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There is no one better qualified to tell us about the failures of the American financial system and the grotesque abuses that have taken place in recent years than John Bogle, who as founder and former chief executive of the Vanguard mutual funds group has seen firsthand the innermost workings of the financial industry. A zealous advocate for the small investor for more than fifty years, Bogle has championed the restoration of integrity in industry practices. As an astute observer and commentator, he knows that a trustworthy business and financial complex is essential to America’s continuing leadership in the world and to social and economic progress at home.
This book tells not just a story about what went wrong but, more important, the story of why we lost our way and of how we can right our course. Bogle argues for a return to a governance structure in which owners’ capital that has been put at risk is used in their interests rather than in the interests of corporate and financial managers. Given that ownership is now consolidated in the hands of relatively few large mutual and pension funds, the specific reforms Bogle details in this book are essential as well as practical. Every investor, analyst, Wall-Streeter, policy maker, and businessperson should read this deeply informed book.
- Sales Rank: #464053 in Books
- Published on: 2005-11-01
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x 1.06" w x 6.13" l, 1.10 pounds
- Binding: Hardcover
- 288 pages
From Publishers Weekly
Despite its inflated title, this volume is a worthy jeremiad against corporate excess, especially the kind hastened by the mutual fund industry that Bogle, former CEO of low-cost Vanguard, knows well. Among the problems: inflated executive compensation and creative accounting that allows companies to claim profits even when they're in the red. Mutual fund companies, Bogle charges, care more about short-term results than long-term value, and many of them gain profits for larger parent corporations by charging investors unnecessary fees that undermine the funds' net returns. To remedy such problems, Bogle writes, mutual fund owners and their fiduciaries must exercise the corporate responsibility they now shirk, and fund boards must be reshaped to serve the interests of shareholders. He advances in all seriousness Warren Buffett's once-joking idea for a high tax on short-term trading gains and calls for a federal commission to examine the way pension funds are managed, as well as the state of our retirement systems in general. While other recent books, such as David Swensen's Unconventional Success: A Fundamental Approach to Personal Investment, marry similar criticisms with more advice for individual investors, Bogle—a rock-ribbed Republican businessman—still deserves attention in the precincts of power. (Oct.)
Copyright � Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Review
"This is an important book for the post-Enron era. In his characteristic hard hitting style, one of the legends of the mutual fund industry presents an insider’s view of what’s wrong with corporate America and what can be done to improve it."—Burton G. Malkiel, Princeton University (Burton G. Malkiel)
Simply put, capitalism has too many characters and not enough men of character. When one of the few tells us that the system he loves is ailing, and how he'd fix it, we had best listen."—Cliff Asness Ph.D., Managing and Founding Principal, AQR Capital Management
(Cliff Asness)
"In his characteristic style, Bogle delivers strong medicine for what ails our capital markets and corporate governance framework. Not all will agree with everything that he has written, but they would be wise to take note, as his message is resounding and his proposals go to the heart of crucial debates about management, ownership, and value creation."— Devin Wenig, President, Business Divisions, Reuters Group
(Devin Wenig)
“Jack Bogle has written a brilliant and insightful book that highlights the many ways that our economy has suffered because managers have placed their own economic interests ahead of those of owners and investors. Bogle offers prescriptions that, if enacted, will help prevent a repeat of the scandals that we have witnessed over the past five years.”—Eliot Spitzer, Attorney General, New York
(Eliot Spitzer)
"John Bogle has written an insightful book with great historical and contemporary perspective. His analysis of what has gone wrong and what needs to be done should be required reading for students, financial practitioners, and official policymakers."—Henry Kaufman, President of Henry Kaufman and Company, Inc.
(Henry Kaufman)
"This is a must-read book for anyone interested in how to restore badly needed integrity, and efficiency, to our capital markets."—Honorable Peter G. Peterson
(Honorable Peter G. Peterson)
"Bogle describes the continuous struggle for control of our capitalistic system, the odds being heavily in favor of the�managers. �Individual investors and beneficiaries remain helpless,�intermediaries are passive or conflicted, and boards not yet effective. �You owe it to yourself to�read this book and�reflect�on his call�for further federal intervention to restore some balance."—Ira Millstein, Senior Partner, Weil, Gotshal & Manges LLP�� (Ira Millstein)
"A wake-up call to policy makers. Anyone who cares about the future of [America] needs to read [this] book."—Jack Treynor, President of Treynor Capital Management, Inc.
