Не верьте цифрам! Размышления о заблуждениях инвесторов, капитализме, «взаимных» фондах, индексном инвестировании, предпринимательстве, идеализме и героях

Praise for Don't Count On It! This collection of Jack Bogle's writings couldn't be more timely. The clarity of his thinking--and his insistence on the relevance of ethical standards--are totally relevant as we strive to rebuild a broken financial system. For too many years, his strong voice has been lost amid the cacophony of competing self-interests, misdirected complexity, and unbounded greed. Read, learn, and support Jack's mission to reform the industry that has been his life's work. -- PAUL VOLCKER , Chairman of the President's Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979-1987) Jack Bogle has given investors throughout the world more wisdom and plain financial 'horse sense' than any person in the history of markets. This compendium of his best writings, particularly his post-crisis guidance, is absolutely essential reading for investors and those who care about the future of our society. -- ARTHUR LEVITT , former Chairman, U.S. Securities and Exchange Commission Jack Bogle is one of the most lucid men in finance. -- NASSIM N.TALEB , PhD, author of The Black Swan Jack Bogle is one of the financial wise men whose experience spans the post-World War II years. This book, encompassing his insights on financial behavior, pitfalls, and remedies, with a special focus on mutual funds, is an essential read. We can only benefit from his observations. -- HENRY KAUFMAN , President, Henry Kaufman & Company, Inc. It was not an easy sell. The joke at first was that only finance professors invested in Vanguard's original index fund. But what a triumph it has been. And what a focused and passionate drive it took: it is a zero-sum game and only costs are certain. Thank you, Jack. -- JEREMY GRANTHAM , Cofounder and Chairman, GMO On finance, Jack Bogle thinks unconventionally. So, this sound rebel turns out to be right most of the time. Meanwhile, many of us sometimes engage in self-deception. So, this book will set us straight. And in the last few pages, Jack writes, and I agree, that Peter Bernstein was a giant. So is Jack Bogle. -- JEAN-MARIE EVEILLARD , Senior Adviser, First Eagle Investment Management Insights into investing and leadership from the founder of The Vanguard Group Throughout his legendary career, John Bogle-founder of the Vanguard mutual fund group and creator of the first index mutual fund-has helped investors build wealth the right way, while, at the same time, leading a tireless campaign to restore common sense to the investment world. A collection of essays based on speeches delivered to professional groups and college students in recent years, in Don't Count on It is organized around eight themes Illusion versus reality in investing Indexing to market returns Failures of capitalism The flawed structure of the mutual fund industry The spirit of entrepreneurship What is enough in business, and in life Advice to America's future leaders The unforgettable characters who have shaped his career Widely acclaimed for his role as the conscience of the mutual fund industry and a relentless advocate for individual investors, in Don't Count on It , Bogle continues to inspire, while pushing the mutual fund industry to measure up to their promise.

Praise for Don't Count On It!

This collection of Jack Bogle's writings couldn't be more timely. The clarity of his thinking-and his insistence on the relevance of ethical standards-are totally relevant as we strive to rebuild a broken financial system. For too many years, his strong voice has been lost amid the cacophony of competing self-interests, misdirected complexity, and unbounded greed. Read, learn, and support Jack's mission to reform the industry that has been his life's work.
-PAUL VOLCKER, Chairman of the President's Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979–1987)

Jack Bogle has given investors throughout the world more wisdom and plain financial 'horse sense' than any person in the history of markets. This compendium of his best writings, particularly his post-crisis guidance, is absolutely essential reading for investors and those who care about the future of our society.
-ARTHUR LEVITT, former Chairman, U.S. Securities and Exchange Commission

Jack Bogle is one of the most lucid men in finance.
-NASSIM N.TALEB, PhD, author of The Black Swan

Jack Bogle is one of the financial wise men whose experience spans the post–World War II years. This book, encompassing his insights on financial behavior, pitfalls, and remedies, with a special focus on mutual funds, is an essential read. We can only benefit from his observations.
-HENRY KAUFMAN, President, Henry Kaufman & Company, Inc.

