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Former president Bill Clinton explains why integrity is a key component of long-term economic growth [PDF].

Product Details

  • Paperback: 328 pages
  • Publisher: Wiley; 1 edition (June 1, 2010)
  • Language: English
  • ISBN-10: 0470524235
  • ISBN-13: 978-0470524237
  • Product Dimensions: 4.6 x 0.8 x 6.8 inches
  • Shipping Weight: 4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (83 customer reviews)
  • Amazon Best Sellers Rank: #138,405 in Books (See Top 100 in Books)

Editorial Reviews

Amazon.com Review


Amazon.com Exclusive: William J. Bernstein on Enough
William Bernstein, Ph.D., M.D. is the critically acclaimed author, financial theorist and historian whose books include A Splendid Exchange: How Trade Shaped the World, The Birth of Plenty, The Four Pillars of Investing, and The Intelligent Asset Allocator. Bernstein is frequently quoted in national publications, including The Wall Street Journal, Barron's, Money, and Forbes.

If you are wondering about the cause of the current market crisis, then you haven't been reading enough of Jack Bogle.

Because he certainly knows not only where, but why and how. For decades Jack has been communicating his disquiet in previous books, speeches, and public testimony. Years from now, when historians and investors dissect the economic and market meltdowns of 2008, they'll consult this slim, well-written volume.

In order to understand the intellectual and moral platform from which he surveys the economic wreckage, you need to know a little of his story. Bogle founded one of the world's great investment companies, the Vanguard Group. Most men in his situation would have levered such success into a multi-billion-dollar net worth; instead, he "mutualized" Vanguard, converting it, in effect, into a nonprofit organization whose only goal was to benefit its fund holders. From an ethical perspective, Vanguard is the only "investment company" worthy of that name. (As opposed to most financial firms, which are in fact "marketing companies" whose main purpose is to milk unwitting investors of fees and commissions.)

The answer to the conundrum of 2008 lies in the book’s title, "Enough," which is the punch line from a delightful Kurt Vonnegut/Joseph Heller story. Simply put, our nation has been suffering from decades of unchecked financial excess, for which we are now paying the piper: excess in investment company fees; excess in financial speculation masquerading as diversification and innovation; excess in the salaries of top executives; excess in salesmanship; and most importantly, excess in the role played by the financial industry in our national economy and national life.

Each of these excesses gets its own chapter, and each one is a tightly written gem. Chapters 2 and 3, which dissect out the frenzy of derivatives, structured vehicles, and layers of intermediation behind the recent collapse, alone justify the book's purchase price.

As Bogle states in the book's beginning, in the spring of 2007 the financial services sector--which, after all, produces nothing of substantive value--accounted for one-third of the earnings of the S&P 500. By the time you read this, this outsized influence will have shrunken drastically. Let Enough be your welcome to the brave new world; it will satisfy your curiosity, give you a sense of moral balance in this most materialistic of ages, and even plump up your investment portfolio.

--William J. Bernstein


Product Description

Written by John C. Bogle–the legendary founder of the Vanguard Mutual Fund–Enough. offers his unparalleled insights on money, the values we should emulate in our business and professional callings, and what we should consider as the true treasures in our lives. Inspired in large measure by the hundreds of lectures Bogle has delivered to professional groups and college students in recent years, this book will help you discover what it really means to have "enough" and how close you are to really having it. --This text refers to the Hardcover edition.

Review

“I highly recommend the book "Enough" by Vanguard's founder, Jack Bogle, who eloquently outlines many of the frustrations investors have.” (USA Today)

"Vanguard Group founder Bogle expounds on the hidden costs of our current financial system (primarily driven by speculation and complexity) and suggests that a deeper understanding of what is truly “enough” will help foster more sustainable investing and better living." (Library Journal Best of 2008 Selection)

“Why don’t people publish pamphlets any more. I’m not talking about the slim-jims handed out at trade shows, but rabble-rousing, world-changing works like Common Sense and The Communist Manifesto. John Bogle, the founder of Vanguard, follows in the footsteps of the great pamphleteers…‘Central to the effective functioning of capitalism,’ he writes, ‘was the fundamental principle of trusting and being trusted’—and that is disappearing. The problem now: No one is satisfied with having ‘enough’ money or enough success. … If pamphlets were still the rage, 48 pages distilled from the contents of this book could be something as powerful to our age as anything written by Thomas Paine or Marx and Engels. In our more bookish time, though, Bogle has fleshed his ideas out to an interesting, 266-page overview of his life and his views.” (Barron’s)

