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The Bogleheads' Guide to Investing Hardcover – August 18, 2014
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From the Inside Flap
The Bogleheads’ Guide to Investing is a handy resource that is written for anyone who may be grappling with a financial problem or simply wants to know how to invest money to get the best results. The Boglehead team of investment experts—Mel Lindauer, Taylor Larimore, and Michael LeBoeuf—provide the answers for gaining a foothold in the market and keeping it there.
Investing can be simple, but it’s certainly not simplistic. Over the course of nearly twenty years, the followers of John C. Bogle have evolved from a loose association of investors to a major force with the largest and most active non-commercial financial forum on the Internet. The Bogleheads’ Guide to Investing is a hands-on resource for tapping into John C. Bogle’s “uncommon” investing wisdom.
Like the first edition, this thoroughly revised and updated second edition of The Bogleheads’ Guide to Investing offers investors of all stripes, ages, and investing prowess a DIY handbook that champions the sage investment wisdom of John C. Bogle. Often witty and always wise, the book is filled with sage advice that helps investors take the first step on the road to investment success. And to keep investors on the right path, the authors illustrate how relying on "common sense" promoted by Wall Street is destined to leave you poorer.
The updated second edition includes the latest information on how to profit from backdoor Roth IRAs and Exchange Traded Funds. The book also contains timely updates on estate taxes and gifting, plus changes to the laws regarding traditional as well as 401(k) and 403(b) retirement plans. In addition, the authors offer investment warnings and principles that are both precisely accurate and sometimes counterintuitive.
Assuming no extensive knowledge of finance on your part, the Boglehead authors march you step by step toward the winning investment strategy.
From the Back Cover
Praise for The Bogleheads’ Guide to Investing, Second Edition
"I'm often asked to recommend a good, basic book on investing, and The Bogleheads' Guide to Investing has been my go-to pick since its original publication. It focuses on all the right things: the virtues of maintaining a frugal lifestyle, keeping investment costs down, and building a simple, low-maintenance portfolio. And importantly, it also tells investors what they can safely tune outnamely, day-to-day market action and the latest 'hot' investment products. Its advice will stand the test of time."
CHRISTINE BENZ, Director of Personal Finance, Morningstar, Inc.
"John Bogle set out to reform the mutual fund industry nearly 40 years ago. He saw a high fee, self-serving, good ol' boy network and thought it was wrong. Bogle believed the purpose of an investment company was to be investor-focused. His idea turned into a revolution. The Bogleheads' Guide to Investing is a testimony to the massive changes that have taken place as a result of Bogle's vision. The ideas in this book have saved countless investors billions of dollars in unnecessary fees. Hats off to Taylor, Mel, and Mike for a job well done."
RICK FERRI, CFA, Founder, Portfolio Solutions LLC
"The Bogleheads' Guide to Investing describes a sophisticated and proven approach to successful investing. Nevertheless, its message of saving, investing in a diversified, balanced, low cost portfolio, and keeping it simple is easily grasped by investors of all levels of experience. Regardless of your investment acumen, this book provides many clearly expounded investment insights and is a great roadmap to financial success."
GEORGE U. "GUS" SAUTER, Retired Chief Investment Officer, Vanguard
"The best one-stop shopping solution to saving, debt management, investing, insurance, and financial planning I have seen between two covers. For the price of a week's worth of lattes, you can secure your future."
WILLIAM J. BERNSTEIN, cofounder, Efficient Frontier Advisors, LLC, author of The Intelligent Asset Allocator, The Four Pillars of Investing, and The Investor's Manifesto
Top customer reviews
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!
- tax ramifications of types if investments within and outside of tax deferred accounts.
- the power of diversification and rebalancing (way better explained and motivating than anything I have read before)
- the types if costs that eat up returns and growth differences in investments based on expenses
- the best explanations I have read on bonds and bond funds (and EFTs) and implications for strategy
I have been reading numerous books on investing, including a classic or two. This is, to me, by far the best. So clear and so specific.
After all that, I slept through the 2nd-worst (2007) crash and recovery, and came out just fine. It worked. Do not make it complex or difficult. Fact is almost every "sector-bet" I tried performed worse long-term, than my core "Dumb and Simple" Total-Market (stock and bond) Funds and ETFs.
Anyone midlife or later (preferably way-earlier), must be thinking of their own retirement plans. It ain't that tough. You can easily do it yourself following the simple principles pioneered by John Bogle and similar righteous-gurus. Even if you (must) use a brokered company plan, knowing what YOU want is essential. YOU must (and can) control your own future.
Just do-it, NOW. No amount is too little to start, and once in-control of your own future, you'll thank yourself many times later.
This is a must for personal investment finance for retirees and those working toward a healthy retirement.
I had been a fan of the Bogle mentality but I was never able to confidently explain why out loud. It is now beaten deep in to me.