The Clash of the Cultures

Investment vs. Speculation

By: John C. Bogle

Business & Economics

over the course of his sixty-year career in the mutual fund industry, vanguard group founder john c. bogle has witnessed a massive shift in the culture of the financial sector. the prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. mr. bogle has not been merely an eye-witness to these changes, but one of...