“’What have I created?’ [Bogle] asks in mock horror in his new book…his cry reflects a deeper personal dilemma, one that jags like a scar through this thoughtful meditation on the excess and greed that created the worst financial crisis since the Great Depression. … I applaud his enthusiasm and don’t doubt his wisdom and sincerity. ‘Enough’ – with the period – is a worthy addition to the canon, a variation of his familiar sermon on thrift, simplicity, and the superiority of low-cost index funds.”
—James Pressley, Bloomberg News

“Jack Bogle’s passionate cry of Enough. contains a thought-provoking litany of life lessons regarding our individual roles in commerce and society. Employing a seamless mix of personal anecdotes, hard evidence, and all-too-often-underrated subjective admonitions, Bogle challenges each of us to aspire to become better members of our families, our professions, and our communities. Rarely do so few pages provoke so much thought. Read this book.”
—David F. Swensen, Chief Investment Officer, Yale University

"We live in a time that values achievement over character. When the two collide, character often takes a back seat and relationships of all kinds are shattered. Bogle observes that while the financial represents the worst of it, what we see today is not just a financial sector problem, but a societal problem. There is really just too much greed everywhere. … Enough is really about discovering what is really important in our lives. "
—Michael McKinney, LeadingBlog

"Bogle is a rarity - a true captain of industry who speaks about complex economic issues in a language comprehensible to the layperson."
—Michael Smerconish, The Philadelphia Enquirer

"Enough shines a light on Bogle's sense of despair over the state of the financial industry, and perhaps industry in general. … From CEOs who implode their companies and float away on golden parachutes, to financial companies who create instruments so complex they themselves have trouble understanding them, to mutual fund companies that market rosy returns while sugarcoating their fees, Bogle sees a lack of integrity and a willingness to play fast and loose with ethical rules in order to make a buck. (Or, maybe more accurate, 150 billion bucks.)"
—Justin McHenry, BlogCritics Magazine

"It's hard to imagine a better time to publish a book that advocates moderation, balance and integrity in the business world. In this wise meditation, Bogle, the folk-hero creator of the first index mutual fund and founder of the Vanguard Mutual Fund Group, deplores ‘our worship of wealth and the growing corruption of our professional ethics but ultimately the subversion of our character and values.’ Directly in his sights: CEOs and hedge-fund managers who draw ‘obscene’ compensation. At this time of plunging portfolios, it is a relief to be told that ‘enough’ is within reach."(TIME Magazine)

"I will simply say that it is one of the best business books ('life' books?) I have ever read, an easy All-time Top 10. And its timing is, well, read it yourself ..."
—Tom Peters

“This is an impressive message from a distinguished businessman. It will challenge all decision makers to consider the sufficiency and direction of their lives and work. What do we mean by Enough? Enough of what? Enough for what purpose? Feast here and reflect.”
—Robert F. Bruner, Dean and Charles C. Abbott Professor of Business Administration, Darden Graduate School of Business

“From one ‘battler’ to another: Thank you for putting in one little book the premise for an active, long life. A primer for those who will abjure complacency and just wanting more, who’d rather focus on the joy of trying to move some ball downfield.”
—Ira Millstein, Senior Partner, Weil Gotshal & Manges LLP

“The balances one must create in investing, in running a business, and in life more generally are simply and clearly stated in Jack’s most recent book, Enough. Unfortunately there are not enough Jack Bogles around in today’s world of instant gratification. Enough. should be must reading for business students and corporate board members.”
—David L. Sokol, Chairman, MidAmerican Energy Holdings Company

"Although Enough. is presented in a small volume, John Bogle's wisdom is writ large and profound. The messages are particularly meaningful as we all reel from the moral, economic and financial meltdown that confronts us today.
—William H. Donaldson, Former Chairman, U.S. Securities and Exchange Commission

“[an] engaging, highly readable new book on what went wrong in financial markets in recent years. In the growing canon of "what went wrong" books, Bogle's offering holds a unique place. . . readers will value the common sense packed in these pages.
—Jared Bernstein, Philadelphia Inquirer

