Applying Bogle's "Enough"
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John Bogle is founder of Vanguard Group of Mutual Funds. He is hyping a book lately. The book is descriptive, not prescriptive. In Six Lessons he's usefully prescriptive:
- Don't just own stocks. Allocate across the spectrum.
- Forecasts don't do a very good job of forecasting.
- Superior funds eventually falter.
- Own the market in some type of index fund.
- Alternative investments are risky. If you don't understand them, don't get involved.
- Innovations are great - for someone else. Innovators win, not you.
Bogle's heart is in the right place. His advice is too.
Bogle, John C. Six Lessons for Investors. New York Times. 8 January 2009. A15.
Bogle, John C. Enough. True Measures of Money, Business, and Life. John Wiley & Sons, Inc. 2009.