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“There are a few investment managers, of course, who are very good – though in the short run, it’s difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors – large and small – should instead read Jack Bogle’s The Little Book of Common Sense Investing.” – Warren Buffett, Chairman of Berkshire Hathaway, 2014 Annual Shareholder Letter.
Investing is all about common sense. Owning a diversified portfolio of stocks and holding it for the long term is a winner’s game. Trying to beat the stock market is theoretically a zero-sum game (for every winner, there must be a loser), but after the substantial costs of investing are deducted, it becomes a loser’s game. Common sense tells us—and history confirms—that the simplest and most efficient investment strategy is to buy and hold all of the nation’s publicly held businesses at very low cost. The classic index fund that owns this market portfolio is the only investment that guarantees you with your fair share of stock market returns.
To learn how to make index investing work for you, there’s no better mentor than legendary mutual fund industry veteran John C. Bogle. Over the course of his long career, Bogle—founder of the Vanguard Group and creator of the world’s first index mutual fund—has relied primarily on index investing to help Vanguard’s clients build substantial wealth. Now, with The Little Book of Common Sense Investing, he wants to help you do the same.
Filled with in-depth insights and practical advice, The Little Book of Common Sense Investing will show you how to incorporate this proven investment strategy into your portfolio. It will also change the very way you think about investing. Successful investing is not easy. (It requires discipline and patience.) But it is simple. For it’s all about common sense.
With The Little Book of Common Sense Investing as your guide, you’ll discover how to make investing a winner’s game:
- Why business reality—dividend yields and earnings growth—is more important than market expectations
- How to overcome the powerful impact of investment costs, taxes, and inflation
- How the magic of compounding returns is overwhelmed by the tyranny of compounding costs
- What expert investors and brilliant academics—from Warren Buffett and Benjamin Graham to Paul Samuelson and Burton Malkiel—have to say about index investing
- And much more
You’ll also find warnings about investment fads and fashions, including the recent stampede into exchange traded funds and the rise of indexing gimmickry. The real formula for investment success is to own the entire market, while significantly minimizing the costs of financial intermediation. That’s what index investing is all about. And that’s what this book is all about.
- Sales Rank: #2446 in Books
- Brand: Bogle, John C.
- Published on: 2007-03-05
- Original language: English
- Number of items: 1
- Dimensions: 7.30" h x .92" w x 5.30" l, .60 pounds
- Binding: Hardcover
- 216 pages
Review
"excellent advice in a concise and accessible manner." (The Wall Street Journal, April 10, 2007)
"It's hard to argue with the eloquent logic of John C. Bogle's latest ode to index funds…Bogle's 'Little Book' offers much exemplary advice." (Bloomberg News, April 2007)
Among monetary gurus and wise men, John Bogle is a singular case. As the founder of the highly regarded Vanguard Group, he is revered for the company's commitment to providing value to its clients as well as profits to its investors. He even has his own group of fans, called "Bogleheads," who cling to every utterance and pronouncement from the great man.
In this latest entry in the Little Book series, Bogle's gentle prose contains idiot-proof advice for investors at all levels. He punctures the myth of the superiority of mutual funds and instead declares that by using a bit of common sense, low-cost index funds are the way to go for most modest stock investors. He's also wary of the ways of Wall Street and cautions investors to steer clear of its institutional con men and cautions against excessive fees and taxes that invariably eat up profits.
It's not very glamorous or exciting advice, but that's also his point: Slow and steady wins the race. (Miami Herald, April 9, 2007)
"genuinely provides investors with the ideal strategy for making the most of stock-market investing" (Motley Fool's UK website, March 8, 2007)
"It's an easy read that will, I suspect, quickly join Burton Malkiel's A Random Walk Down Wall Streetand Charles Ellis's Winning the Loser's Gameas one of the indexing crowd's favorite books."—Jonathan Clements (Wall Street Journal)
"It's hard to argue with the eloquent logic of John C. Bogle's latest ode to index funds." (Bloomberg Terminal, March 8, 2007).
