Bogle - John Bogle on investing the first 50 years

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Only Yesterday: An Informal History of the 1920's by Frederick Lewis Allen

Lombard Street: A Description of the Money Market by Walter Bagehot

The Go-Go Years: The Drama and Crashing Finale of Wall Street's Bullish 60s by John Brooks

Fifty Years in Wall Street by Henry Clews

Value Averaging: The Safe and Easy Strategy for Higher Investment Returns by Michael E. Edleson

Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher

Paths to Wealth through Common Stocks by Philip A. Fisher

Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay and Confusion de Confusines by Joseph de la Vega by Martin S. Fridson, Ed.

Where the Money Grows and Anatomy of the Bubble by Garet Garrett

The Stock Market Barometer by William Peter Hamilton

Manias, Panics, and Crashes: A History of Financial Crises by Charles P. Kindleberger and Robert Aliber

Reminiscences of a Stock Operator by Edwin Lefvre

The Battle for Investment Survival by Gerald M. Loeb

A Fool and His Money: The Odyssey of an Average Investor by John Rothchild

The Common Sense of Money and Investments by Merryle Stanley Rukeyser

Where Are the Customers' Yachts? or A Good Hard Look at Wall Street by Fred Schwed, Jr.

The Alchemy of Finance by George Soros

The Aggressive Conservative Investor by Martin J. Whitman and Martin Shubik

Supermoney by Adam Smith

Bogle on Mutual Funds: New Perspectives for the Intelligent Investor by John C. Bogle

John Bogle on Investing: The First 50 Years by John C. Bogle

John C. Bogle

Cover design: Wiley

Copyright 2015 by John C. Bogle. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
The first edition paperback edition of this book was published by McGraw-Hill 2001.
Chapter 8, Selecting Equity Mutual Funds, is reprinted with permission of Institutional Investor, Inc.
Published simultaneously in Canada.

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ISBN: 978-1-119-08836-3 (Hardcover)
ISBN: 978-1-119-10959-4 (ePDF)
ISBN: 978-1-119-10958-7 (ePub)

Dedicated to all of the human beings
who have meant so much to me
during the first 50 years of my career:
those loyal and steadfast members of the Vanguard crew
who together have made me look so much better than I am;
those millions of intelligent investors
who own the Vanguard Funds and The Vanguard Group,
and who have been willing to pay me a salary
for all the fun I've had and all the challenges I've faced;
and especially those Bogleheads of the Internet,
that dedicated and loyal cadre of Vanguard Diehards
who give me strength to carry on my mission.

Let me tell you the story, and then you can decide. First, you should know that John Bogle on Investing: The First 50 Years had an unusual conception. Following the 1993 publication of my first book, Bogle on Mutual Funds: New Perspectives for the Intelligent Investor, by Irwin Professional Publishing, that firm was acquired by the McGraw-Hill Companies, Inc.

When I decided to write a second book, I chose John Wiley & Sons as my publisher. That book, published in 1999, was titled Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor, playing on the Benjamin-Graham-like theme of its predecessor. (In 2009, a fully updated 10th Anniversary Edition was published.)

McGraw-Hill's senior editor, Jeffrey A. Krames, was eager to earn back his firm's role as my publisher. In late 2000, Jeff came to me with a proposal to publish an anthology of some of the essays and speeches that I had written earlier in my mutual fund career, going all the way back, as it turned out, to 1971. The capstone of the proposed book would be the publication of my 1951 senior thesis at Princeton University, The Economic Role of the Investment Company, a study of the past, present, and future of the then-infant U.S. mutual fund industry. Hence, John Bogle on Investing: The First 50 Years.

It was no easy task to select the essays for inclusion in the anthology. Some were focused on investment advice, some on history; some were irreverent; and there were some that I hoped would offer inspiration to readers. (There were more than 100 essays from which to choose.) But with the help of Jeff Krames, I selected 25 essays that seemed to be out-of-the-ordinary. I then organized the papers into five distinct parts: