The House that Bogle Built: How John Bogle and Vanguard Reinvented the Mutual Fund Industry [NOOK Book]

Overview

"One of the best financial books of 2011."

National Post

John Bogle’s journey from financial-industry pioneer to one of its toughest critics



Arguably the greatest shareholder advocate in the history of Wall Steet, John Bogle not only created the first index mutual fund but has become the primary voice ...

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The House that Bogle Built: How John Bogle and Vanguard Reinvented the Mutual Fund Industry

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Overview

"One of the best financial books of 2011."

National Post

John Bogle’s journey from financial-industry pioneer to one of its toughest critics



Arguably the greatest shareholder advocate in the history of Wall Steet, John Bogle not only created the first index mutual fund but has become the primary voice for change in an industry plagued by excess and complacency. Bogle stumbled upon mutual funds by accident in 1949 as a college student at Princeton. In his junior year, he read a Fortune article about the burgeoning fund industry that sparked his interest, and he wrote his now famous senior thesis about it.



What began as an intellectual pursuit would turn into Bogle’s life mission. The House That Bogle Built chronicles the years of Bogle’s development from college whiz kid into a titan of the mutual fund industry and shareholder advocate—highlighting his creation of the Vanguard Group and the Vanguard 500 Index Fund and his frequent battles to shake up the status quo. It takes you through the two decades he spent running Vanguard, until his forced retirement in 1999, and discloses what he thinks about the fund industry today.



Bogle has always stood out for his extraordinary talents in math, analysis, management, and investing. But his most noteworthy trait is his most basic: his humanism in an industry not exactly famous for placing people over profit. It’s Bogle’s dedication to clients’ interests above all else that has earned him the reputation as the “conscience” of the investing industry.



In his ninth decade of life, Bogle is remarkably candid about the role he plays at Vanguard today—and about his opinion of Jack Brennan, his successor. “How do you keep Vanguard a place where judgment has at least a fighting chance to triumph over process?” he asks. Skeptical but never defeatist, Bogle maintains a retired-but-active status at the company, keeping a close watch over those now at the helm of Vanguard.



The House That Bogle Built reveals one of the investing world’s most fascinating and complex figures. A dogged advocate of shareholder democracy, he was a self-confessed “dictator” at Vanguard. A brilliant mathematician, he is more interested in people than numbers. Fiercely competitive, he bemoans the cut-throat approach that drives his industry of choice. Always, though, Bogle places the good of the client before anything else—a practice that has become steadily rarer in his business.



The House That Bogle Built provides an insightful look at the past, present, and future of one of today’s largest industries, through the eyes of one of its most influential pioneer.

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Product Details

  • ISBN-13: 9780071751155
  • Publisher: McGraw-Hill Education
  • Publication date: 4/18/2011
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 304
  • Sales rank: 802,391
  • File size: 700 KB

Meet the Author

Lewis Braham is a journalist whose work has appeared in a number of business publications, including BusinessWeek, SmartMoney, and Bloomberg Markets.

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Table of Contents

Chapter 1. "I Thought I was in Heaven"; Chapter 2. Mutual Fund Pioneer; Chapter 3. "He knows more about the Fund Business than we do"; Chapter 4. A Marriage Made in Heaven; Chapter 5. The Storm Brews; Chapter 6. Throwing Down the Gauntlet; Chapter 7. Fired with Enthusiasm; Chapter 8. Bogle Pulls a Coup; Chapter 9. The Future Structure Study; Chapter 10. From the Deck of the HMS Vanguard; Chapter 11. Cutting the Gordian Knot; Chapter 12. The 18th Century Man; Chapter 13. The Vanguard Manual; Chapter 14. Creating Loyalty and Respect; Chapter 15. The Crest of the Wave; Chapter 16. No Thrills of Chills; Chapter 17. The Devil's Invention; Chapter 18. The Man Who Walked on Water; Chapter 19. Swiss Army to the Rescue; Chapter 20. The Great Sacred Cow Sweep; Chapter 21. Press on Regardless; Chapter 22. The Fidelity Wars; Chapter 23. A Cross between Don Quixote, Ralph Nader and Henry Ford; Chapter 24. The Succession; Chapter 25. Vanguard Post Bogle; Chapter 26. Birth of a Reformer; Chapter 27. The Rise of the Speculator; Chapter 28. The Failure of Fiduciaries; Chapter 29. The Heart of the Matter; Chapter 30. The Future of Indexing; Chapter 31. The Future of Vanguard
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Sort by: Showing all of 5 Customer Reviews
  • Anonymous

