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Enough.: True Measures of Money, Business, and Life

Book Description

Written by John C. Bogle–the legendary founder of the Vanguard Mutual Fund–Enough. offers his unparalleled insights on money, the values we should emulate in our business and professional callings, and what we should consider as the true treasures in our lives. Inspired in large measure by the hundreds of lectures Bogle has delivered to professional groups and college students in recent years, this book will help you discover what it really means to have "enough" and how close you are to really having it.

Table of Contents

  1. Copyright
  2. Praise for Enough.
  3. The Great Seduction
  4. Introduction
    1. Growing Up
    2. No Idle Hands
    3. Blair Academy: "Come, Study, Learn"
    4. Acres of Diamonds
    5. Coming to Philadelphia
    6. At Princeton, a Discovery
    7. A Door Slams; a Window Opens
    8. Complications
    9. A Complete Firm Emerges
    10. A Stunning Endorsement from the Court of Last Resort
    11. A Change of Heart
    12. Treasures False and True
    13. Socrates' Challenge
  5. I. MONEY
    1. 1. Too Much Cost, not Enough Value
      1. 1.1. A Prophetic Forecast
      2. 1.2. Wresting a Living from Finance
      3. 1.3. Fortunes from Failure
      4. 1.4. Heads I Win; Tails You Lose
      5. 1.5. Brain Drain
      6. 1.6. The Drain of Costs and Taxes
      7. 1.7. The Wrong Kind of Wizardry
      8. 1.8. Costs Rear Their Ugly Head
      9. 1.9. Investors Get Precisely What They Don't Pay For
      10. 1.10. A Question So Important
    2. 2. Too Much Speculation, Not Enough Investment
      1. 2.1. A Giant Distraction
      2. 2.2. A Loser's Game
      3. 2.3. Speculation Is in the Driver's Seat
      4. 2.4. Black Swans and Market Returns
      5. 2.5. Black Swans and Investment Returns
      6. 2.6. Tortoises Win
      7. 2.7. Hares Win (But How Can That Be?)
      8. 2.8. The Perils of Market Timing
      9. 2.9. Striking a Balance
    3. 3. Too Much Complexity, Not Enough Simplicity
      1. 3.1. Derivatives: Dancing to the Music
      2. 3.2. Marketers Win, Investors Lose
      3. 3.3. "Don't Just Stand There. Do Something!"
      4. 3.4. Mutual Funds: Lowering the Bar
      5. 3.5. Sometimes for Better, but Mostly for Worse
        1. 3.5.1. Exchange-Traded Funds
        2. 3.5.2. Fundamental Indexing
        3. 3.5.3. Absolute Return Funds
        4. 3.5.4. Commodity Funds
        5. 3.5.5. Managed Payout Funds
        6. 3.5.6. Brazil, Russia, India, and China (BRIC) Funds and International Funds
      6. 3.6. The Innovation Blunderbuss
      7. 3.7. Back to Basics
      8. 3.8. An All-Too-Predictable Outcome
  6. II. BUSINESS
    1. 4. Too Much Counting, Not Enough Trust
      1. 4.1. Government: Making the Numbers Fit
      2. 4.2. Finance: Attributing Certitude to History
      3. 4.3. The Experts Are Wrong . . . Again
      4. 4.4. Business: The Bias toward Optimism
      5. 4.5. The Real-World Consequences of Counting
      6. 4.6. Finance Calls the Tune for Business
      7. 4.7. "Rock, Scissors, Paper"
      8. 4.8. Giving Judgment a Chance
      9. 4.9. The Spirit of Trust
      10. 4.10. Measure First, Judge Later?
      11. 4.11. An Empty Exercise
    2. 5. Too Much Business Conduct, Not Enough Professional Conduct
      1. 5.1. Times Have Changed
      2. 5.2. Hammers and Nails
      3. 5.3. Capitalism Changes Its Values
      4. 5.4. Owners, Not Agents
      5. 5.5. CEO Compensation: How Much Is Enough?
      6. 5.6. A Lack of Accountability
      7. 5.7. Intrinsic Value, Not Stock Price
