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Reflections on Investment Illusions, Capitalism, "Mutual" Funds, Indexing, Entrepreneurship, Idealism, and Heroes
John Wiley and Sons
November 2010
On Sale: November 2, 2010
603 pages
ISBN: 047064396X
EAN: 9780470643969
Hardcover
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Non-Fiction
In 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
Don't Count on It!, 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. Don't Count on It! 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. Read 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: * The unconscionably high costs of financial intermediation
* The disgraceful failure of money managers and agents
to abide by what should have been traditional fiduciary
standards
* The unfortunate consequences of the dominance of
short-term speculation over long-term investment The subjects of Bogle's anthology go well beyond the
investment markets, as indicated by the seven sections of
Don't Count on It!—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. His 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.
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