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The Battle for the Soul of Capitalism Paperback – November 27, 2006

by John C. Bogle (Author)
4.4 4.4 out of 5 stars 84 ratings
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A financial expert explains what’s wrong in corporate, investment, and mutual fund America, the reasons behind the problems, and what should be done about it

There is no one better qualified to tell us about the failures of the American financial system and the grotesque abuses that have taken place in recent years than John Bogle, who as founder and former chief executive of the Vanguard mutual funds group has seen firsthand the innermost workings of the financial industry. A zealous advocate for the small investor for more than fifty years, Bogle has championed the restoration of integrity in industry practices. As an astute observer and commentator, he knows that a trustworthy business and financial complex is essential to America’s continuing leadership in the world and to social and economic progress at home.

This book tells not just a story about what went wrong but, more important, the story of why we lost our way and of how we can right our course. Bogle argues for a return to a governance structure in which owners’ capital that has been put at risk is used in their interests rather than in the interests of corporate and financial managers. Given that ownership is now consolidated in the hands of relatively few large mutual and pension funds, the specific reforms Bogle details in this book are essential as well as practical. Every investor, analyst, Wall-Streeter, policy maker, and businessperson should read this deeply informed book.
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  1. Print length
    260 pages
  2. Language
    English
  3. Publisher
    Yale University Press
  4. Publication date
    November 27, 2006
  5. Dimensions
    9.22 x 6.1 x 0.75 inches
  6. ISBN-10
    0300119712
  7. ISBN-13
    978-0300119718
  8. See all details
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Editorial Reviews

Review

"Bogle describes the continuous struggle for control of our capitalistic system, the odds being heavily in favor of the managers. Individual investors and beneficiaries remain helpless, intermediaries are passive or conflicted, and boards not yet effective. You owe it to yourself to read this book and reflect on his call for further federal intervention to restore some balance."-Ira Millstein, Senior Partner, Weil, Gotshal & Manges LLP

About the Author

John C. Bogle is founder and former CEO of Vanguard mutual funds. In 2004, Time magazine named him one of the most influential people in the world. In 1999, Fortune magazine named him one of the four investment giants of the twentieth century.

Product details

  • Publisher ‏ : ‎ Yale University Press; New edition (November 27, 2006)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 260 pages
  • ISBN-10 ‏ : ‎ 0300119712
  • ISBN-13 ‏ : ‎ 978-0300119718
  • Item Weight ‏ : ‎ 14.4 ounces
  • Dimensions ‏ : ‎ 9.22 x 6.1 x 0.75 inches
  • Customer Reviews:
    4.4 4.4 out of 5 stars 84 ratings

About the author

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John C. Bogle

John C. Bogle

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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."

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4.4 out of 5 stars
84 global ratings

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New knowledge
It's an incredible book exciting from the very first page.I reads it slowly, without haste, as my English is far from being perfect yet.I'd be very happy to make personal acquaintance with the author.Does anybody know how to do this?
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Top reviews from the United States

  • James Charnock
    5.0 out of 5 stars About What We Investors Don't Know
    Reviewed in the United States on December 23, 2007
    Verified Purchase
    The first half of Bogle's volume gives a detailed explanation of the problems with our stock market; the second half gives his solution proposals. And if John Bogle doesn't know what is going on both openly and behind closed doors (read his qualifications), then no one does.

    This book describes how stock (mutual fund and corporate) managers are not "honest, competent and fair-minded...[or] doing the right thing." (p. 89) And just how the "managers' interest [are placed] ahead of the owners' interest." (p. 90) The recurrent theme is that corporate America has moved from owners' capitalism to managers' capitalism.

    Bogle describes "the pervasive...'happy conspiracy' among corporate managers, CEOs, CFOs, directors, auditors, lawyers, Wall Street investment brokers, sell-side security analysts, buy-side portfolio managers, and indeed investors themselves--individual and institutional alike." (p. 98)

    "More than one-fifth of...growth returns...during the past two decades has been siphoned off by fund managers.... More than three-fourths of the cumulative financial wealth produced...over an investment lifetime will be consumed by fund managers, leaving less than 25 percent for the investors. Yet it is the [95 million] investors ['individuals of modest means--often via retirement plans'] who put up 100 percent of the capital and assume 100 percent of the risk." (p.xxii)

    Not only does the author write about the "Captains of Industry" (or robber barons)--Rockefeller, J.P. Morgan and Carnegie--he deals with the current "casino mentality of so many institutional investors..." (p. 98) Yes, you will read of "the conspiracy between corporate money managers and institutional money managers. [We have] a gambler's market instead of an investor's market," declares Bogle. (p. 118)

    Bogle explains why "institutional investors [should] move away from their present obsession with short-term earnings of dubious validity and towards a new obsession focused on the creation of intrinsic value over the long term." (p. 114)

    Finally, Bogle does not let we individual investors off easy, either, by explaining "the failure of investment America to exercise its ownership rights over corporate America.

