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There is no one better qualified to tell
us about the failures of the American financial system and
the grotesque abuses that have taken place in recent years
than John C. Bogle, founder and former chief executive of
the Vanguard mutual fund group. This legendary mutual fund
pioneer has witnessed firsthand the innermost workings of
the financial industry for more than fifty years and has
set the standards for sound investment strategies and stewardship.
Bogle's prudent advocacy of the rights of
individual investors began with his 1951 Princeton University
thesis on the fund industry, and he continues to champion
the restoration of integrity in industry practices today.
An astute observer, he knows that a trustworthy business
and financial complex is essential to America's continuing
leadership in the world and to economic and social progress
at home.
This book tells much more than the story
about what went wrong. More important, it tells why we lost
our way and how we can right our course. The specific reforms
Bogle advances in this book are practical and essential,
as are his recommendations for assuring that investors receive
their fair share of financial market returns.
In 1974, John Bogle founded Vanguard
as a unique mutual mutual fund company owned by its
shareholders. As the firm's chief executive for more than
two decades, Bogle developed industry-changing innovations
-- including the world's first index mutual funds -- that
have given investors the ability to participate in the market
at exceptionally low cost.
Bogle remains the authoritative voice
that speaks out against the overreaching of the financial
establishment. He has been named one of Time
magazine's "100 most powerful and influential people
in the world" and one of Fortune
magazine's four investment giants of the twentieth century.
In this, his definitive work, he clearly
states what must change to reestablish trust in our financial
system, protect the interests of investors, and propel our
nation forward. Every concerned citizen -- including investors,
analysts, Wall-Streeters, policy makers, and businesspersons
-- should read this deeply informed book.
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