The clash of the cultures : investment vs. speculation / John C. Bogle.

Includes bibliographical references and index.

The clash of the cultures -- The double-agency society and the happy conspiracy -- The silence of the funds : why mutual funds must speak out on the governance of our nation's corporations -- The "mutual" fund culture : Stewardship gives way to salesmanship -- Are fund managers true fiduciaries? The stewardship quotient -- The index fund : the rise of the fortress of long-term investing and its challenge from short-term speculation -- America's retirement system--too much speculation, too little investment -- The rise, the fall, and the renaissance of Wellington Fund : a case study - investment wins, speculation loses -- Ten simple rules for investors and a warning for speculators.

Vanguard Group founder John C. Bogle discusses changes in the culture of the mutual fund industry and how speculation has come to dominate investment. The book presents a hard-hitting look from the creator of the first index fund. Over the course of his sixty-year career in the mutual fund industry, the author has witnessed a massive shift in the culture of the financial sector. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. Mr. Bogle has not been merely an eye-witness to these changes, but one of the financial sector's most active participants. At the end, he offers advice for investors and a warning for speculators.