JOHN BOGLE THE CLASH OF CULTURES PDF

Start your review of The Clash of the Cultures: Investment vs. Everything in the news will become more relate-able and understandable. Sweet book to have near you. Jan 10, Stephen Gallup rated it liked it This title was on a list of books my wife wanted me to read.

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Start your review of The Clash of the Cultures: Investment vs. Everything in the news will become more relate-able and understandable. Sweet book to have near you. Jan 10, Stephen Gallup rated it liked it This title was on a list of books my wife wanted me to read. Had she known its message, she probably would not have included it, because her hope is for me to start making substantial short-term gains in the stock market.

First, he backs up and restates the original purpose of the market: "providing fresh capital to business," and thereby enabling the most promising companies to build factories, hire This title was on a list of books my wife wanted me to read.

First, he backs up and restates the original purpose of the market: "providing fresh capital to business," and thereby enabling the most promising companies to build factories, hire people, and manufacture products. The problem is that today capital formation accounts for 0. The "real market of intrinsic business value" has been replaced by "an expectations market" that distorts the way businesses are run. That kind of goal requires patience and long-term, durable earnings.

Hoping to achieve that end, they naturally entrust their money to intermediaries, advisors and mutual funds, for example. On the other hand, somehow the advisors and fund managers do quite well. Bogle goes into some detail explaining how that works out.

Basically, he says, the people who act as agents for the real owners of corporations the individual investors are feathering their own nest at the expense of those putting their own money on the line. In some respects, perhaps, it is. But as an individual investor whose best efforts have achieved lackluster results, and as a loyal, contributing employee let go by a formerly bold and innovative company that is now just running scared, I found the content very disturbing.

Then I wondered whether, even if a short-term focus is bad for the economy and for society in general, I ought to take that route, given that everybody else seems to have done so.

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The Clash of the Cultures : Investment vs. Speculation

Bogle has seen enormous expansion and remarkable change in the financial sector of the U. In his tenth book, The Clash of the Cultures: Investment vs. Speculation, he brings his considerable wisdom and experience to bear on the most troubling developments of the recent era--the crowding out of long-term investment by short-term speculation. Our aggressive culture of destructive and costly speculation has come to dominate the earlier prudent culture of investment. To the detriment of our society, the idea of stewardship has gotten lost in the shuffle, replaced by salesmanship and innovations that have ill-served investors. Far more than being a mere eyewitness to the last six decades of financial history, Bogle has been one of its most active participants.

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The Clash of the Cultures: Investment vs. Speculation

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