"provides an opportunity to reflect on a remarkable career and legacy." (Financial Times, 19th March 2007)
"…it is John Bogle's hymn to index-tracking investment, and a fascinating read it is too." (Daily Telegraph, March 2007)
"Those who doubt my reasoning should read the Little Book of Common Sense Investing by John Bogle." (FT Adviser, 24th April 2007)
"…particularly interesting…goes some way towards discrediting the stockpicking virtues taught to me in my time as a financial journalist." (Fund Strategy, 7th May 2007)
"…wittily written, pocket-sized guide…If you want to learn how to avoid the unpredictabilities of the stock market and the fees of middle men, then this book is well worth a read." (Pensions Age, May 2007)
" ... For the individual investor, it presents a solid game plan for growing funds over the long haul." (Directorship, July 2007)
"... read Bogle's new Little Book of Common Sense Investingand you'll see how easy it is to beat the Alpha Hunters at their own game!" (MarketWatch, July 2007)
‘The one big thing that Bogle knows -- and explains so well in this slender volume -- is that buying and holding a broad benchmark of stocks while keeping fees to a minimum leads to higher long-term returns than constantly trading in a vain attempt to beat the market. Common sense? Yes. But radical too, as the entire investing establishment is designed to get investors to do the exact opposite.” (CNNMoney)
"Business books are often written by show-offs who want you to know all about their knowledge of the Greek tragedies and dark-coloured birds. So it was nice to get hold of the simply written Little Book of Common Sense Investing…Its author, John Bogle, in no simpleton. He built Vanguard into a huge fund manager...He is synonymous with index funds in the US. Vanguard's S&P 500 tracker is by far the world's largest mutual fund."—Stephen Cranston, Investor's Notebook (Jan 23, 2013)
From the Inside Flap
Investing is all about common sense. Owning a diversified portfolio of stocks and holding it for the long term is a winner's game. Trying to beat the stock market is theoretically a zero-sum game (for every winner, there must be a loser), and after the substantial costs of investing are deducted, it becomes a loser's game. Common sense tells us—and history confirms—that the simplest and most efficient investment strategy is to buy and hold all of the nation's publicly held businesses at very low cost. The classic index fund that owns this market portfolio is the only investment that guarantees you with your fair share of stock market returns.
To learn how to make index investing work for you, there's no better mentor than legendary mutual fund industry veteran John C. Bogle. Over the course of his long career, Bogle—founder of the Vanguard Group and creator of the world's first index mutual fund—has relied primarily on index investing to help Vanguard's clients build substantial wealth. Now, with The Little Book of Common Sense Investing, he wants to help you do the same.
Filled with in-depth insights and practical advice, The Little Book of Common Sense Investing will show you how to incorporate this proven investment strategy into your portfolio. It will also change the very way you think about investing. Successful investing is not easy—it requires discipline and patience. But it is simple, for it's all about common sense.
With The Little Book of Common Sense Investing as your guide, you'll discover how to make investing a winner's game:
- Why business reality—dividend yields and earnings growth—is more important than market expectations
- How to overcome the powerful impact of investment costs, taxes, and inflation
- How the magic of compounding returns is overwhelmed by the tyranny of compounding costs
- What expert investors and brilliant academics—from Warren Buffett and Benjamin Graham to Paul Samuelson and Burton Malkiel—have to say about index investing
- And much more
You'll also find warnings about investment fads and fashions, including the recent stampede into exchange traded funds and the rise of indexing gimmickry. The real formula for investment success is to own the entire market, while significantly minimizing the costs of financial intermediation. That's what index investing is all about. And that's what this book is all about.
From the Back Cover
Praise for The Little Book of Common Sense Investing
"A low-cost index fund is the most sensible equity investment for the greatmajority of investors. My mentor, Ben Graham, took this position manyyears ago, and everything I have seen since convinces me of its truth.In this book, Jack Bogle tells you why."
—Warren E. Buffett, Chairman, Berkshire Hathaway Inc.
"John Bogle is living a useful life, and this book is a useful contribution to hisfellow citizens. It is dangerous for investors to believe a lot of nonsense,and the nonsense destroyers are particularly helpful when, like Bogle,they never tire in their animosity toward folly."
—Charles T. Munger, Vice Chairman, Berkshire Hathaway Inc.
"Whether you know it or not, Wall Street wants to steal your future.If you want to stop them, drop everything, read this marvelous little book,and take it to heart; your children, and their children's children, will thank you."
