John C. Bogle is the best possible person to provide this critique of the U.S. slide into dysfunctional capitalism. As the founder and former CEO of Vanguard mutual funds, Bogle has taken the high road in investment management, implementing policies that contain fund expenses and benefit shareholders. Of course, this should be the main job of any fiduciary, but it often gets lost among other interests. With his long-term perspective and in-depth knowledge, Bogle presents the industry’s problems and explains how to correct the mistakes generated by greed, runaway management, wild speculation and sloppy oversight. Although occasionally repetitive and rhetorical, he raises important concerns: Rampant self-interest is destroying the investor class and, even worse, many fiduciaries are standing by and passively watching the debacle. If you are an investor, investment professional or a dispassionate fan of the benefits of capitalism, getAbstract recommends this as essential reading.
In this summary, you will learn
- How fiduciaries, regulators and Wall Street subverted the U.S. financial system; and
- How investors can regain control.
About the Author
John C. Bogle is founder and former CEO of a large mutual fund company. In 2004, Time magazine named him one of the most influential people in the world. In 1999, Fortune magazine named him one of the four investment giants of the 20th century.