    As stated earlier, Bogle has solutions which you will read about in the second half of the book.
    13 people found this helpful
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  • Matthew Jackson
    5.0 out of 5 stars Amazing
    Reviewed in the United States on April 28, 2024
    Verified Purchase
    Jack Bogle does it again, if you really want an insight to the history of America Investment Companies from the creation of Mutal Fund Companies to Hedge Funds, as well as the challenges those Companies will face as well as us as long term investors will face this books covers it.

    Very Respectfully
    Matthew A. Jackson
    One person found this helpful
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  • Barbara newman
    4.0 out of 5 stars The case for index investing
    Reviewed in the United States on June 27, 2014
    Verified Purchase
    This book is worth your time. It outlines how there have been philosophical changes in American Business in the last 50 years at the corporate, investor, and mutual fund levels. Owners of business and investors in mutual funds have less control over their outcome and the managers have more control. The central thesis of the book is that the managers have more self interest in the bottom line and manage only for short term gain. This contrasts to ownership control which result in a focus on long term welfare of the business and quality of the product. The last part of the book focus's on the mutual fund industry and shows how managerial greed has skimmed off a lot of profits that should go to the investors (public owners). The case for index investing becomes more apparant and this seems logical since John Bogle the founder of Vanguard wrote it. It got a 4 because I felt that Bogle at times was too repititious and could have used more concrete examples in the book, but I learned a lot.
    6 people found this helpful
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  • Allan S. Roth
    5.0 out of 5 stars A Battle That Must Be Won
    Reviewed in the United States on October 18, 2005
    Verified Purchase
    John Bogle points out what should have been obvious to me - that the ultimate owners of investment capital have virtually no influence on how their own capital is used. Instead the agents of the owners control the capital and act in a very self-interested incestuous manner. In short, they have stolen the soul of capitalism and robbed investors of trillions of dollars.

    This book could only have been written by John Bogle, the man that has saved the common investor billions of dollars annually by refusing to operate in a status quo manner. This book eloquently explains what went wrong, why it went wrong, and most importantly, what we can do to fix it. I was steaming mad as I again realized how our trusted fiduciaries violated their duties of loyalty and prudence. The big question for me is will I stay mad enough to actually do something about it?

    I highly recommend this book. It may be the first major shot in a long battle for capitalists to take back control of our own capital.
    40 people found this helpful
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  • Mark Mensack
    5.0 out of 5 stars "Rules cannot substitute for character."
    Reviewed in the United States on November 26, 2009
    Verified Purchase
    This is a must read for all investors and anyone working in the financial services industry. Written in 2005, Mr. Bogle outlines many of the underlying issues that have made headlines these past two years: corporate greed, neglect of the individual client's interests, the lack of personal responsibility, and the quibbling over what is right vs. what is legal.

    Mr. Bogle discusses capitalism from the virtuous potential described by Adam Smith and the Founding Fathers, to the "giant scam" the investment business has become. Four years before President Obama called for a fiduciary standard for broker-dealers, Mr. Bogle argues why the fiduciary standard is a necessity.

    If you have any question whether or not acting with honor and integrity, and serving the best interests of your clients ultimately leads to business success, then this book ought to be at the top of your list.
    7 people found this helpful
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  • J. Landers
    5.0 out of 5 stars A good read
    Reviewed in the United States on July 11, 2023
    Verified Purchase
    This battle is still ongoing. Does it have a soul?
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  • Aleksandr
    5.0 out of 5 stars New knowledge
    Reviewed in the United States on September 19, 2018
    Verified Purchase
    It's an incredible book exciting from the very first page.
    I reads it slowly, without haste, as my English is far from being perfect yet.
    I'd be very happy to make personal acquaintance with the author.
    Does anybody know how to do this?
    Customer image
    Aleksandr
    5.0 out of 5 stars New knowledge
    Reviewed in the United States on September 19, 2018
    It's an incredible book exciting from the very first page.
    I reads it slowly, without haste, as my English is far from being perfect yet.
    I'd be very happy to make personal acquaintance with the author.
    Does anybody know how to do this?
    Images in this review
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Top reviews from other countries

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  • Dr.Anil
    5.0 out of 5 stars HIGHLY RECOMMENDED, a very bold book from father of vanguard ...
    Reviewed in India on August 19, 2014
    Verified Purchase
    HIGHLY RECOMMENDED , a very bold book from father of vanguard group JHON C. BOGLE who invented the first vanguard 500 INDEX FUND IN 1976 ,which is now the largest fund and vanguard the largest fund house in the world.
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  • Rudolf T. Sonderegger
    5.0 out of 5 stars Ein Markstein der Finanzgeschichte
    Reviewed in Germany on March 23, 2014
    Verified Purchase
    Hier schreibt ein Kenner der Materie, aus jahrzehntelanger Erfahrung und aus Überzeugung. Leider werden die Verantwortlichen nicht auf ihn hören. Schade!
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