Stay the Course : The Story of Vanguard and the Index Revolution.
John C. Bogle
Bok Engelsk 2018 · Electronic books.
| Omfang | 1 online resource (338 pages)
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| Opplysninger | Intro -- Stay the Course -- Dedication -- Contents -- About Stay the Course -- What This Book Contains -- Striving for Accuracy -- Foreword -- Part I The Story of Vanguard -- Chapter 1 1974: The Prophecy -- Structure and Strategy -- 2018: The Prophecy Fulfilled -- Vanguard: Lowering Costs for Investors -- Index Strategy Follows Mutual Structure -- "The Emperor's Clothes" -- Chapter 2 1945-1965: The Background - Blair, Princeton, Fortune, and Wellington -- 1949: "Big Money in Boston" -- "The 'Mutual' Fund" -- 1951: "The Economic Role of the Investment Company" -- July 1951: Enter Wellington and Walter Morgan -- Modus Operandi 1951: One Fund per Manager -- The Power of Conservative Investing -- Staying the Course -- Chapter 3 1965-1974: The "Go-Go" Era, the Aftermath, and the Formation of Vanguard -- The "Go-Go" Era -- Bagels Out, Doughnuts In -- "I Was Too Conservative" -- Three Strikes . . . but Not Quite Out -- The Merger -- The "Peace Dollar" -- The Bubble Bursts -- 1970-1974: Bear Market Follows Bull Market -- Fiduciary Duty . . . but to Two Masters? -- The Wrong Scapegoat -- "Ex-Fund Chief to Come Back" -- The Board Meeting That Changed Everything -- Achieving Independence -- Chuck Root: The Indispensable Man -- Option #2: "Weak Tea" -- "Fired with Enthusiasm!" -- The Challenge -- Vanguard: The Birth of a New Flagship -- A Narrow Escape -- The First Skirmish -- Game Over? -- "A Near-Run Thing" -- The Shareholders Approve -- A Full-Fledged Mutual Fund Complex Emerges -- "A Plague on Both Your Houses?" -- Two Memorable - and Opposite - Reactions -- Staying the Course -- Chapter 4 The Index Fund Revolution: From Birth to Dominance -- 1951: The Seed Is Planted -- Motive and Opportunity -- Persuading Vanguard's Directors That Costs Matter -- "The Fund Is Not Managed" -- First Index Investment Trust -- Who Was First? Who Survived?.. - Closing Funds to New Investors . . . when Appropriate -- Vanguard's Mutual Structure -- Fees versus Rates -- "Vanguard Is Not . . . Different" Really? -- Nothing Succeeds (or Fails?) Like Success . . . -- . . . but Trees Don't Grow to the Sky -- Challenges to the Index Fund -- An Organization That Cares -- Staying the Course -- Appendix I My Successors -- John Brennan -- F. William (Bill) McNabb -- Mortimer J. (Tim) Buckley -- Appendix II Vanguard by the Numbers -- Chapter 10 Caring: The Founder's Legacy -- The Founder's Mentality -- Great Leaders of History -- Lord Nelson: "An Infectious Trust in People" -- The Vanguard Award for Excellence -- Loyalty Is a Two-way Street -- "Even One Person Can Make a Difference" -- Caring About the Institution -- The Vanguard Partnership Plan: Another Landmark -- Cash on the Line -- Our Nautical Heritage -- What's in a Name? -- Two Complementary Views -- Nice People -- "No Man Is an Island" -- Staying the Course -- Part II The Vanguard Funds -- Chapter 11 Wellington Fund: Vanguard's Alpha and Omega -- The Alpha -- The Founding Objectives -- Walter L. Morgan, Founder and Mentor -- The Fall: Wellington Fund's Nadir (1965-1978) -- "Dynamic Conservatism?" -- March 1972: A Warning About Speculation -- Abject Failure -- 1978-2018: The Renaissance -- A 70% Dividend Increase -- Strategy + Implementation - Cost = Fund Return -- The Cost Advantage -- Summing Up -- The Omega -- Chapter 12 The Index Funds -- Our Index Fund Is Copied . . . and Praised -- Betting on the 500 Index Fund -- International Stock Index Funds -- Enter the Total Stock Market Index Fund -- Growth and Value Index Funds -- Success for the Funds, Failure for Their Investors -- More Index Funds -- Market Indexes Have Outpaced 91% of Actively Managed Funds -- Index Funds Dominate -- Chapter 13 The Windsor Funds -- What's in a Name? -- Modest IPO, Weak Returns.. - Enter John B. Neff -- Strong Fund Returns, Strong Cash Flows -- "The Time Has Come" -- What to Do? -- For the Doubters, a Surprising Outcome -- The Multi-Manager Concept -- The Lessons of History -- Chapter 14 The PRIMECAP Funds -- PRIMECAP Management Is Formed -- Vanguard PRIMECAP Fund Is Formed -- Let's Look at the Record -- Low Costs Account for Much of PRIMECAP's Advantage in Annual Return -- Vanguard's "Four Ps" in Evaluating Fund Managers -- PRIMECAP in Retrospect -- PRIMECAP and Vanguard Capital Opportunity Fund -- The PRIMECAP Funds Today -- Summing Up -- Chapter 15 The Bond Funds -- 1970: "Bonds Are Yesterday, Stocks Are Tomorrow"? -- Municipal Bond Funds: The Door Swings Ajar -- The Door Opens Wide: Vanguard Becomes a Bond Fund Manager -- Managing Vanguard's Fixed Income Funds -- Vanguard Becomes a Fully Functioning Fund Complex -- Enter the Bond Index Fund -- Vanguard: The Dominant Bond Manager -- Industry