I read LOTS of books. And it’s funny – a lot of people are amazed at the number of books I read. I don’t think I read a lot – but many people I meet think I’m crazy about spending time reading books. Candidly, I feel that it’s a clear sign of the ‘dumbing down’ of America. People are ‘shamed’ into not reading – you should see the faces of people when I mention I read 3-5 books at a time and finish 100-150 books a year. “Don’t you have better things to do with your time?”
Candidly, I don’t. And you should be reading too – start with this timely and powerful tome.
You need to get Enough – True Measures of Money, Business and Life by John Bogle. Why? Let William Bernstein tell you:
“If you are wondering about the cause of the current market crisis, then you haven’t been reading enough of Jack Bogle.
Because he certainly knows not only where, but why and how. For decades Jack has been communicating his disquiet in previous books, speeches, and public testimony. Years from now, when historians and investors dissect the economic and market meltdowns of 2008, they’ll consult this slim, well-written volume.
In order to understand the intellectual and moral platform from which he surveys the economic wreckage, you need to know a little of his story. Bogle founded one of the world’s great investment companies, the Vanguard Group. Most men in his situation would have levered such success into a multi-billion-dollar net worth; instead, he “mutualized” Vanguard, converting it, in effect, into a nonprofit organization whose only goal was to benefit its fund holders. From an ethical perspective, Vanguard is the only “investment company” worthy of that name. (As opposed to most financial firms, which are in fact “marketing companies” whose main purpose is to milk unwitting investors of fees and commissions.)
The answer to the conundrum of 2008 lies in the book’s title, “Enough,” which is the punch line from a delightful Kurt Vonnegut/Joseph Heller story. Simply put, our nation has been suffering from decades of unchecked financial excess, for which we are now paying the piper: excess in investment company fees; excess in financial speculation masquerading as diversification and innovation; excess in the salaries of top executives; excess in salesmanship; and most importantly, excess in the role played by the financial industry in our national economy and national life.”
Go out today and get it – it will change how you think about business, your career, money and your life.
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I thought Linchpin was the most important book this year. It's only April and now we have another most important book of the year? Anyway, I am looking forward to reading this book. I have watched John Bogle over the years, mostly on Louis Rukeyser’s TV show, and he was always a breath of fresh air compared to most, if not all, of Wall Street. While Wall Street offers us high fees, mediocre returns, insider trading (like it doesn’t happen), and excessive pay for its members, we are left holding the short end of the stick. John Bogle has championed for the rest of us and I totally agree with the title of this book – “Enough.” If the government wants to spend more money on programs such as “TARP”, why not spend it on something more beneficial, such as buying each member of congress a copy of “Enough.” Perhaps then they’ll enact financial legislation that will benefit the entire county and not just themselves and Wall Street.
Mark – You caught me! You know how excited I get when I hit upon a powerful source of key information. I should rephrase the title: “The Most Important Financial Book You'll Buy This Year”. In fact, I'll do that right now! Thanks again!