“Throughout his legendary career, John C. Bogle-founder of the Vanguard Mutual Fund Group and creator of the first index mutual fund-has helped investors build wealth the right way and led a tireless campaign to restore common sense to the investment world. Along the way, he’s seen how destructive an obsession with financial success can be. Now, with Enough., he puts this dilemma in perspective. Inspired in large measure by the hundreds of lectures Bogle has delivered to professional groups and college students in recent years, Enough. seeks, paraphrasing Kurt Vonnegut, “to poison our minds with a little humanity.” Page by page, Bogle thoughtfully considers what “enough” actually means as it relates to money, business, and life.

  • Reveals Bogle’s unparalleled insights on money and what we should consider as the true treasures in our lives
  • Details the values we should emulate in our business and professional callings
  • Contains thought-provoking life lessons regarding our individual roles in society

Written in a straightforward and accessible style, this unique book examines what it truly means to have “enough” in world increasingly focused on status and score-keeping.” (Jack Canfield Review)

Enough. conveys an especially poignant message in this time of financial crisis. . . The book presents a collection of inspirational truths and values by which to live.” (The Journal of Investment Management)

"In Enough, Bogle isn’t interested only in better investing. He’s moved by morals, which he finds sorely lacking in business and finance today."- Jane Bryant Quinn, author of Making the Most of Your Money Now

"Enough.deals with how we got in this hole and how we get out. Nobody gets off the hook, including you and me…Real change starts with individuals, Bogle says. If each of us takes a part, that will be enough."
—Terry Bibo, columnist, Journal Star

"Enough. is a call for the return to core values or to what Bogle refers to as "the old-fashioned liberal humanitarianism that was the hallmark of the Age of Reason." The title has a double meaning: "Enough" as in fed up, and "enough" as a reflection on what people value and how they define success and satisfaction". The Street.com (June 2010)

"John Bogle's fantastic book about measuring what counts in life." (Motley Fool)


More About the Author

John C. Bogle (Bryn Mawr, PA) is Founder of The Vanguard Group, Inc., and President of the Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as Chairman and Chief Executive Officer until 1996 and Senior Chairman until 2000. He had been associated with a predecessor company since 1951, immediately following his graduation from Princeton University, magna cum laude in Economics. The Vanguard Group is one of the two largest mutual fund organizations in the world. Headquartered in Malvern, Pennsylvania, Vanguard comprises more than 100 mutual funds with current assets totaling about $742 billion. Vanguard 500 Index Fund, the largest fund in the group, was founded by Mr. Bogle in 1975. In 2004, TIME magazine named Mr. Bogle as one of the world's 100 most powerful and influential people, and Institutional Investor presented him with its Lifetime Achievement Award. In 1999, FORTUNE designated him as one of the investment industry's four "Giants of the 20th Century." In the same year, he received the Woodrow Wilson Award from Princeton University for distinguished achievement in the nation's service."

Customer Reviews

Excellent book with very practical advice.
Sabrina B
In Jack Bogle's latest book, Enough, you can read it thinking about the current pickle we find ourselves in and you will understand why it happened.
Allan S. Roth
I highly recommend reading this book to any investor.
Mariusz Skonieczny

Most Helpful Customer Reviews

88 of 93 people found the following review helpful By Allan S. Roth on November 6, 2008
Format: Hardcover
The seemingly insatiable Wall Street desire for more, combined with look-the-other-way regulators, has landed the U.S. in financial crisis. In Jack Bogle's latest book, Enough, you can read it thinking about the current pickle we find ourselves in and you will understand why it happened. He does a great job of explaining why there has never been a better time to learn individually, and as a country, when enough is enough.

This book delves into the perfect storm of investing created by costs, speculation, and complexity. It examines the folly of a business paradigm that focuses on the short-term bottom line; where business conduct and management becomes all about the sale, no matter what the cost.

In life we often seem to define our success by the material possessions we have amassed. The "he who dies with the most stuff, wins" philosophy dictates that somehow this will make us a happier person. Jack Bogle puts such a philosophy in perspective by reminding us that being the richest person in the graveyard shouldn't be our goal.

