JOHN C. BOGLE is founder and former chairman of the Vanguard Group of mutual funds and President of its Bogle Financial Markets Research Center. After creating Vanguard in 1974, he served as chairman and chief executive officer until 1996 and senior chairman until 2000. Bogle is the author of ten books including Enough.: True Measures of Money, Business, and Life, The Little Book of Common Sense Investing, and The Clash of the Cultures: Investment vs. Speculation, all published by Wiley.

• 2015 Introduction To The Classic Edition of John Bogle On Investing: The First 50 Years ixForeword: Paul A. Volcker xxixIntroduction: William T. Allen xxxiPreface xxxvSome Words of Appreciation xliiiPart I Investment Strategies For The Intelligent Investor1 Investing in the New Millennium: The Bagel and the Doughnut 52 The Clash of the Cultures in Investing: Complexity vs. Simplicity 173 Equity Fund Selection: The Needle or the Haystack? 334 Risk and Risk Control in an Era of Confidence (or Is It Greed?) 475 Buy Stocks? No Way! 666 The Death Rattle of Indexing 827 25 Years of Indexing: When Active Managers Win, Who Loses? 988 Selecting Equity Mutual Funds 1089 The Third Mutual Fund Industry 122Part II Taking On The Mutual Fund Industry10 Mutual Funds: The Paradox of Light and Darkness 14111 Economics 101: For Mutual Fund Investors . . .For Mutual Fund Managers 15312 Honing the Competitive Edge in Mutual Funds 16813 Creating Shareholder Value: BY Mutual Funds . . .or FOR Mutual Fund Shareholders? 18014 The Silence of the Funds: Mutual Fund Investment Policies and Corporate Governance 19615 Losing Our Way: Where Are the Independent Directors? 208Part III Economics and Idealism: The Vanguard Experiment16 Vanguard—Child of Fortune 22117 The Winds of Change: The Vanguard Experiment in Internalized Management 23118 Deliverance 24619 The Lengthened Shadow, Economics, and Idealism 26020 On the Right Side of History 270Part IV Personal Perspectives21 Changing the Mutual Fund Industry: The Hedgehog and the Fox 29122 The Majesty of Simplicity 30723 The Things by Which One Measures One’s Life 31224 Telltale Hearts 31625 Press On Regardless 327Part V The Princeton ThesisThe Economic Role of the Investment Company 341Index 451

“Throughout the book Bogle elaborates on what he considers his most important contribution to the investing community: “the majesty of simplicity in an empire of parsimony.” I can’t think of a better legacy.” – Investing.com“Mr Bogle is also a noted proponent of index funds and everyone should read, mark, learn and inwardly digest his arguments.” (Financial Advisor, October 2015)

JOHN C. BOGLE is founder and former chairman of the Vanguard Group of mutual funds and President of its Bogle Financial Markets Research Center. After creating Vanguard in 1974, he served as chairman and chief executive officer until 1996 and senior chairman until 2000. Bogle is the author of ten books including Enough.: True Measures of Money, Business, and Life, The Little Book of Common Sense Investing, and The Clash of the Cultures: Investment vs. Speculation, all published by Wiley.