Leadership -- The Role of Bond Index Funds -- Lower Costs Equal Higher Yields -- "It's the Extra Yield, Stupid" -- The Drag of Sales Loads -- Fiduciary Duty -- The Future of Bonds . . . and Bond Funds -- Looking Ahead -- Chapter 16 Problems and Perspectives -- Vanguard U.S. Growth Fund -- The New Adviser Fails -- Vanguard Asset Allocation Fund -- It Worked … Until It Didn't -- Vanguard Growth Equity Fund -- The Past Was Not Prologue -- Three Sad Stories, Three Challenged Funds -- A Changing Asset Base -- Part III The Future of Investment Management -- Chapter 17 The Fund Industry Becomes Mutual -- The Mutual Fund Industry: 1951 and 2018 -- The Failure to Add Value -- An Endorsement from Paul Volcker -- An Absurd Structure -- Structures That Contravene U.S. Public Policy -- "Independent Scrutiny"? -- Babies Grow Up -- "The Vanguard Experiment" -- The Coming Age of Mutualization -- Strike One: The IBM Funds -- As Clear as a Conflict Can Be.. - More Index Failures -- The IPO -- Fortune Strikes . . . Again -- Dr. Samuelson Redux -- The Road Shows Yield a Flop -- "Bogle's Folly" -- 280 Stocks, Not 500 -- "The Stone That the Builders Rejected Has Become the Chief Cornerstone" -- Vanguard 500 Index Fund: Real-World Success -- Recap: 15,000 Grows to 1,127,704 -- Caveats -- Vindication: Money Talks -- Buffett and Swensen -- Paul Samuelson Completes a New "Murderer's Row" -- Staying the Course -- Chapter 5 1974-1981: A New Beginning -- The First Step -- The Anomaly of Fund Share Distribution -- February 1977: Control of Marketing and Distribution -- Struggling with the Index Fund -- The 500-Index Superiority Fades -- The Go-Go Era, the Nifty Fifty Era, and Their Aftermath -- Wellington Fund Assets Drop by 75% -- 1971: The Money Market Fund -- A Late Start -- 1977: The Defined-Maturity Municipal Bond Fund -- A Simple Innovation -- A Curious Anomaly -- Vanguard Fixed Income Group Takes Shape -- New Fund Profile -- 1978-1993: 200-Plus Reductions in Advisory Fees -- Only the Beginning -- A Wave of Fee Reductions -- The Wellington Fund Example -- Across-the-Board Fee Reductions -- Negotiating Fees on New Vanguard Funds -- Index Funds and Bond Funds: Still Lower Costs -- Investment Expenses and Operating Expenses -- The Vanguard Total Expense Ratio -- 217 Billion of Savings to Shareholders? -- Taking on the World -- Staying the Course -- Chapter 6 1981-1991: Setting the Stage for Future Growth -- The Happy Events of 1981 -- Flipping the Traditional Fund Model -- Whose Interests Come First? -- Vanguard Enters the Active Management Arena . . . -- . . . and Expands Indexing to the Bond Market -- Two Crises -- Black Monday -- 32 More Mutual Funds -- Turning to Active Managers -- A Second Windsor Fund -- The Cynics Lose -- Vanguard Specialized Portfolios -- A Productive Decade -- Looking Ahead.. - Staying the Course -- Chapter 7 1991-1996: Preparing for a New Mutual Fund Industry -- Beginning with a Bang -- The Sacred Cows -- Technology Leadership -- Customized Advice -- "A Shot Across the Bow" -- The Admiral Funds -- New Concepts in Indexing -- The Growth and Value Index Funds -- The Ideal versus the Reality -- The Factor-Fund Boom -- Bringing Lower Costs to Investors -- Competing on Price . . . The 1993 Proxies -- A Serious Blunder -- The Balanced Index Fund -- Spawning a Family of Balanced Funds -- The LifeStrategy Funds -- Target Retirement Funds -- Active versus Passive TDFs - Costs Matter -- Introducing Other New Concepts -- Tax-Managed Funds -- Trial . . . -- . . . and Error -- The Horizon Fund Portfolios -- Factor Funds Introduced -- Staying the Course -- Chapter 8 1996-2006: The ETF Revolutionizes Indexing -- A Visit from Nathan Most -- ETFs: The Beginning -- No Community of Interest -- The "Spider" -- The ETF Catches On -- The "Holy Grail" of Investing -- "All Day Long, in Real Time" -- Imitation Is the Sincerest Form of Flattery -- "I'm Shocked, Shocked . . ." -- Vanguard and VIPERs -- Taking the High Ground -- The Proof of the Pudding -- TIF Returns versus ETF Returns -- New Markets for ETFs Emerge -- "As First ETF Turns 25, Exchange-Traded Funds Dominate the Investing World" -- Staying the Course -- Chapter 9 2006-2018: The Momentum Continues - Strategy Follows Structure -- The Triumph of Indexing -- Optimism -- It's Called Momentum -- The Index Revolution -- Vanguard's Share -- A Revolution in Market Share -- "Uneasy Lies the Head That Wears a Crown" -- M.I.T., then MFS -- IDS , Now Columbia Threadneedle -- Fidelity -- Magellan Fund -- Vanguard -- Strategy Follows Structure -- The Low-Cost Structure -- "Relative Predictability" in Practice -- The Benefits of Relative Predictability -- Vanguard's Actively Managed Funds.. - Strike Two: Putnam.
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| Emner | |
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| ISBN | 9781119404323
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