Stay the Course

A journey through the Index Revolution from the man who started it all

Stay the Course is the story the Vanguard Group as told by its founder, legendary investor John C. Bogle. This engrossing book traces the history of Vanguard--the largest mutual fund organization on earth.

Offering the world's first index mutual fund in 1976, John Bogle led Vanguard from a $1.4 billion firm with a staff of 28 to a global company of 16,000 employees and with more than $5 trillion in assets under management. An engaging blend of company history, investment perspective, and personal memoir, this book provides a fascinating look into the mind of an extraordinary man and the company he created.

John Bogle continues to be an inspiring and trusted figure to millions of individual investors the world over. His creative innovation, personal integrity, and stubborn determination infuse every aspect of the company he founded. This accessible and engaging book will help you:

• Explore the history of some of Vanguard's most important mutual funds, including First Index Investment Trust, Wellington Fund, and Windsor Fund

• Understand how the Vanguard Group gave rise to the Index Revolution and transformed the lives of millions of individual investors

• Gain insight on John Bogle's views on values such as perseverance, caring, commitment, integrity, and fairness

• Investigate a wide range of investing topics through the lens of one of the most prominent figures in the history of modern finance

The Vanguard Group and John Bogle are inextricably linked--it would be impossible to tell one story without the other. Stay the Course: The Story of Vanguard and the Index Revolution weaves these stories together taking you on a journey through the history of one revolutionary company and one remarkable man. Investors, wealth managers, financial advisors, business leaders, and those who enjoy a good story, will find this book as informative and unique as its author.

Auteur

JOHN C. BOGLE is the founder and former CEO of The Vanguard Group and the world's first index mutual fund. A graduate of Blair Academy and Princeton University, he has spent his entire career in the mutual fund industry67 years (and counting).

Stay the Course is Mr. Bogle's twelfth book, a string that began with Bogle on Mutual Funds (1993). Subsequent books include: Common Sense on Mutual Funds (1999, updated 2010), The Battle for the Soul of Capitalism (2005), Enough. (2008), and The Little Book of Common Sense Investing (2007) and its 10th Anniversary Edition (2017). A prolific writer for the investment profession, Mr. Bogle has had 28 of his papers published in the The Financial Analysts Journal and The Journal of Portfolio Management. In 1998, CFA (Chartered Financial Analysts) Institute presented Bogle with its highest homage, the Award for Professional Excellence. For his extraordinary lifetime achievements in serving investors, Bogle has received honorary doctorate degrees from 13 universities, including Princeton, Georgetown, Delaware, Villanova, and Trinity. In 2004, TIME magazine named him as one of "the world's 100 most influential people." Despite a devastating setback in his career in 1974, and frequent serious health challenges (he received a heart transplant in 1996), John Bogle remains fully active in his career and with his familywife Eve, six children, twelve grandchildren, and (so far) six great-grandchildren. His advice to his family is the same as his advice to investors, entrepreneurs, and readers of this book: "In good times and bad times alike, Stay the Course."

Texte du rabat
Stay the Course is the gripping story of the creation of what would become largest mutual fund organization in the world, as told by its founder, John C. Bogle. Readers will come to appreciate Bogle as a unique innovator in the world of mutual fundsan investor who used his market wisdom and business savvy to bring mutual fund investors their fair share of stock and bond market returns. This book will delight anyone who enjoys a good story with a happy ending.

In 1974, when the story of The Vanguard Group began, the idea of a mutual fund that was truly *mutual*owned by the fund shareholders themselves and operating on an "at-cost" basis with no profits to outside shareholderswas viewed as anathema by many seasoned investors. Not deterred by his colleagues' caution and, sometimes, outright hostility, John Bogle persevered, building what would become a $5 trillion mutual fund complex. Vanguard's remarkable success is inextricably intertwined with the index revolution that has changed the way we think about professional money management. Buying and holding the market portfolio turns out to be the simplest and soundest path to investment success. Bogle's creationthe S&P 500 Index fundis the spark that ignited the flame of the index revolution. Bogle concludes his book with some personal insights. His memoir-like final chapter gives readers some valuable insights into the thinking of Vanguard's legendary creator. Bogle's engaging tale overflows with business insights and inspiration that you won't want to miss.

Résumé
A journey through the Index Revolution from the man who started it all

Stay the Course is the story the Vanguard Group as told by its founder, legendary investor John C. Bogle. This engrossing book traces the history of Vanguardthe largest mutual fund organization on earth.

Offering the world's first index mutual fund in 1976, John Bogle led Vanguard from a $1.4 billion firm with a staff of 28 to a global company of 16,000 employees and with more than $5 trillion in assets under management. An engaging blend of company history, investment perspective, and personal memoir, this book provides a fascinating look into the mind of an extraordinary man and the company he created.

John Bogle continues to be an inspiring and trusted figure to millions of individual investors the world over. His creative innovation, personal integrity, and stubborn determination infuse every aspect of the company he founded. This accessible and engaging book will help you:

• Explore the history of some of Vanguard's most important mutual funds, including First Index Investment Trust, Wellington Fund, and Windsor Fund

• Understand how the Vanguard Group gave rise to the Index Revolution and transformed the lives of millions of individual investors
• Gain insight on John Bogle's views on values such as perseverance, caring, commitment, integrity, and fairness
• Investigate a wide range of investing topics through the lens of one of the most prominent figures in the history of modern finance
  The Vanguard Group and John Bogle are inextricably linkedit would be impossible to tell one story without the other. Stay the Course: The Story of Vanguard and the Index Revolution weaves these stories together taking you on a journey through the history of one revolutionary company and one remarkable man. Investors, wealth managers, financial advisors, business leaders, and those who enjoy a good story, will find this book as informative and unique as its author.

Contenu

About Stay the Course xiii

Foreword by Burton G. Malkiel xvii

Part I. The Story of Vanguard 1

Chapter 1 1974:The Prophecy 3

Chapter 2 19451965: The Background Blair, Princeton, Fortune, and Wellington 9

Chapter 3 19651974:The Go-Go Era, the Aftermath, and the Formation of Vanguard 17

Chapter 4 The Index Fund Revolution: From Birth to Dominance 37

Chapter 5 19741981: A New Beginning 53

Chapter 6 19811991: Setting the Stage for Future Growth 75

Chapter 7 19911996: Preparing for a New Mutual Fund Industry 89

Chapter 8 19962006: The ETF Revolutionizes Indexing 107

Chapter 9 20062018: The Momentum Continues Strategy Follows Structure 121

Chapter 10 Caring: The Founder's Legacy 149

**Part II. …