(Jack Treynor)
"Once again Jack Bogle is the clearest and most courageous voice pointing out critical flaws in our governance and financial system but also showing in constructive, brilliant ways how to make the timely repairs. This book presents a rare blend of erudition, experience, and utility. It should be required reading for CEOs, public policy leaders, and MBA students—if not all informed investors."—Jeffrey Sonnenfeld, Yale University
(Jeffrey Sonnenfeld)
"In this tour de force, Bogle subjects corporate America to a forceful critique.�Keen insights, rich experience, and moral courage shine throughout.�Anyone interested in our corporate system should read this book, and those who do will never see corporate America the same again."—Lucian Bebchuk, Harvard University�
(Lucian Bebchuk)
"This superb book should be a required reading for every business student in college.�Like a fine surgeon, Jack Bogle dissects what is wrong with the capital markets from an investor’s view, and at the same time provides a well-reasoned cure."—Lynn Turner, Former Chief Accountant of the U.S. Securities and Exchange Commission
(Lynn Turner)
"Jack Bogle has done more to protect corporate shareholders from mounting abuses at the hands of greedy and negligent CEOs, directors, and money managers than anyone in America. The case he makes here is so powerful and well reasoned that our Washington politicians will be hard pressed to ignore it."—Mario Cuomo, 52nd Governor, New York State
(Mario Cuomo)
"John Bogle has done more to help ordinary investors than any other person in America today.�He continues his battle on behalf of shareholders with this impassioned new book.�Every investor and every policy maker should read his ideas for reform."—Peter Fitzgerald, U.S. Senator for Illinois, Retired (Peter Fitzgerald)
"The American wage earners’ pension and 401(k) savings are now a major source of capital.�Incredibly, although the source of capital is democratized, wealth is more concentrated. Jack Bogle finds this contradiction unacceptable and in this book shows us how to democratize the rewards of capitalism."—Ray Carey, author of Democratic Capitalism: The Way to a World of Peace and Plenty
(Ray Carey)
"This book is a gift to the reading and investing public. Bogle uniquely understands mutual funds and everyone needs to listen when he warns of the deceptions that have plagued the industry. Investors will profit if they follow his simple straightforward advice."—Robert A.G. Monks, author of Corporate Governance
(Robert A.G. Monks)
"Jack Bogle’s The Battle for the Soul of Capitalism is arguably the most important treatise on the bubble era. Policymakers, investment fiduciaries and individual investors should read and act upon Bogle’s prescriptions. The stakes are high: our collective financial souls."—Steve Galbraith, Limited Partner, Maverick Capital
(Steve Galbraith)
"Jack Bogle says exactly what needs to be said, and he does it with gusto. His tales and lessons should be required reading for any business leader, plus they offer great insights for smart investors."—Walter Isaacson, The Aspen Institute
(Walter Isaacson)
"Over the past half century, American capitalism nearly lost its soul. One of the few who noticed was Jack Bogle. Now, for the first time, he tells the whole tale as only Jack Bogle can: just what happened, just how it happened, and just how to fix it. This is mandatory reading for anyone with a dollar to invest or an interest in the future of American capitalism."—William Bernstein, author of The Birth of Plenty
�
(William Bernstein)
"Jack Bogle’s brilliant tour de force provides the first integrated view of how our system of investing often destroys more value than it creates.�Bogle clearly understands how the system works and how perverse motivations are undermining value creation.�Always a pragmatic, he offers workable and practical solutions of how to get back on track."—William W. George, Former Chairman and CEO of Medtronic, Inc.
(William W. George)
"Bogle . . . makes clear what went wrong and who is to blame."—Paul B. Brown, New York Times
(Paul B. Brown New York Times)
“[Bogle’s] book is yet another important contribution in an illustrious career.”
(Jeff Madrick New York Times Book Review)
From the Author
Q: You say that individual investors have paid a heavy price for the abuses that occurred within the corporate, investment and mutual fund communities during the past few years. In what ways?
A: Individual investors have incurred high losses by paying excessive costs for executive compensation and purchasing overpriced stocks from option-enriched executives and entrepreneurs. Investors have also sacrificed returns by paying excessive management and marketing fees to funds that have delivered market-inferior returns. These costs can deprive investors of as much as 75 percent of the potential longterm returns available in the stock market simply by owning an S&P 500 Index Fund.Q: Despite the problems you point to in the book, you remain optimistic about the future. What are some of the things that make you hopeful?A: Progressive public policy has begun to move toward the creation of a better world for investors, with laws and regulations designed to enhance the accuracy of financial statements, to increase the responsibilities of directors, and to give owners opportunities to ensure that their interests are served. However, the greatest reforms will come when an even better educated and informed investing public takes action in its own enlightened self interest.Q: If you were to distill your book down to a few key messages, what would those be?A: It is time to abandon the managers’ capitalism that has shaken our society’s belief in the fairness of the system and return to the owners’ capitalism that built our nation. We need to build independent boards of directors who will provide prudent stewardship of the assets of the owners. We need the new controlling stockholders of corporate America—the mutual and pension funds—to act responsibly and solely in the interests of their investors. We need to create far more efficient systems for retirement savings that assure investors and beneficiaries of their fair share of market returns. To begin these tasks, we need to form an independent federal commission to evaluate our new agency society, with a view toward restoring fiduciary duty and trust as its objective.
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