—William Bernstein, investment adviser and author, The Four Pillars of Investing
Most helpful customer reviews
3 of 3 people found the following review helpful.
OK for beginners but not detailed enough
By Emzet
This is the typical instance of an investment guru trying to sell their product by writing a book on the advantages of their own investment product.
That is not to say that the book is bad. Index funds are indeed the safest way to go for the average investor. The author does prove their point and he does warn you about the common pitfalls in other types of investment like mutual funds and actively managed funds. I definitely agree with 95% of his arguments.
The reason why I'm not 100% happy with the book is the level. This book is meant for people who do not have the slightest clue about investing or how the stock market works.
I was hoping for something a little more detailed and more technical. This was just too high level and filled with metaphors. I come from a technical background and I need graphs and figured to convince me, not metaphors. There is *some* data and some *graphs* but in my view, it's not enough.
The math is kept at a very low level and the data is a little sporadic. I understand the targeted audience is the average person with little economic background but I was still disappointed.
If you don't have a clue about investing, this is a really good read. The language is simple enough and I guess all the metaphors help convey the general points.
If you're looking for a specialized book on index fund investing, keep on searching.
1 of 1 people found the following review helpful.
Here's a little retirement funding AID that is actually worth having
By Grambo
ANYONE who invests really NEEDS to read this book! I lost a BUNDLE in the past year in the market. I began to think my investment advisory firm was NOT taking the best care of me, but the WERE GETTING PAID IN FULL while losing me a quarter million bucks!
And I started researching, looking for "A Better Way." I worked hard, put in many long hours, went through every resource available to me...
And then I found... This little book.
From it I've learned my advisors could never do as good a job for me as I CAN do for myself! This little book has led me to start moving my assets out of "helpers" hands, and finally reap the FULL rewards my invested money generates instead of letting my "helpers" continue helping themselves to MY MONEY!!!
The book is written by someone who is more verbose than I, but the book is well written, informative, and builds the author's case in a logical, stepwise manner. It shows you how you've been wrong, paying high fees unnecessarily. More, it shows you the tool available to everyone that allows much faster wealth building with passive investing than is possible with any active investing.
Yep, if you've got money TO invest (old farts like me do) you really need to read this book. I guarantee you will be helped by it. Especially considering we really can't count on Social Security for our old age. Social Security was never meant to be more than a source of PARTIAL suport! You'd jolly well better have your own money invested and generating enough additional cash to make your life comfortable in your old age, because nobody is going to do it for you! If you think Uncle Sugar is going to keep your comfortable in your older years, BOY are you in for a shock!
Buy the book. Read it. Learn how to be more financially secure, sooner. It's in the book!
0 of 0 people found the following review helpful.
Buy Several to Give to Friends
By J. Edgar Mihelic, MBA
I have read the most recent version of Malkiel’s “A Random Walk Down Mainstreet,” and it made me thankful for those people who actually go out and try to make a return for themselves on the market. It provides a service that current leftist critiques of finance capitalism forget – they provide liquidity and aid price discovery. Now, that is just a small part of what they do, and the bulk of their profits are actual rents, and half of the people will end up losers whatever system they try – because there are some patterns in the market, but I am a believer that the market will stay irrational longer than I can stay liquid. I guess at heart I am pretty conservative about what I do with my money because people like Malkiel and Bogle speak to me so much.
This book is like a cover version of Malkiel’s classic, coming in with a shorter page count and being less of a sales document – though where the recent “Random Walk” made me curious about Wealthfront and reading this made me go to the Vanguard website, I still am paying more in fees than I should to the company-administered 403(b) even in their so-called Index Fund. This is a pretty well-written book, but it does have a bit of an odd structure, with short chapters closed by asides referencing the current point made with an outside source instead of integrating it in the main chapter. Overall, though, it is a strong case for indexing your funds and taking advantage of the work the active traders do. When you are buying the market, you are giving up the chance of some great stock or sector that goes parabolic, but it also prevents you from thinking you are clever and taking a short position in that same sector just before it goes parabolic. Buy and hold and buy again seems to be the best way to ensure that the money you do invest will be there when you need it at the end of your life. I’m not trying to get rich by any means, but I’m also not looking to degrade the quality of my life at the end.
See all 479 customer reviews...
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