It was not an easy sell. The joke at first was that only finance professors invested in Vanguard's original index fund. But what a triumph it has been. And what a focused and passionate drive it took: it is a zero-sum game and only costs are certain. Thank you, Jack.
-JEREMY GRANTHAM, Cofounder and Chairman, GMO

On finance, Jack Bogle thinks unconventionally. So, this sound rebel turns out to be right most of the time. Meanwhile, many of us sometimes engage in self-deception. So, this book will set us straight. And in the last few pages, Jack writes, and I agree, that Peter Bernstein was a giant. So is Jack Bogle.
-JEAN-MARIE EVEILLARD, Senior Adviser, First Eagle Investment Management

Предисловие Введение Примечание для читателя Часть I. Заблуждения инвесторов Глава 1. Не верьте цифрам! Ловушки одержимости числами Глава 2. Незыблемые правила простой арифметики Глава 3. График-обличитель Глава 4. Вопрос настолько важный, что трудно думать о чем-то ином Глава 5. Поразительный дар распознавать очевидное Часть II. Провал капитализма Глава 6. Где корпоративная Америка сбилась с пути? Глава 7. Как навести порядок в финансовой системе Глава 8. Исчезающие сокровища: ценности деловой и инвестиционной культуры Глава 9. Кризис этических пропорций Глава 10. «Черный понедельник» и «черные лебеди» Глава 11. Эпоха Go-Go Часть III. Что случилось с «взаимными» фондами? Глава 12. Как индустрия взаимных фондов перестала быть «взаимной»: «Альфа» и «Омега» Глава 13. Новый порядок вещей: возвращение «взаимных» фондов к взаимности Глава 14. Принцип фидуциарности: никто не может служить двум господам Глава 15. Взаимные фонды на рубеже тысячелетий: директора фондов и мифы о фондах Глава 16. «Высокие стандарты коммерческой чести...справедливые и равноправные принципы торговли...добросовестное ведение дел с инвесторами» Часть IV. Достоинства индексного инвестирования Глава 17. Успех в управлении инвестициями: чему мы можем научиться у индексного инвестирования? Глава 18. Индексный фонд на пути от ереси к догме: что мы должны знать? Глава 19. «Краеугольный камень» Глава 20. Конвергенция! Часть V. Предпринимательство и инновации Глава 21. Капитализм, предпринимательство и инвестирование: XVIII в. против XXI в Глава 22. 17 правил предпринимательства Глава 23. «Vanguard: сага о героях» Глава 24. Когда инновации заходят слишком далеко? Часть VI. Идеализм и новое поколение Глава 25. Бизнес как призвание Глава 26. Правильный успех Глава 27. «Главное: будь верен сам себе» Глава 28. «Достаточно» Глава 29. Верь сам в себя Глава 30. Пятое «никогда» Глава 31. «Когда человек приходит к себе» Часть VII. Герои и наставники Глава 32. Уолтер Морган Глава 33. Пол Самуэльсон Глава 34. Питер Бернстайн Глава 35. Бернард Лаун, доктор медицины Об авторе "Insights into investing and leadership from the founder of The Vanguard Group Throughout his legendary career, John Bogle-founder of the Vanguard mutual fund group and creator of the first index mutual fund-has helped investors build wealth the right way, while, at the same time, leading a tireless campaign to restore common sense to the investment world. A collection of essays based on speeches delivered to professional groups and college students in recent years, in Don't Count on It is organized around eight themes. Illusion versus reality in investing. Indexing to market returns. Failures of capitalism. The flawed structure of the mutual fund industry. The spirit of entrepreneurship. What is enough in business, and in life. Advice to America's future leaders. The unforgettable characters who have shaped his career. Widely acclaimed for his role as the conscience of the mutual fund industry and a relentless advocate for individual investors, in Don't Count on It, Bogle continues to inspire, while pushing the mutual fund industry to measure up to their promise."-- Provided by publisher Presents a collection of essays based on speeches given by the founder of the Vanguard mutual fund group, with reflections on the 2009 financial crisis, insights about modern capitalism, and advice for the American entrepreneurs of the future.