      8. 5.8. Performance, Not Peer Groups
      9. 5.9. Principals and Principles
      10. 5.10. "Only Capitalists Can Kill Capitalism"
    3. 6. Too Much Salesmanship, Not Enough Stewardship
      1. 6.1. Investors Change Their Spots; So Do Managers
      2. 6.2. Good for Managers, Bad for Shareholders
      3. 6.3. Toward a Better World
      4. 6.4. Let's Dream Together
        1. 6.4.1. Dream 1: A Fair Shake for Shareholders
        2. 6.4.2. Dream 2: Serving the Investor for a Lifetime
        3. 6.4.3. Dream 3: Long-Term Investment Horizons
        4. 6.4.4. Dream 4: Serving Long-Term Investors
        5. 6.4.5. Dream 5: Putting Fund Investors in the Driver's Seat
      5. 6.5. Of, By, and For the Shareholder
    4. 7. Too Much Management, Not Enough Leadership
      1. 7.1. Building a Great Organization
        1. 7.1.1. Rule 1: Make Caring the Soul of the Organization
        2. 7.1.2. Rule 2: Forget about Employees
        3. 7.1.3. Rule 3: Set High Standards and Values—and Stick to Them
        4. 7.1.4. Rule 4: Talk the Talk. Repeat the Values Endlessly
        5. 7.1.5. Rule 5: Walk the Walk. Actions Speak Louder than Words
        6. 7.1.6. Rule 6: Don't Overmanage
        7. 7.1.7. Rule 7: Recognize Individual Achievement
        8. 7.1.8. Rule 8: A Reminder—Loyalty Is a Two-Way Street
        9. 7.1.9. Rule 9: Lead and Manage for the Long Term
        10. 7.1.10. Rule 10: Press On, Regardless
      2. 7.2. The Superior Company
      3. 7.3. Values and Profits
      4. 7.4. The Gale of Creative Destruction
  7. III. LIFE
    1. 8. Too Much Focus on Things, Not Enough Focus on Commitment
      1. 8.1. Boldness, Commitment, and Providence
      2. 8.2. Commitment to Family and Community
      3. 8.3. The Commitment to Citizenship
    2. 9. Too Many Twenty-First-Century Values, Not Enough Eighteenth-Century Values
      1. 9.1. The Age of Reason
      2. 9.2. The Prototypical Eighteenth-Century Man
      3. 9.3. Entrepreneurs and Capitalists
      4. 9.4. The Impartial Spectator
      5. 9.5. "The Moral History of U.S. Business"
      6. 9.6. A Merchant and a Man
      7. 9.7. Returning Stewardship to Capitalism
      8. 9.8. On Virtue
    3. 10. Too Much "Success," Not Enough Character
      1. 10.1. Flawed Measures of Wealth . . .
      2. 10.2. . . . and of Fame and Power
      3. 10.3. The Means, Not the End
      4. 10.4. A Special Burden
      5. 10.5. Competition for What?
      6. 10.6. "Without Character and Courage, Nothing Else Lasts"
      7. 10.7. Wondering about the Rabbit We Chase
  8. IV. WRAPPING UP: WHAT'S ENOUGH?
    1. 11. What's Enough For Me? For You? For America?
      1. 11.1. Enough for Me?
      2. 11.2. Enough for You?
      3. 11.3. Enough for America?
      4. 11.4. My Own Exciting Odyssey
  9. Afterword: A Personal Note about My Career
  10. Acknowledgments
  11. Notes
    1. The Great Seduction
    2. Introduction
    3. Chapter 1 Too Much Cost, Not Enough Value
    4. Chapter 2 Too Much Speculation, Not Enough Investment
    5. Chapter 3 Too Much Complexity, Not Enough Simplicity
    6. Chapter 4 Too Much Counting, Not Enough Trust
    7. Chapter 5 Too Much Business Conduct, Not Enough Professional Conduct
    8. Chapter 6 Too Much Salesmanship, Not Enough Stewardship
    9. Chapter 7 Too Much Management, Not Enough Leadership
    10. Chapter 8 Too Much Focus on Things, Not Enough Focus on Commitment
    11. Chapter 9 Too Many Twenty-First-Century Values, Not Enough Eighteenth-Century Values
    12. Chapter 10 Too Much "Success," Not Enough Character
    13. What's Enough For Me? For You? For America?