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The Battle for the Soul of Capitalism, by John C. Bogle
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From Publishers Weekly
Despite its inflated title, this volume is a worthy jeremiad against corporate excess, especially the kind hastened by the mutual fund industry that Bogle, former CEO of low-cost Vanguard, knows well. Among the problems: inflated executive compensation and creative accounting that allows companies to claim profits even when they're in the red. Mutual fund companies, Bogle charges, care more about short-term results than long-term value, and many of them gain profits for larger parent corporations by charging investors unnecessary fees that undermine the funds' net returns. To remedy such problems, Bogle writes, mutual fund owners and their fiduciaries must exercise the corporate responsibility they now shirk, and fund boards must be reshaped to serve the interests of shareholders. He advances in all seriousness Warren Buffett's once-joking idea for a high tax on short-term trading gains and calls for a federal commission to examine the way pension funds are managed, as well as the state of our retirement systems in general. While other recent books, such as David Swensen's Unconventional Success: A Fundamental Approach to Personal Investment, marry similar criticisms with more advice for individual investors, Bogle—a rock-ribbed Republican businessman—still deserves attention in the precincts of power. (Oct.) Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
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Review
"This is an important book for the post-Enron era. In his characteristic hard hitting style, one of the legends of the mutual fund industry presents an insider’s view of what’s wrong with corporate America and what can be done to improve it."—Burton G. Malkiel, Princeton University (Burton G. Malkiel)Simply put, capitalism has too many characters and not enough men of character. When one of the few tells us that the system he loves is ailing, and how he'd fix it, we had best listen."—Cliff Asness Ph.D., Managing and Founding Principal, AQR Capital Management (Cliff Asness)"In his characteristic style, Bogle delivers strong medicine for what ails our capital markets and corporate governance framework. Not all will agree with everything that he has written, but they would be wise to take note, as his message is resounding and his proposals go to the heart of crucial debates about management, ownership, and value creation."— Devin Wenig, President, Business Divisions, Reuters Group (Devin Wenig)“Jack Bogle has written a brilliant and insightful book that highlights the many ways that our economy has suffered because managers have placed their own economic interests ahead of those of owners and investors. Bogle offers prescriptions that, if enacted, will help prevent a repeat of the scandals that we have witnessed over the past five years.”—Eliot Spitzer, Attorney General, New York (Eliot Spitzer)"John Bogle has written an insightful book with great historical and contemporary perspective. His analysis of what has gone wrong and what needs to be done should be required reading for students, financial practitioners, and official policymakers."—Henry Kaufman, President of Henry Kaufman and Company, Inc. (Henry Kaufman)"This is a must-read book for anyone interested in how to restore badly needed integrity, and efficiency, to our capital markets."—Honorable Peter G. Peterson (Honorable Peter G. Peterson)"Bogle describes the continuous struggle for control of our capitalistic system, the odds being heavily in favor of the managers. Individual investors and beneficiaries remain helpless, intermediaries are passive or conflicted, and boards not yet effective. You owe it to yourself to read this book and reflect on his call for further federal intervention to restore some balance."—Ira Millstein, Senior Partner, Weil, Gotshal & Manges LLP (Ira Millstein)"A wake-up call to policy makers. Anyone who cares about the future of [America] needs to read [this] book."—Jack Treynor, President of Treynor Capital Management, Inc. (Jack Treynor)"Once again Jack Bogle is the clearest and most courageous voice pointing out critical flaws in our governance and financial system but also showing in constructive, brilliant ways how to make the timely repairs. This book presents a rare blend of erudition, experience, and utility. It should be required reading for CEOs, public policy leaders, and MBA students—if not all informed investors."—Jeffrey Sonnenfeld, Yale University (Jeffrey Sonnenfeld)"In this tour de force, Bogle subjects corporate America to a forceful critique. Keen insights, rich experience, and moral courage shine throughout. Anyone interested in our corporate system should read this book, and those who do will never see corporate America the same again."—Lucian Bebchuk, Harvard University (Lucian Bebchuk)
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Product details
Hardcover: 288 pages
Publisher: Yale University Press; First Edition edition (November 1, 2005)
Language: English
ISBN-10: 0300109903
ISBN-13: 978-0300109900
Product Dimensions:
6.1 x 1.1 x 9.2 inches
Shipping Weight: 1.3 pounds (View shipping rates and policies)
Average Customer Review:
4.2 out of 5 stars
41 customer reviews
Amazon Best Sellers Rank:
#932,400 in Books (See Top 100 in Books)
The main attraction of this book is the author. John Bogle is an insider with a long history in investment.Throughout the book Mr.Bogle addresses problems in the investment sector. Some are known, some are factors that John Q. Public may not be aware of.His main argument is about ownership. Who controls investments? One would expect that shareholders do. But in reality it's the fund managers. That's the author's point- "owner's capitalism" vs. "manager's capitalism".He provides a witty quote from Herbert Hoover on capitalism. "You know, the only trouble with capitalism is capitalists. They're too darn greedy."Some of the issues that Mr. Bogle covers in this book are:$Accounting fiction $Unrealistic Speculation $Loose Accounting Standards $Restatements of Financial Reporting $Short Term Speculation vs. Long Term Investing $Consideration of Federal Chartering for Corporations.The author highlights the importance of full and fair disclosure.Executive perks are discussed as well as undeserved compensation for CEOs that failed their companies.This book touched on a general, fundamental change in society."In all, professional relationships with clients have been increasingly recast as business relationships with customers. In a world where every user of services is seen as a customer, every provider of services becomes a seller."This is a very good book about capitalism and investing in the markets.The reform ideas are thoughtfully presented by an executive that has been there for decades.