• 2015 Introduction To The Classic Edition of John Bogle On Investing: The First 50 Years ixForeword: Paul A. Volcker xxixIntroduction: William T. Allen xxxiPreface xxxvSome Words of Appreciation xliiiPart I Investment Strategies For The Intelligent Investor1 Investing in the New Millennium: The Bagel and the Doughnut 52 The Clash of the Cultures in Investing: Complexity vs. Simplicity 173 Equity Fund Selection: The Needle or the Haystack? 334 Risk and Risk Control in an Era of Confidence (or Is It Greed?) 475 Buy Stocks? No Way! 666 The Death Rattle of Indexing 827 25 Years of Indexing: When Active Managers Win, Who Loses? 988 Selecting Equity Mutual Funds 1089 The Third Mutual Fund Industry 122Part II Taking On The Mutual Fund Industry10 Mutual Funds: The Paradox of Light and Darkness 14111 Economics 101: For Mutual Fund Investors . . .For Mutual Fund Managers 15312 Honing the Competitive Edge in Mutual Funds 16813 Creating Shareholder Value: BY Mutual Funds . . .or FOR Mutual Fund Shareholders? 18014 The Silence of the Funds: Mutual Fund Investment Policies and Corporate Governance 19615 Losing Our Way: Where Are the Independent Directors? 208Part III Economics and Idealism: The Vanguard Experiment16 Vanguard—Child of Fortune 22117 The Winds of Change: The Vanguard Experiment in Internalized Management 23118 Deliverance 24619 The Lengthened Shadow, Economics, and Idealism 26020 On the Right Side of History 270Part IV Personal Perspectives21 Changing the Mutual Fund Industry: The Hedgehog and the Fox 29122 The Majesty of Simplicity 30723 The Things by Which One Measures One’s Life 31224 Telltale Hearts 31625 Press On Regardless 327Part V The Princeton ThesisThe Economic Role of the Investment Company 341Index 451

“Throughout the book Bogle elaborates on what he considers his most important contribution to the investing community: “the majesty of simplicity in an empire of parsimony.” I can’t think of a better legacy.” – Investing.com“Mr Bogle is also a noted proponent of index funds and everyone should read, mark, learn and inwardly digest his arguments.” (Financial Advisor, October 2015)

JOHN C. BOGLE is founder and former chairman of the Vanguard Group of mutual funds and President of its Bogle Financial Markets Research Center. After creating Vanguard in 1974, he served as chairman and chief executive officer until 1996 and senior chairman until 2000. Bogle is the author of ten books including Enough.: True Measures of Money, Business, and Life, The Little Book of Common Sense Investing, and The Clash of the Cultures: Investment vs. Speculation, all published by Wiley.

• 2015 Introduction To The Classic Edition of John Bogle On Investing: The First 50 Years ixForeword: Paul A. Volcker xxixIntroduction: William T. Allen xxxiPreface xxxvSome Words of Appreciation xliiiPart I Investment Strategies For The Intelligent Investor1 Investing in the New Millennium: The Bagel and the Doughnut 52 The Clash of the Cultures in Investing: Complexity vs. Simplicity 173 Equity Fund Selection: The Needle or the Haystack? 334 Risk and Risk Control in an Era of Confidence (or Is It Greed?) 475 Buy Stocks? No Way! 666 The Death Rattle of Indexing 827 25 Years of Indexing: When Active Managers Win, Who Loses? 988 Selecting Equity Mutual Funds 1089 The Third Mutual Fund Industry 122Part II Taking On The Mutual Fund Industry10 Mutual Funds: The Paradox of Light and Darkness 14111 Economics 101: For Mutual Fund Investors . . .For Mutual Fund Managers 15312 Honing the Competitive Edge in Mutual Funds 16813 Creating Shareholder Value: BY Mutual Funds . . .or FOR Mutual Fund Shareholders? 18014 The Silence of the Funds: Mutual Fund Investment Policies and Corporate Governance 19615 Losing Our Way: Where Are the Independent Directors? 208Part III Economics and Idealism: The Vanguard Experiment16 Vanguard—Child of Fortune 22117 The Winds of Change: The Vanguard Experiment in Internalized Management 23118 Deliverance 24619 The Lengthened Shadow, Economics, and Idealism 26020 On the Right Side of History 270Part IV Personal Perspectives21 Changing the Mutual Fund Industry: The Hedgehog and the Fox 29122 The Majesty of Simplicity 30723 The Things by Which One Measures One’s Life 31224 Telltale Hearts 31625 Press On Regardless 327Part V The Princeton ThesisThe Economic Role of the Investment Company 341Index 451

“Throughout the book Bogle elaborates on what he considers his most important contribution to the investing community: “the majesty of simplicity in an empire of parsimony.” I can’t think of a better legacy.” – Investing.com“Mr Bogle is also a noted proponent of index funds and everyone should read, mark, learn and inwardly digest his arguments.” (Financial Advisor, October 2015)