Thursday, January 24, 2013

The Clash of the Cultures: Investment vs. Speculation

Contrarian. Mutual fund veteran and Vanguard founder John C. Bogle’s latest book is titled, The Clash of the Cultures: Investment vs, Speculation. Here’s his premise in a nutshell: “when a value-destroying culture of salesmanship overwhelms a value-enhancing culture of stewardship, of course there’s a clash.” (p. 217) Bogle encourages individuals to be long term investors and not speculators. He calls for regulated fiduciary duty by financial intermediaries because those entities routinely place their own interests above those of the individuals they serve. Bogle’s views are cogent and consistent with his position held over decades. For better or for worse, he remains a contrarian. Bogle packs the book with data and examples to illustrate his viewpoint. Readers interested in finance are those most likely to enjoy this book. Rating: Four-star (I like it) Click here to purchase The Clash of the Cultures from

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