Bogle, in his book, makes an excellent case that shareholders and investors in the financial sector have been taken for a ride by those in positions of fiduciary responsibility (i.e., primarily high level corporate officers and fund managers). Bogle separates his book into four sections, one examining shenanigans at the individual corporate level (mostly involving corporate governance), the second involving shenanigans by the mutual fund industry, the third involving those by other sectors of the investment industry and the fourth, most refreshingly, proscribing a set of reforms to mitigate against the problems discussed in the previous three chapters.Bogle, in the first three chapters, does an excellent job at overviewing and elaborating on the so many ways that high-level corporate officers and fund managers have been robbing their shareholders and investors blind. These include packing corporate boards with dependent cronies that serve as de facto "yes men" in setting up their own outrageously high (at least independently of performance, which seems to bear no resemblance to performance) pay and bonuses, setting up "off book" accounts intermingled with corporate funds and then using personal funds to engage in non-market price transactions with their own companies (which, of course, always benefit them at the expense of the company), for example. It should be stressed, though, that Bogle not only examines commonly known scams such as the two above mentioned, but a whole slew. Many of these are not very well known to even many astute investors. Of course this does not bean he lists them all. The reason for this it that the book was written in 2002, immediately after the high-tech bubble of the late 1990s burst. Hence some shenanigans that came to light since then, for example the practice of "back dating", go unmentioned.In the final section of the book Bogle provides an extensive list of solutions to these many problems. Many have been already proposed by others such as Warren Buffet. Example includes providing shareholders with a greater voice, in terms of voting, with regard to officer remuneration. Another is to establish de facto independent pay boards that determine officer remuneration. A third is to separate the audit and consulting functions performed by auditing firms.The sad fact of the matter is that since this book was published about 10 years just about the only reform that Bogle has mentioned, despite the self-evident merits of the reforms he discusses, has been the portion of Sarbanes-Oxley that breaks out auditing firm's audit and consulting functions. Bogle concludes, in the final paragraphs of his book that the reforms he lays out will, eventually, be passed in his opinion because they are beneficial to share and mutual fund owners and are essential to keeping the investing public's faith in the financial markets. Unfortunately he also states, quite explicitly, that these reforms may take a very, very long time to pass. This is not very reassuring to those investors who have lost money in the past and will continue to lose money as a result of these shenanigans.
The first half of Bogle's volume gives a detailed explanation of the problems with our stock market; the second half gives his solution proposals. And if John Bogle doesn't know what is going on both openly and behind closed doors (read his qualifications), then no one does.This book describes how stock (mutual fund and corporate) managers are not "honest, competent and fair-minded...[or] doing the right thing." (p. 89) And just how the "managers' interest [are placed] ahead of the owners' interest." (p. 90) The recurrent theme is that corporate America has moved from owners' capitalism to managers' capitalism.Bogle describes "the pervasive...'happy conspiracy' among corporate managers, CEOs, CFOs, directors, auditors, lawyers, Wall Street investment brokers, sell-side security analysts, buy-side portfolio managers, and indeed investors themselves--individual and institutional alike." (p. 98)"More than one-fifth of...growth returns...during the past two decades has been siphoned off by fund managers.... More than three-fourths of the cumulative financial wealth produced...over an investment lifetime will be consumed by fund managers, leaving less than 25 percent for the investors. Yet it is the [95 million] investors ['individuals of modest means--often via retirement plans'] who put up 100 percent of the capital and assume 100 percent of the risk." (p.xxii)Not only does the author write about the "Captains of Industry" (or robber barons)--Rockefeller, J.P. Morgan and Carnegie--he deals with the current "casino mentality of so many institutional investors..." (p. 98) Yes, you will read of "the conspiracy between corporate money managers and institutional money managers. [We have] a gambler's market instead of an investor's market," declares Bogle. (p. 118)Bogle explains why "institutional investors [should] move away from their present obsession with short-term earnings of dubious validity and towards a new obsession focused on the creation of intrinsic value over the long term." (p. 114)Finally, Bogle does not let we individual investors off easy, either, by explaining "the failure of investment America to exercise its ownership rights over corporate America.As stated earlier, Bogle has solutions which you will read about in the second half of the book.
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