Enough is engaging and thought-provoking, and offers practical insights that extend beyond investing and business into life itself Jack Bogle clearly could have been a billionaire had he founded Vanguard as a for-profit entity. I suspect he must have realized far earlier than I did that there is more meaning to life than the accumulation of money.

Personally, what I can't get ENOUGH of are the insights from Jack Bogle. Simple and obvious though they may be, sometimes life gets too busy to see what is right in front of our faces. And what's right in front of our faces in Enough, is common sense.
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45 of 51 people found the following review helpful By William Bernstein on November 6, 2008
Format: Hardcover
Jack Bogle's timing could not have been better; Enough has burst onto the scene just when it was needed most.

America's financial system is clearly broken, and if we are wise and lucky, the next administration will repair it successfully. This book is required reading for anyone involved in the process, and for anyone who cares about the nation's future.

Bogle's credentials in this regard are beyond question: having founded the nation's second-largest mutual fund company, instead of cashing in he "mutualized" it and turned it over to its mutual-fund customers. His astute observations of our financial system, acquired in his half-century at the heart of the country's markets, shine through in every page of tightly written prose.

The book's title itself is premised on the punch line from a delightful Kurt Vonnegut/Joseph Heller story. It then goes on to describe the unchecked excesses in investment company fees, in speculation masquerading as diversification and innovation, in the salaries of top executives, in salesmanship, and most importantly, in the role played by the financial industry in our national economy and national life. Each of these excesses gets its own chapter, and each one is a gem.

This book, with its emphasis on investing simplicity, will pay dividends to the reader's bottom line as well.

Enough already: buy this book. It will reward you philosophically, financially, and morally.
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8 of 8 people found the following review helpful By Lachlan Forrow, MD on January 7, 2009
Format: Hardcover Verified Purchase
Brilliant, inspiring, and short -- a great combination. Bogle understands our finance/investment systems as well as anyone in the world, from the inside, and presents here the clearest, most concise diagnosis of what is wrong I have ever read. A return to the fundamental values and integrity that he calls for would go a long way in repairing the tragic problems we are currently living through. The wisdom and lessons are relevant far, far beyond the world of finance -- greater appreciation of the idea of "ENOUGH" would help heal what is currently wrong in our care (or lack thereof) of the environment, in our approaches to medicine, and much else. And it's not just a matter of "ethics" -- it's a prerequisite to happiness.

A great gift for all your friends and loved ones.

Lachlan Forrow, MD
Director, Ethics Programs
Beth Israel Deaconess Medical Center
Harvard Medical School
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32 of 40 people found the following review helpful By James J. Kalafut on June 24, 2009
Format: Hardcover
While I do like John Bogle and "Enough" is a worthwhile book with a lot of thought-provoking material, after a while the first half of the book becomes predictable:

A moral shortcoming of today is discussed and compared to the situation 30-60 years ago (when apparently everything was fine!), there is a bit of outrage and a plea to change, and then Bogle steps back and says that not everyone is really that bad, but we still have a problem.

After a few hours of this on audiobook it got a bit old. The ideas are definitely solid and I've liked it overall, but some parts do end up sounding like a rant.
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10 of 11 people found the following review helpful By Stephen T. Hopkins VINE VOICE on July 25, 2009
Format: Hardcover
Index fund pioneer Jack Bogle has always marched with confidence to the beat of a drummer different from that followed by his competitors. His approach of charging the lowest possible fees for mutual funds led him toward building Vanguard as a market leader, and put less money in his own pocket that that received by his peers whose fees enriched their personal fortunes. In his latest book, Enough: True Measures of Money, Business and Life, Bogle describes the good fortune of his own life, and presents a manifesto of sorts for financial executives to lead through a return to fundamental personal values, a return to trust, and the foundation of strong moral character. The title refers to a reported conversation between Kurt Vonnegut and Joseph Heller while they were attending a party hosted by a billionaire. After Vonnegut tells Heller that their host earns more in a day that Heller ever earned from his successful novel Catch-22, Heller replied that he has something that the billionaire will never have: enough. Enough is a preachy treatise that may alienate some readers, while for others it may be inspirational. Because of Bogle's straightforward writing style, I highly recommend Enough to any reader willing to consider alternative ways of measuring success and achievement.

Rating: Four-star (Highly Recommended)
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