Posted 20 hours ago

The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Little Books. Big Profits)

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This book is essentially a dismantling of vast swaths of the financial industry, especially the mutual fund.

The whole book can be summarized in one sentence: index ETFs are better than mutual funds because they track the whole (or a good chunk of the) market and have very low costs. Over the course of his long career, Bogle—founder of the Vanguard Group and creator of the world’s first index mutual fund—has relied primarily on index investing to help Vanguard’s clients build substantial wealth. While the idea doesn't exactly feature all throughout this piece of good advice, it does underscore the obvious idiocies and point to a classy, simple solution. In this latest entry in the Little Book series, Bogle′s gentle prose contains idiot–proof advice for investors at all levels. However I found the author’s line of reasoning inconsistent - in some cases drawing from statistics and historical outcomes, in some just saying “I doubt it would work” without doing much analysis (e.Bogle is the inventor of the index-tracking fund, so it's no surprise that this is all about index investing. He also very usefully handles the issue of fads - for instance, chapter 15 supplies some much needed clarity on the pitfalls of ETFs, which often appear to be embraced somewhat indiscriminately by investors and advisers alike.

He convinces the reader beyond doubt that actively managed funds and attempts to make an earning by timing the market always lose out on the long run. This would be a great book to start since this book was written for normal people, not financial specialists.My mentor, Ben Graham, took this position manyyears ago, and everything I have seen since convinces me of its truth.

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