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Summary: Other books to consider
Review: John Bogle is a nice guy, but he is dead wrong about the stock market and about active management of mutual funds. His thesis: All performance regresses to the mean, therefore you cannot beat the market over time. Better to buy the market via index funds, do so at lowest cost, and hold for the long term. That approach guarantees slightly better than average performance. Much better approach: rank order all no-load mutual funds by alpha, and select a diversified portfolio of those at the top according to your asset allocation profile. Monitor alphas over time. Periodically rebalance, but especially replace any mutual fund when its alpha falls below 0 with one that has a positive alpha. You will end up with a dollar balance far above that following Bogel's advice. I am surprised that Don Phillips, head of Morningstar,Inc. does not know this.
Rating: 
Summary: Bogle Is Dead Wrong!
Review: John Bogle is a nice guy, but he is dead wrong about the stock market and about active management of mutual funds. His thesis: All performance regresses to the mean, therefore you cannot beat the market over time. Better to buy the market via index funds, do so at lowest cost, and hold for the long term. That approach guarantees slightly better than average performance. Much better approach: rank order all no-load mutual funds by alpha, and select a diversified portfolio of those at the top according to your asset allocation profile. Monitor alphas over time. Periodically rebalance, but especially replace any mutual fund when its alpha falls below 0 with one that has a positive alpha. You will end up with a dollar balance far above that following Bogel's advice. I am surprised that Don Phillips, head of Morningstar,Inc. does not know this.
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Summary: Common Sense on Mutual Funds
Review: John Bogle is an investment champion for the commom man and women. He is one of a few people that has earned my trust in the mutual fund field. I found this book fairly easy to understand. John provides all you need to know and bases it on simplicity. This book may well be the best book ever on mutual funds.
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Summary: This Guy is the Greatest....
Review: John Bogle is truly a guidance counselor of forelorn investors. We are whipsawed daily with a plethora of data which I am convinced, is only provided to confuse. His book, while seemingly too technical for my little brain, is a wonderful eye opening passage into the mutual fund arena. I have bought into the Vanguard story and indexing in the early part of this year and I am now systematically changing all my fund selections into Vanguard funds that are indexed. Low expenses, low turnover and indexing are the solutions for investors who want the best return for the least cost. I am sold. Thank you John Bogle for your insight. My heirs will also appreciate your wisdom in another 30 years for they will be the actual benefactors of the accumulation of my wealth.
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Summary: A great book for investors
Review: John Bogle uses a lot of data and rationalism to hit home the point. This is an excellent book for people wanting to start investing in the stock market, especially mutual funds. This book is also a good guide for the people who have been burnt by the markets recently and want to start afresh. John repeats his point again and again in multiple ways to make sure the readers get what he is trying to convey. I have also been a big fan of Vanguard. You might also want to read - "A Random Walk Down Wall Street by Burton Malkiel".
Rating: 
Summary: Excellent Review of Mutual Funds
Review: John Bogle, founder of the Vanguard Group which is the known for its low cost index funds as well as simply being one of the two largest mutual fund organizations, makes his simple but undeniable arguement.1. The administrative costs of a mutual fund makes a huge impact on returns. For example, a 1% administrative fee eats away at least 10% of the fund's yearly return if it earns 10%. 2. Index funds have consistantly outperformed other managed funds. 3. Given #1, the managment fees for managed funds are a double burden because they reduce returns that are already typically below what a low cost index fund can offer. Bogle also touches other topics on the mutual fund industry. I found that he hammered the same points home again several different ways. This made some parts of the book drag, but I suppose it is useful for those who may be skeptical about index funds to see the evidence presented in several formats. Bogle also touches upon the (mis?)-management of mutual funds. Fees have gone up despite the proven inability of funds to beat the market despite the supposed skill of their managers, funds turnover their securities rapidly leaving the unprepared owner (invester) with capital gains nightmares as well as lost returns due to trading costs. Also interesting, Bogle reviews his life in the mutual fund industry. I feel Bogle hits us with a little too much data and not enough of the drama of the industry. For example, does Bogle's fellow fund managers believe they have the skill to beat the market or do they know they are ripping people off by creating and marketing funds with excessive fees and unproductive churning of assets? How can what is supposed to be one of the most free and efficient of all markets experience increasing prices (fees) coupled with products that have lower quality (i.e. lower returns and/or higher risk)? Despite these minor flaws, I have to recommend Bogle for everyone who has an interest in securing an excellent retirement (or at least a decent one). As we enjoy longer lifespans, we are discovering that our retirement is also expanding. This, coupled with the gradual shrinking of social security/medicare benefits means that everyone must take on more responsibility for their final years. If you just read the advertising material given to you by your broker or your 401K administrator, you are going to be losing some of your returns on excessive fees and poorly managed funds.
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Summary: Essential content if you own mutual funds
Review: John C. Bogle founded Vanguard, the premier indexed mutual fund company. If you invest in mutual funds, especially if you invest in managed mutual funds, you must read this book. He reveals his intensely compelling case for passive management of funds (ie indexing) versus active management (ie stock-picking, market-timing, hot-manager style) funds. Most people these days hold the bulk of their investment assets in pension funds, IRAs or 401Ks usually consisting of mutual funds, and this audience will gain significant insight from Bogle's advice. Bogle also campaigns to save the mutual fund trader from herself, relentlessly presenting the mutual fund as a buy-and-hold investment vehicle. Those who have read a few other books on investing may find Bogle's single-mindedness and thoroughness a bit tedious. I found myself skimming for content throughout the book and especially after the first 14 chapters, finding the later material more visionary and less relevant to my investing. A good editor could probably reduce the bulk of the text by a half or two-thirds and retain the central ideas. By the way, you can get much of this material (for example, the chapter on bond funds) from the Vanguard web site under the "Bogle Lectures." All the ideas are there - they're what the company is based on. Save a few bucks - reduce your investing costs - "costs matter" as Bogle will tell you again and again.
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Summary: The best book EVER on mutual funds
Review: Mr. Bogle's book is a must read for every investor no matter how experienced. His knowledge of the mutual fund industry and successful long term investment strategies can help anyone create a secure retirement lifestyle no matter what their current level of income. The book has changed not only my investment philosophies but my life as well. My precious time on earth will no longer be spent on trying to find the "next best investment" but on the important things in life. Thanks to Mr. Bogle for giving me some common sense. For those individuals that are tired of all the "noise" that is out there on investing, the gospel according to John can restore your soul.
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Summary: Bogle's book is a beacon for the intelligent investor
Review: Once again Bogle has created a classic. His no-nonsense style of writing gives a very detailed discussion of the prudent way to invest. In the end, there is no question how he created the largest no-load fund company - through lots of common sense and human decency. This book is printed on acid-free paper; seems the publisher knew the book is going to be a keeper!
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Summary: An Investment Classic
Review: Perhaps never before has the truth on sound mutual fund investing been delivered so convincingly and in such an eloquent manner. Mr. Bogle's book reads like literature and as you absorb his thoughts it becomes clear he's speaking to you as a true friend and has your best interests at heart. I was thoroughly entertained just reading his chapter on bonds of all things. It caused me to jump out of my chair and check my accounts. I've been investing for 18 years and those 23 pages saved me $300/year immediately. Bogle slices and dices the market every which way and takes you to the clear conclusion that you're being scammed by much of the fund industry. Without question this book will enrich and entertain you and enrage several thousand mutual fund managers. Don't let them buy another Porsche with your money.
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