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III. LIFE
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III. LIFE
by John C. Bogle
Enough.: True Measures of Money, Business, and Life
Copyright
Praise for Enough.
The Great Seduction
Introduction
Growing Up
No Idle Hands
Blair Academy: "Come, Study, Learn"
Acres of Diamonds
Coming to Philadelphia
At Princeton, a Discovery
A Door Slams; a Window Opens
Complications
A Complete Firm Emerges
A Stunning Endorsement from the Court of Last Resort
A Change of Heart
Treasures False and True
Socrates' Challenge
I. MONEY
1. Too Much Cost, not Enough Value
1.1. A Prophetic Forecast
1.2. Wresting a Living from Finance
1.3. Fortunes from Failure
1.4. Heads I Win; Tails You Lose
1.5. Brain Drain
1.6. The Drain of Costs and Taxes
1.7. The Wrong Kind of Wizardry
1.8. Costs Rear Their Ugly Head
1.9. Investors Get Precisely What They Don't Pay For
1.10. A Question So Important
2. Too Much Speculation, Not Enough Investment
2.1. A Giant Distraction
2.2. A Loser's Game
2.3. Speculation Is in the Driver's Seat
2.4. Black Swans and Market Returns
2.5. Black Swans and Investment Returns
2.6. Tortoises Win
2.7. Hares Win (But How Can That Be?)
2.8. The Perils of Market Timing
2.9. Striking a Balance
3. Too Much Complexity, Not Enough Simplicity
3.1. Derivatives: Dancing to the Music
3.2. Marketers Win, Investors Lose
3.3. "Don't Just Stand There. Do Something!"
3.4. Mutual Funds: Lowering the Bar
3.5. Sometimes for Better, but Mostly for Worse
3.5.1. Exchange-Traded Funds
3.5.2. Fundamental Indexing
3.5.3. Absolute Return Funds
3.5.4. Commodity Funds
3.5.5. Managed Payout Funds
3.5.6. Brazil, Russia, India, and China (BRIC) Funds and International Funds
3.6. The Innovation Blunderbuss
3.7. Back to Basics
3.8. An All-Too-Predictable Outcome
II. BUSINESS
4. Too Much Counting, Not Enough Trust
4.1. Government: Making the Numbers Fit
4.2. Finance: Attributing Certitude to History
4.3. The Experts Are Wrong . . . Again
4.4. Business: The Bias toward Optimism
4.5. The Real-World Consequences of Counting
4.6. Finance Calls the Tune for Business
4.7. "Rock, Scissors, Paper"
4.8. Giving Judgment a Chance
4.9. The Spirit of Trust
4.10. Measure First, Judge Later?
4.11. An Empty Exercise
5. Too Much Business Conduct, Not Enough Professional Conduct
5.1. Times Have Changed
5.2. Hammers and Nails
5.3. Capitalism Changes Its Values
5.4. Owners, Not Agents
5.5. CEO Compensation: How Much Is Enough?
5.6. A Lack of Accountability
5.7. Intrinsic Value, Not Stock Price
5.8. Performance, Not Peer Groups
5.9. Principals and Principles
5.10. "Only Capitalists Can Kill Capitalism"
6. Too Much Salesmanship, Not Enough Stewardship
6.1. Investors Change Their Spots; So Do Managers
6.2. Good for Managers, Bad for Shareholders
6.3. Toward a Better World
6.4. Let's Dream Together
6.4.1. Dream 1: A Fair Shake for Shareholders
6.4.2. Dream 2: Serving the Investor for a Lifetime
6.4.3. Dream 3: Long-Term Investment Horizons
6.4.4. Dream 4: Serving Long-Term Investors
6.4.5. Dream 5: Putting Fund Investors in the Driver's Seat
6.5. Of, By, and For the Shareholder
7. Too Much Management, Not Enough Leadership
7.1. Building a Great Organization
7.1.1. Rule 1: Make Caring the Soul of the Organization
7.1.2. Rule 2: Forget about Employees
7.1.3. Rule 3: Set High Standards and Values—and Stick to Them
7.1.4. Rule 4: Talk the Talk. Repeat the Values Endlessly
7.1.5. Rule 5: Walk the Walk. Actions Speak Louder than Words
7.1.6. Rule 6: Don't Overmanage
7.1.7. Rule 7: Recognize Individual Achievement
7.1.8. Rule 8: A Reminder—Loyalty Is a Two-Way Street
7.1.9. Rule 9: Lead and Manage for the Long Term
7.1.10. Rule 10: Press On, Regardless
7.2. The Superior Company
7.3. Values and Profits
7.4. The Gale of Creative Destruction
III. LIFE
8. Too Much Focus on Things, Not Enough Focus on Commitment
8.1. Boldness, Commitment, and Providence
8.2. Commitment to Family and Community
8.3. The Commitment to Citizenship
9. Too Many Twenty-First-Century Values, Not Enough Eighteenth-Century Values
9.1. The Age of Reason
9.2. The Prototypical Eighteenth-Century Man
9.3. Entrepreneurs and Capitalists
9.4. The Impartial Spectator
9.5. "The Moral History of U.S. Business"
9.6. A Merchant and a Man
9.7. Returning Stewardship to Capitalism
9.8. On Virtue
10. Too Much "Success," Not Enough Character
10.1. Flawed Measures of Wealth . . .
10.2. . . . and of Fame and Power
10.3. The Means, Not the End
10.4. A Special Burden
10.5. Competition for What?
10.6. "Without Character and Courage, Nothing Else Lasts"
10.7. Wondering about the Rabbit We Chase
IV. WRAPPING UP: WHAT'S ENOUGH?
11. What's Enough For Me? For You? For America?
11.1. Enough for Me?
11.2. Enough for You?
11.3. Enough for America?
11.4. My Own Exciting Odyssey
Afterword: A Personal Note about My Career
Acknowledgments
Notes
The Great Seduction
Introduction
Chapter 1 Too Much Cost, Not Enough Value
Chapter 2 Too Much Speculation, Not Enough Investment
Chapter 3 Too Much Complexity, Not Enough Simplicity
Chapter 4 Too Much Counting, Not Enough Trust
Chapter 5 Too Much Business Conduct, Not Enough Professional Conduct
Chapter 6 Too Much Salesmanship, Not Enough Stewardship
Chapter 7 Too Much Management, Not Enough Leadership
Chapter 8 Too Much Focus on Things, Not Enough Focus on Commitment
Chapter 9 Too Many Twenty-First-Century Values, Not Enough Eighteenth-Century Values
Chapter 10 Too Much "Success," Not Enough Character
What's Enough For Me? For You? For America?
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Part III. LIFE
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