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Bogle On Mutual Funds: New Perspectives for the Intelligent Investor

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Bogle On Mutual Funds: New Perspectives for the Intelligent Investor


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Bogle On Mutual Funds: New Perspectives for the Intelligent Investor

30 review for Bogle On Mutual Funds: New Perspectives for the Intelligent Investor

  1. 4 out of 5

    Alton Motobu

    Bogle is the founder of the Vanguard family of mutual funds. This book is for those who want to invest intelligently in mutual funds in the same way that Benjamin Graham advised individual investors of stocks and bonds in THE INTELLIGENT INVESTOR. However, where Graham's book was written for finance majors, Bogle targets lay people. I could not quite make it through Graham's book with 100% comprehension, but I got through Bogle's book because it was not technical. The chapters were specific to e Bogle is the founder of the Vanguard family of mutual funds. This book is for those who want to invest intelligently in mutual funds in the same way that Benjamin Graham advised individual investors of stocks and bonds in THE INTELLIGENT INVESTOR. However, where Graham's book was written for finance majors, Bogle targets lay people. I could not quite make it through Graham's book with 100% comprehension, but I got through Bogle's book because it was not technical. The chapters were specific to each topic and there were easy-to-follow lists and highlighted boxes labeled "caveat emptor" with advice to "let the buyer beware." This book was published in 1994, but the information is still relevant today in 2018.

  2. 4 out of 5

    Ralph Orr

    The evangelist for indexing. One should remember, however, that had one put all their money in the Vanguard S&P 500 fund in July 1999, he or she would have lost over one percent per year annualized over the next ten years, including the reinvestment of dividends and not counting expenses and taxes. Remember, not all investment opportunities can be tracked by an appropriate index. Consider also that as soon as one reallocates (rebalances), which most financial advisors recommend to be done ev The evangelist for indexing. One should remember, however, that had one put all their money in the Vanguard S&P 500 fund in July 1999, he or she would have lost over one percent per year annualized over the next ten years, including the reinvestment of dividends and not counting expenses and taxes. Remember, not all investment opportunities can be tracked by an appropriate index. Consider also that as soon as one reallocates (rebalances), which most financial advisors recommend to be done every year or so, then you have at that moment rejected pure passive indexing for at least semi-active management. Also, it is unfair to merely compare the average of all mutual funds with indexing, when in reality advisors do not divide their clients money among all funds equally. They tend to favor certain funds and certain fund groups. A better comparison would be an asset-waited comparison of active managed funds to indexing, and how those active managers handle downside risk compared to pure indexing. After all, it is the downside that concerns clients the most. This would indicate whether advisors add value. Hence, though Bogle's points are well taken, indexing is not the final word. A better strategy may be combining indexing, with active management, and stock and bond selection, and perhaps the prudent use of stops and other risk management strategies. In other words, hedging your bets.

  3. 5 out of 5

    Sarah

    As a total beginner to this study, some of it was over my head, but I was able to understand more of it than I anticipated. The unfortunate thing is the age of the book, the data stops at the period ending December 31, 1992. One of the things I was able to notice is that the maximum contributions for the tax deferred accounts have significantly increased since the writing of this book, but I don't know enough to know what other information might be outdated and I can't help but wonder about comm As a total beginner to this study, some of it was over my head, but I was able to understand more of it than I anticipated. The unfortunate thing is the age of the book, the data stops at the period ending December 31, 1992. One of the things I was able to notice is that the maximum contributions for the tax deferred accounts have significantly increased since the writing of this book, but I don't know enough to know what other information might be outdated and I can't help but wonder about comments the author would have had about the most recent decade.

  4. 5 out of 5

    Achint Kumar

    An excellent book for mutual fund investor.I didn't go through one chapter on tax ,which was irrelevant for India.Although principle given in the book is true for every part of world with few exception and example,data is taken from USA.Each chapter deal with separate topic within the mutual fund.In book analysis was excellent and easy to understand.

  5. 4 out of 5

    Dale Callahan

    Similar to other investment books - but what I was looking for at the moment.