    Posted May 15, 2011

    An almost excellent book

    John (Jack) Bogle is rightfully a legend in investing, having founded the only true "mutual fund" company in existence and the only important person in the industry to fight to give the little investor a fair shake. Every investor should know his story whether or not they invest at Vanguard. This book tells the story of Jack Bogle's life and the company he founded, warts and all. It is a fascinating read for anyone who simply likes a good story about an important and interesting person or event. It is much more for someone interested in investing. In fact, while not a "How to invest book", readers will come away with a better understanding of the investment business and will be better equipped to make sound investing decisions. The only thing that mars this book and the reason I did not give it five stars is that the author strays too far and too often from the point of the book: the story of Jack Bogle and Vanguard. But overall the book has an excellent story to tell and it is mostly very well told. Read this book and you will understand why John (Jack) Bogle is a great American Hero to so many, and you will likely come out a better investor as well.

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  • Posted May 7, 2011

    Book for the Beach (or Back Porch)

    This is a very well written and balanced history of the founding of Vanguard which is now the largest Mutual Fund Co. in the world. Since the creation and management of Vanguard was for 20 + years based on the inspiration of one person - Jack Bogle, it's his professional biography as well. I found the of behind the scenes tidbits facinating. Dave

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  • Posted May 6, 2011

    Highly recommended

    Many Bogleheads are very familiar with Mr. Bogle's efforts as a tireless advocate for mutual fund owners. We are also aware of how Vanguard came to be, somewhat. But, this book gets into details of the struggle that brought forth Vanguard. That in itself makes the book worthy of a read. The book gets into blow by blow of the fight that was finally won by Mr. Bogle. I think even more important, at least for me, this book gets into John Bogle the man, the son, the brother, the husband, the father. I had never known much about Mr. Bogle's life outside the confines of his activities in creating Vanguard, and his constant advocacy for the small investor he is known for after his stewardship of Vanguard. It was a bitter-sweet read to learn of his family's struggle, and the need for he and his brothers to step up and become men, perhaps before their time. I think I understand a bit better where this man's character, and inner strength might have been forged. I don't think a full accounting of the conflict between Mr. Bogle and his successor, Jack Brennen was given. Though, an accurate account simply cannot be provided unless both parties have given their full statements. I myself feel Mr Brennen did an outstanding job as Mr Bogle's successor. Imagine for a moment how difficult that job must have been, following a legend, a legend who was still around. I don't envy Mr Brennen's task, at all. But, it is very clear to me that Mr Brennen's tenure as head of Vanguard was very positive for the company, and, more important, the shareholders/investors. And, one must wonder how much Mr Bogle's disdain of ETFs ultimately cost the company.

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  • Posted May 6, 2011

    Highly recommended!

    Many Bogleheads are very familiar with Mr. Bogle's efforts as a tireless advocate for mutual fund owners.

    We are also aware of how Vanguard came to be, somewhat. But, this book gets into details of the struggle that brought forth Vanguard. That in itself makes the book worthy of a read. The book gets into blow by blow of the fight that was finally won by Mr. Bogle.

    I think even more important, at least for me, this book gets into John Bogle the man, the son, the brother, the husband, the father. I had never known much about Mr. Bogle's life outside the confines of his activities in creating Vanguard, and his constant advocacy for the small investor he is known for after his stewardship of Vanguard.

    It was a bitter-sweet read to learn of his family's struggle, and the need for he and his brothers to step up and become men, perhaps before their time. I think I understand a bit better where this man's character, and inner strength might have been forged.

    Even after reading about the conflict between Mr. Bogle, and his successor, Mr. Brennan, I still feel Mr. Brennan deserves more respect and praise. Following a legend, especially when the legend was still around, had to a difficult task.

    Vanguard's growth under Mr. Brennan demonstrates clearly to me that he was a more than capable steward of the company.

    And, one has to wonder what the financial cost to Vanguard was Mr. Bogle's dislike of ETFs.

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  • Anonymous

    Posted May 19, 2011

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