The Clash of the Cultures

Over sixty years in the mutual fund industry, Vanguard founder John C. Bogle watched a culture of long-term investing give way to short-term speculation, and he urges a return to common sense. He examines the changing culture of fund companies, the spread of speculation into the national retirement system, the weak part institutional money managers play in corporate governance, and the case for a federal standard of fiduciary duty. Bogle tells how he created the index mutual fund and how exchange-traded index funds have strayed from its long-term purpose, and recounts the Wellington Fund's history as a case study. Ten simple rules for investors close the book, the last of a trilogy begun with Bogle on Investing.

A published list of Warren Buffett's book picks notes that he recommended it in one of his shareholder letters.