About Stay the Course xiii
Foreword by Burton G. Malkiel xvii
Part I. The Story of Vanguard 1
Chapter 1 1974:The Prophecy 3
Chapter 2 1945–1965: The Background –Blair, Princeton, Fortune, and Wellington 9
Chapter 3 1965–1974:The “Go-Go” Era, the Aftermath, and the Formation of Vanguard 17
Chapter 4 The Index Fund Revolution: From Birth to Dominance 37
Chapter 5 1974–1981: A New Beginning 53
Chapter 6 1981–1991: Setting the Stage for Future Growth 75
Chapter 7 1991–1996: Preparing for a New Mutual Fund Industry 89
Chapter 8 1996–2006: The ETF Revolutionizes Indexing 107
Chapter 9 2006–2018: The Momentum Continues – Strategy Follows Structure 121
Chapter 10 Caring: The Founder’s Legacy 149
Part II. The Vanguard Funds 163
Chapter 11 Wellington Fund: Vanguard’s Alpha and Omega 165
Chapter 12 The Index Funds 177
Chapter 13 The Windsor Funds 187
Chapter 14 The PRIMECAP Funds 195
Chapter 15 The Bond Funds 205
Chapter 16 Problems and Perspectives 217
Part III. The Future of Investment Management 227
Chapter 17 The Fund Industry Becomes Mutual 229
Chapter 18 The Challenge to the S&P 500 Index Fund 241
Chapter 19 “The Financial Institutions Act of 2030” 249
Part IV. Personal Refl ections 255
Chapter 20 What Really Matters: A Memoir 257
Index 281
Books by John C. Bogle 293
JOHN C. BOGLE is the founder and former CEO of The Vanguard Group and the world's first index mutual fund. A graduate of Blair Academy and Princeton University, he has spent his entire career in the mutual fund industry67 years (and counting).
Stay the Course is Mr. Bogle's twelfth book, a string that began with Bogle on Mutual Funds (1993). Subsequent books include: Common Sense on Mutual Funds (1999, updated 2010), The Battle for the Soul of Capitalism (2005), Enough. (2008), and The Little Book of Common Sense Investing (2007) and its 10th Anniversary Edition (2017).
A prolific writer for the investment profession, Mr. Bogle has had 28 of his papers published in the The Financial Analysts Journal and The Journal of Portfolio Management. In 1998, CFA (Chartered Financial Analysts) Institute presented Bogle with its highest homage, the Award for Professional Excellence.
For his extraordinary lifetime achievements in serving investors, Bogle has received honorary doctorate degrees from 13 universities, including Princeton, Georgetown, Delaware, Villanova, and Trinity. In 2004, TIME magazine named him as one of "the world's 100 most influential people."
Despite a devastating setback in his career in 1974, and frequent serious health challenges (he received a heart transplant in 1996), John Bogle remains fully active in his career and with his familywife Eve, six children, twelve grandchildren, and (so far) six great-grandchildren.
His advice to his family is the same as his advice to investors, entrepreneurs, and readers of this book: "In good times and bad times alike, Stay the Course."
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