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 Clash of the Cultures: Investment vs. Speculation, all published by Wiley.

• Introduction to the 10th Anniversary Edition xvChapter One A Parable 1Chapter Two Rational Exuberance 9Chapter Three Cast Your Lot with Business 25Chapter Four How Most Investors Turn a Winner’s Game into a Loser’s Game 39Chapter Five Focus on the Lowest-Cost Funds 53Chapter Six Dividends Are the Investor’s (Best?) Friend 65Chapter Seven The Grand Illusion 73Chapter Eight Taxes Are Costs, Too 85Chapter Nine When the Good Times No Longer Roll 93Chapter Ten Selecting Long-Term Winners 111Chapter Eleven “Reversion to the Mean” 127Chapter Twelve Seeking Advice to Select Funds? 139Chapter Thirteen Profit from the Majesty of Simplicity and Parsimony 153Chapter Fourteen Bond Funds 167Chapter Fifteen The Exchange-Traded Fund (ETF) 179Chapter Sixteen Index Funds That Promise to Beat the Market 195Chapter Seventeen What Would Benjamin Graham Have Thought about Indexing? 209Chapter Eighteen Asset Allocation I: Stocks and Bonds 223Chapter Nineteen Asset Allocation II 237Chapter Twenty Investment Advice That Meets the Test of Time 259Acknowledgments 269

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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 Clash of the Cultures: Investment vs. Speculation, all published by Wiley.

• Introduction to the 10th Anniversary Edition xvChapter One A Parable 1Chapter Two Rational Exuberance 9Chapter Three Cast Your Lot with Business 25Chapter Four How Most Investors Turn a Winner’s Game into a Loser’s Game 39Chapter Five Focus on the Lowest-Cost Funds 53Chapter Six Dividends Are the Investor’s (Best?) Friend 65Chapter Seven The Grand Illusion 73Chapter Eight Taxes Are Costs, Too 85Chapter Nine When the Good Times No Longer Roll 93Chapter Ten Selecting Long-Term Winners 111Chapter Eleven “Reversion to the Mean” 127Chapter Twelve Seeking Advice to Select Funds? 139Chapter Thirteen Profit from the Majesty of Simplicity and Parsimony 153Chapter Fourteen Bond Funds 167Chapter Fifteen The Exchange-Traded Fund (ETF) 179Chapter Sixteen Index Funds That Promise to Beat the Market 195Chapter Seventeen What Would Benjamin Graham Have Thought about Indexing? 209Chapter Eighteen Asset Allocation I: Stocks and Bonds 223Chapter Nineteen Asset Allocation II 237Chapter Twenty Investment Advice That Meets the Test of Time 259Acknowledgments 269

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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 Clash of the Cultures: Investment vs. Speculation, all published by Wiley.

• Introduction to the 10th Anniversary Edition xvChapter One A Parable 1Chapter Two Rational Exuberance 9Chapter Three Cast Your Lot with Business 25Chapter Four How Most Investors Turn a Winner’s Game into a Loser’s Game 39Chapter Five Focus on the Lowest-Cost Funds 53Chapter Six Dividends Are the Investor’s (Best?) Friend 65Chapter Seven The Grand Illusion 73Chapter Eight Taxes Are Costs, Too 85Chapter Nine When the Good Times No Longer Roll 93Chapter Ten Selecting Long-Term Winners 111Chapter Eleven “Reversion to the Mean” 127Chapter Twelve Seeking Advice to Select Funds? 139Chapter Thirteen Profit from the Majesty of Simplicity and Parsimony 153Chapter Fourteen Bond Funds 167Chapter Fifteen The Exchange-Traded Fund (ETF) 179Chapter Sixteen Index Funds That Promise to Beat the Market 195Chapter Seventeen What Would Benjamin Graham Have Thought about Indexing? 209Chapter Eighteen Asset Allocation I: Stocks and Bonds 223Chapter Nineteen Asset Allocation II 237Chapter Twenty Investment Advice That Meets the Test of Time 259Acknowledgments 269

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