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The Bogleheads' Guide to Investing Paperback – September 28, 2007
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From the Back Cover
The Bogleheads' Guide to Investing
"If you master the concepts laid out in this book, you'll do very well."
"Kindness, integrity, and common sense can be scarce on Wall Street, but the Bogleheads have each in abundance. Reading The Bogleheads' Guide to Investing is like learning investing from your grandfather. There's a lifetime of wisdom packed into these pages, coupled with a sincere desire to help investors meet their goals. Jack Bogle will be proud!"
Don Phillips, Managing Director, Morningstar
"The Vanguard Diehardsa.k.a. the 'Bogleheads'are easily the planet's most well-informed, congenial, and successful group of individual investors. At long last, they're letting the general public in on their solutions, their secrets, and their strategies. If you're about to retire, are planning to retire, or are even thinking of retiring, you can't afford not to read this book."
William J. Bernstein, cofounder, Efficient Frontier Advisors, LLC
author of The Intelligent Asset Allocator and The Four Pillars of Investing
"More than thirty years ago John Bogle started a war in the mutual fund industry. His weapon was low fees, and his shield was common sense. In this book, three ardent followers sagely outline Bogle's approach that has benefited millions and will benefit millions more."
Richard Ferri, CFA, President, Portfolio Solutions LLC
author of The ETF Book: All You Need to Know About Exchange-Traded Funds (Wiley/December 2007)
"Those investors who have the courage, discipline, and wisdom to follow the sound financial and investment strategies of The Bogleheads' Guide to Investing are virtually certain to achieve results superior to not only the vast majority of individual investors, but the vast majority of professionals as well. What is perhaps more important is that the quality of their lives will be improved because they will have more time to spend on the really important things in their lives."
Larry Swedroe, author of The Only Guide to a Winning Investment Strategy You'll Ever Need
About the Author
Taylor Larimore, Mel Lindauer, and Michael LeBoeuf are three millionaires who met online and combined their investing experience and efforts to help others. The authors have contributed over 40,000 posts on the Diehards and Bogleheads forums. You can read more about each of them in "About the Authors" on page 293.
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Before finding this gem of a book, I was reading several success books this year like "Success Principles" by Canfield, "Success Through a Positive Mental Attitude" by Hill & Stone, "The Richest Man in Babylon" by Clason, "The Templeton Plan" by Sir Templeton, to name a few. One book led to another and I ended up with "Smart Couples Finish Rich" by David Bach, which led me to Graham's "The Intelligent Investor". I first read Graham's 1972 edition (thanks to LA public library) and was looking for more current examples, so I purchased the 2003 edition with commentaries by Jason Zweig, which proved to be a very worthwhile upgrade.
While looking up some things I didn't understand online, I repeatedly came across the bogleheads forum, so I signed up as a free member and asked a question. The bogleheads were so helpful that I not only got my question answered, but also understood that the people there were genuinely trying to help. One of the bogleheads led me to a forum page which had book recommendations, so I purchased the kindle edition of this book.
And the moment I started reading the book, I knew this book had the answers for most of my questions. I finished reading it in two days! I just wanted to do this homework done asap and take care of my 401(K)s and IRAs. I had done a big timing mistake six years ago and went highly conservative (80% bonds, 10% stocks and 10% REITs). Luckily it was before the crash, so I had netted some profits, but I waited too long to get in to stocks again. Then I changed jobs and never paid attention! And the stock market had its best bull run for the past 5 years (no one told me!)! Wish I had put my money in a target retirement fund and went to sleep, but that wasn't the case :-(
This excerpt from the book sums it all up about the authors and this book:
"We have no hidden agendas. We aren't financial planners or money managers looking for clients. We don't have a high-powered, get-rich-quick weekend seminar to sell you. We are all well over 70 years of age, financially secure, and haven't missed a meal yet. If you want to read the book at the bookstore, the library, or borrow it from a friend, that's fine with us."
So you are not getting a book that just skims a few things and then asks you to look into the authors' other books or their youtube channel or sign up for their weekly digest!
The book begins with a quick introduction on the philosophy of borrowing vs. spending vs. saving and investing. The initial chapters have some valuable general advice (like car buying and running a part-time business, for example). But the main content is all about sound investing principles, facts and strategies. The book also discusses enough about taxes, which a lot of investing books seem to just skim or totally ignore. There is also enough material covering how to manage one's emotions when investing. I found some of the material to be like "Ben Graham Simplified".
This is one of the very few books that has the guts to not lick the boots of network marketing businesses. (I have personally wasted a lot of my time and money in one such business.) Most other "success authors" would like to sell their books to network marketing businesses in bulk, so they mostly praise some company or the other. My personal experience coincides with those of the authors in that you are better off financially by staying away from network marketing businesses. If you are business-minded, the authors recommend running a business you are really passionate about which coincides with your interests, education and/or experience. Couple the income you produce from your job and/or business with the investing principles explained in this book, you will have a solid plan and a financially successful life!
Money is something we all have to think about multiple times a day and those decisions have a long lasting effects on our future selves YET most of us don't get a proper education on how to manage our finances!
This book got me thinking long term. Do I need to buy the most expensive phone? Do I need a brand new car? Can I put this charge on my credit card and pay it off in full at the end of the month?
Maybe my hard earned money is better spent on my future, that one dollar saved today will be $8-$10 when I retire if I instead invest it. It taught me to not get fancy with mutual funds that peel off 1-3% in fees and instead stick to low cost index funds. That little 1% savings on fees over time could mean retiring when I am 55 or having to work another 10 years or more.
As the financial crisis was hitting the US in 2008, and the stock market was tanking I was buying. I had quickly paid off my debts and my standard 10% retirement savings per month went to 20%, then 30%. By 2009 I was putting away nearly 50% of my income into my retirement and brokerage accounts.
Ten years later I am debt free and in a much better financial situation than my peers. Buy this book, educate yourself and invest in your future.
Most financial books seem to go into details about financial theories, detailed graphs, valuations, etc. This book is more about the minimum practical information an investor should know about getting his or her fair share of the market, without being victimized by some of the sharks that reside in the financial industry. A must read, first, before you learn about tilting, slicing and dicing, P/E ratios, or smart beta. After reading this book, you may decide that you really don't need to know too much more information since you will already be an above average investor; and you would be right. Highly recommended!
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Index investing is the way to go.