cost innovation for which Vanguard is best known: the stock index mutual fund. When the company first made indexing available to small investors in 1975, critics derided the notion as “Bogle’s folly.” To Bogle, however, the benefits to investors were irrefutable. . .  The impact of indexing has been so great that a second, hugely important contribution by Vanguard has been overshadowed. Vanguard originated the now standard segmentation of bond funds into short-, intermediate-, and long-term varieties. Bogle was enshrined in the Fixed Income Analysts Society Hall of Fame for this innovation. The author of \u003ci\u003eDon’t Count on It!\u003c\/i\u003e does not dwell on such honors, which include being named one of the world’s 100 most powerful and influential people by \u003ci\u003eTime\u003c\/i\u003e magazine. In fact, Bogle devotes the final section of his book to tributes to four of his own heroes: Walter Morgan, economist Paul Samuelson, investment guru Peter Bernstein, and Dr. Bernard Lown, a Nobel laureate whom he credits with keeping him alive in defiance of a mystifying heart ailment. Bogle also shows modesty in sharing credit for his contributions to the field and in downplaying his own theoretical expertise. His unashamed display of such old-fashioned virtues, as well as his heretical view that running a business is not entirely about maximizing the wealth of the owners, has earned him the nickname ‘St. Jack.’” \u003cb\u003e\u003ci\u003e(Financial Analysts Journal)\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eJOHN C. BOGLE\u003c\/b\u003e is the founder of the Vanguard Group of Mutual Funds and President of its Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as chairman and chief executive officer until 1996 and senior chairman until 2000. In 1999, Fortune magazine named Mr. Bogle as one of the four \"Investment Giants\" of the twentieth century; in 2004, \u003ci\u003eTime\u003c\/i\u003e magazine named him one of the world's 100 most powerful and influential people, and \u003ci\u003eInstitutional Investor\u003c\/i\u003e presented him with its Lifetime Achievement Award. In 2010, \u003ci\u003eForbes\u003c\/i\u003e magazine described him as the person who \"has done more good for investors than any other financier of the past century.\" Mr. Bogle graduated from Blair Academy cum laude in 1947 and Princeton University in 1951, magna cum laude in economics. In 1999, he received the University's Woodrow Wilson Award for distinguished achievement in the nation's service. \u003c\/p\u003e\u003cp\u003e\u003cb\u003e\u003ci\u003eDon't Count on It!\u003c\/i\u003e\u003c\/b\u003e is Mr. Bogle's ninth book. His earlier books include \u003cb\u003e\u003ci\u003eCommon Sense on Mutual Funds, The Battle for the Soul of Capitalism, The Little Book of Common Sense Investing, and Enough.\u003c\/i\u003e\u003c\/b\u003e   \u003c\/p\u003e\u003cp\u003eIn his Foreword, former Federal Reserve vice-chairman Alan S. Blinder writes, \"America's vaunted financial system let us down big-time during the raucous decade of the 2000s.\" In \u003cb\u003e\u003ci\u003eDon't Count on It!\u003c\/i\u003e\u003c\/b\u003e, John C. Bogle—a man Dr. Blinder refers to as \"the conscience of Wall Street\"—identifies modern capitalism's flaws, explains how we arrived at this economic crossroads, and examines how we can begin to repair the damage before it's too late. \u003c\/p\u003e\u003cp\u003e\u003cb\u003e\u003ci\u003eDon't Count on It!\u003c\/i\u003e\u003c\/b\u003e presents an anthology of Bogle's latest thinking, focused on how numbers deceive us into seeing things as other than they really are. He also presents a cogent analysis of the chinks in the armor of a financial system that has failed to live up to the responsibility owed to its individual and institutional investors. \u003c\/p\u003e\u003cp\u003eRead and learn from the wise counsel of Vanguard's founder about how we deceive ourselves into accepting illusory and evanescent numbers rather than focusing on fundamental and intrinsic reality. Bogle argues that we confuse the market of real investing with the market of expectations, disregarding the beauty of simplicity in favor of the wizardry that creates complex \"products\" that serve Wall Street at the expense of its clients. Specifically, Bogle discusses: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eThe unconscionably high costs of financial intermediation\u003c\/li\u003e \u003cli\u003eThe disgraceful failure of money managers and agents to abide by what should have been traditional fiduciary standards\u003c\/li\u003e \u003cli\u003eThe unfortunate consequences of the dominance of short-term speculation over long-term investment\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe subjects of Bogle's anthology go well beyond the investment markets, as indicated by the seven sections of \u003cb\u003e\u003ci\u003eDon't Count on It!\u003c\/i\u003e\u003c\/b\u003e—Investment Illusions, The Failure of Capitalism, What's Wrong with \"Mutual\" Funds, What's Right with Indexing, Entrepreneurship and Innovation, Idealism and the New Generation, and Heroes and Mentors. \u003c\/p\u003e\u003cp\u003eHis book encourages readers to better understand our complex financial system, to examine it, to debate it, to challenge it, and to fulfill our duty to ask simple questions and demand answers that are understandable, intelligent, and, above all, wise.   \u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989082325221,"sku":"NP9780470643969","price":29.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470643969.jpg?v=1761782722","url":"https:\/\/k12savings.com\/es\/products\/dont-count-on-it-isbn-9780470643969","provider":"K12savings","version":"1.0","type":"link"}