  6. 5 out of 5

    Chad Warner

    Bogle presents his case for what's wrong with the mutual fund industry (it's always trying to outperform the market, and charging shareholders high fees to do so) and how to be an intelligent investor (choose low-cost index funds). Bogle doesn't ask you to take his word for it; he provides evidence to support his claims. Bogle talks about the "eternal triangle of investing": risk, reward, and costs. He spends many pages explaining in detail the visible and invisible costs of mutual funds. Bogle's Bogle presents his case for what's wrong with the mutual fund industry (it's always trying to outperform the market, and charging shareholders high fees to do so) and how to be an intelligent investor (choose low-cost index funds). Bogle doesn't ask you to take his word for it; he provides evidence to support his claims. Bogle talks about the "eternal triangle of investing": risk, reward, and costs. He spends many pages explaining in detail the visible and invisible costs of mutual funds. Bogle's advice about asset allocation and selecting funds is more conservative than most investors prefer, but it's hard to argue with the stats that show that the returns of index funds beat actively managed funds in the long term. I really liked Bogle's The Little Book of Common Sense Investing, which provides good advice for the beginning investor. This book, however, is more like the textbook for an advanced mutual fund investing course; packed with charts, statistics, mathematical explanations, and financial theory. You should only read it if you're already comfortable with stocks, bonds, money markets, and mutual funds. This book is now 7 years old, so the historical data seems a little stale, but the concepts remain generally true. I concentrated on the stock sections of the book, and skimmed through the bond and money market sections, because stocks are what I'm focused on at this point in my life. Notes Growth and value funds perform equally in the long term. Small caps outperform large caps in the long term, but there have been periods of many years where large outperforms small. The total returns of the different equity fund types (income, value, growth, small cap, aggressive growth) are comparable over time. However, the percentage of total returns that result from dividend income are very different. Income and value attribute much more of their return to dividend income than the other types. Young people can focus on growth and small caps. The returns of international funds are no better or worse than US funds. Because of currency risk and sovereign risk, hold no more than 20% of assets in international funds. No fund can consistently sustain exceptionally high returns; it will inevitably suffer a regression to the mean. Avoid top and bottom performing funds. The Morningstar star ratings are based on past performance, and are not predictive of future value. However, the other info Morningstar provides makes it the best source for fund info. The Wilshire 5000 is more representative of the total US stock market than the S&P 500, which is heavily weighted toward large caps and represents about 70% of the total US stock market. Both indexes perform similarly in the long term. Subsets of the market may outperform the total for certain periods, but not in the long run. Transaction costs are about 0.6% per transaction (sale or purchase). So, to calculate the drag of turnover, multiply 1.2 by the turnover percentage. Never buy into a fund just before it distributes capital gains. Buy low-turnover; it means lower transaction costs and probably lower capital gains. The percentage of your assets to allocate to bonds should be about equal to your age, with a max variance of 15%. Rebalance periodically to maintain your stock/bond ratio.

  7. 4 out of 5

    Matt

    This book gives a very good illustration of indexing, of buying stocks and equities, of buying bonds and fixed income, how they move in relation to each other, and what all this means to mutual funds. It also talks about many mutual fund issues, such as what the fees actually are and how costs impact your portfolio. And the book helps put into perspective mutual fund performance so you can align expectations. Some parts took a lot of mental horse power - I couldn't just read along and soak it up. This book gives a very good illustration of indexing, of buying stocks and equities, of buying bonds and fixed income, how they move in relation to each other, and what all this means to mutual funds. It also talks about many mutual fund issues, such as what the fees actually are and how costs impact your portfolio. And the book helps put into perspective mutual fund performance so you can align expectations. Some parts took a lot of mental horse power - I couldn't just read along and soak it up. I had to analyze it to see what "price moves inversely" meant and why it made sense that it did so. And I felt the information was fantastic. Given the blare of modern popular financial thinking - from TV & magazine analysts to armchair retirement experts - the specter of doubt gets cast rather easily over this book. Is the book still relevant? The financial world would seem to look pretty different from 1994. I'm not a financial professional and I simply don't know. The one thing I keep coming back to is this: Most financial companies and professionals make their money by servicing you, the investor. They make money when you buy or sell, when pay fees. They earn commissions off certain investments they pitch to you. Most of them do NOT make THEIR fat cash by the same means they claim they'll make you YOURS. Even if you don't feel paranoid about this, it does seem to make sense to cast your information net very wide. And the fact that this book does dive into the pertinent fundamentals and does offer some of a counterpoint to some modern popular thinking cements its value to conscientious investors, in my opinion.

  8. 5 out of 5

    Dan

    Not a bad book, but not for the faint at heart, either. Mr. Bogle is a very intelligent individual and his advice is sound, but it's also very math-y and has a lot of vocabulary that could benefit from a glossary. If you've been reading a lot of finance literature and are ready for something with a lot of content, give this a try. If you're just getting started, though, you might want to start with something more welcoming to the uninitiated.

  9. 4 out of 5

    Liz

    Asskicking. Provides context and sanity to the Morningstar ratings. Another book to build the average person's investing confidence. Very helpful when you have to pick a decent fund for your 401K/retirement or need to make more than your bank's crappy savings account interest rate....and you have no idea where to start. Straight and to the point.

  10. 5 out of 5

    danthexcman11

    Best book on mutual funds I've read! Highly recommend this book to anyone wanting to learn more about investing in mutual funds for long term investments. Has great chapters on the effects of costs, taxes impacts on your returns that other financial and investment books have avoided.

  11. 4 out of 5

    Chris Kemp

    Good investment advice for the intelligent investor.

  12. 5 out of 5

    Hom Sack

    Clear and convincing argument for the index class of mutual funds.

  13. 5 out of 5

    Eric Smith

  14. 5 out of 5

    Todd Bliss

  15. 5 out of 5

    George Li

  16. 5 out of 5

    Lee

  17. 5 out of 5

    Warren Wang

  18. 5 out of 5

    Zheluo Cai

  19. 5 out of 5

    Lawrence

  20. 5 out of 5

    John

  21. 4 out of 5

    Don McNay

  22. 5 out of 5

    Kevin Lyons

  23. 5 out of 5

    Stephen Moore

  24. 4 out of 5

    Echo Armstrong

  25. 4 out of 5

    Stephen

  26. 4 out of 5

    Mark

  27. 5 out of 5

    Barry Flahive

  28. 5 out of 5

    Michael L

  29. 4 out of 5

    Nikhil Anandikar

  30. 5 out of 5

    Zack

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