His arguments that most mutual funds underperform their respective index is convincing. This coupled with the difficulty of picking the managers that will outperform the index over the long term in advance, has convinced me that only by investing in the index can you guarantee that you will be investing in one of the leading funds.
The other 3 sections while interesting are more ruminations from Bogle about life, business and the stock markets. Interesting but not world changing. In fact I suspect that most people would be better off buying "Common Sense on Mutual Funds" by Bogle.
I would heartily recommned this book to anyone who wishes to be convinced that they can maximise their return, while avoiding the risk of underperformance by investing in index funds.
It is especially interesting to read John Bogle's speeches delivered from 1-25 years ago and compare his predictions of the future to what has actually occurred. Comparisons to the market of today can then be made.
For example, in a speech given a year following the "great stock market crash of October 19, 1987", John Bogle on p.68 related his analysis of why the market downturn occurred, including these two reasons: (1) stock prices too high (p/e ratios hitting 23 for the S&P 500 index in 1987); (2) some deterioration in the economic outlook, with no progress being made to reduce the Federal buget defict and a whiff of inflation. Sound anything like 2000 and 2001?
A more recent speech included in the book, from January 2000, predicting that the market's heady optimism will depart and leave stock market returns of 5.2% or so over the next decade. As John Bogle readily admits, however, anything can happen in the stock market.
There are many sections which detail the evolution of, and triumph of, passive indexing over active management. Other speeches provide a historical overview of the founding of Vanguard and its rise over the last 25 years.
Business leaders will find inspiration from several speeches delivered with a more personal note, in which he provides perspectives on the need for persistence, the need for lifelong learning, and the desire to build meaning into life through devotion to commitments to others. Very moving is his speech following his receipt of a transplanted heart.
More recent speeches by John Bogle, which give you a sense of what can be found in this book (but not the added value of looking at speeches from years past and comparing predictions made to what has actually occurred), can be found at the Vanguard website. Look for the Bogle Financial Markets Research Center.
This is not the first book a reader interested in investing should tackle. That honor belongs to John Bogle's 2nd book, "Common Sense on Mutual Funds." Other books should follow, including, perhaps, those by Larry Swedroe, Burton Malkiel, and Bruce Temkin.
For those who have already read several books on investing, the speeches in this book provide added perspective and reinforcement regarding the role of passive indexing, the folly of trying to outperform the market over the long term, and the philosophical ideal of service to others through truth and fairness. For these readers I wholeheartedly recommend adding this book to your investment library.
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Yet, for all that, Bradley's approach to the heroes as though they were characters we all know has revealed a great deal about what Shakespeare has made those characters, and those who see the characters as complex and psychologically worth exploring identify a more significant aspect of Shakespeare's interest in humans and his art than do many of Bradley's opponents. Moreover, the detail of his examinations of the texts makes it possible to probe much with him, even if one continues to question or quarrel with him on the way (and he is not infrequently demonstrably wrong). Thus this remains a work of criticism which is inspirational and searching even if at times quite wrongheaded; and every serious reader of Shakespeare (including actors and directors) should read this book and own it. - Joost Daalder, Professor of English, Flinders University, South Australia
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"The Fifth Week" is divided into three sections: Jesuits of the Past; Jesuits of the Present; and Jesuits of the Future.
It was the first two sections which primarily attracted me to this book. Jesuits of the Past and Jesuits of the Present consist of brief biographies of Jesuit heroes. As a product of Jesuit education, I had heard many of these names, either in sketchy legends or on the nameplates of schools or buildings. This book put stories to these names.
The first and longest biography belongs, fittingly enough, to St. Ignatius of Loyola, founder of the Society. During a forced convalescence from battlefield wounds, a reading of the Lives of the Saints transformed this servant of the King of Spain into one of the most illustrious servants of the King of Heaven.
Other biographies bring the brightest stars in the Jesuit sky to life. St. Francis Xavier, after whom my College Church is named, was the great missionary who took the Faith to the Orient. St. Edmund Campion had to me been merely the patron of a building at college. From this book I learned that he was a 16th century Jesuit who trained in Prague before returning to his native England to minister to Catholics during the height of the Reformation persecution of the Church until his martyrdom in 1581.
Another interesting English Jesuit of the Reformation era was St. Nicholas Owen. St. Nicholas was a Jesuit brother who's main ministry was the building of priestly hideouts in the great houses of English Catholics until he was captured and tortured to death in 1606.
One of the most notable exemplars of the Jesuit charism is Matteo Ricci who followed in the footsteps of St. Francis Xavier in bringing the Gospel to the Orient. In keeping with the Jesuit theme of using all things to bring people to God, Matteo followed St. Paul's entreaty to be all things to all men. Immersing himself in Chinese culture and adopting Chinese dress, he obtained acceptance into the Chinese Imperial Court. From this position started a movement which in 50 years was to include 150,000 Chinese Catholics.
Among my favorite heroes are the North American Martyr, St. John de Breboeuf, and Peter DeSmet, the St. Louis based western missionary and patron the high school at which my son studied this book.
The explanation of the suppression of the Jesuits occurring in various places from 1759-1814 was a movement of which I had heard and read but which I did not understand until reading this book..
The Jesuits of the Past section concludes with the biography of Blessed Miguel Pro, "Jesuit Clown.". My family and I had first heard of Miguel Pro during a passing reference in a homily to "Viva Christo Rey-Long Live Christ the King!", his last words while facing a firing squad. His story was, actually, similar to that of St. Edmund Campion. Driven from his native Mexico by anticlerical persecutions, Pro studied in California, Spain, Nicaragua and Belgium. Sneaking back into Mexico after ordination, his skillful use of a series of disguises permitted him to minister to the faithful for 2 years during which he avoided capture by the authorities.
Section 2 highlights contemporary Jesuits. Daniel Lord used teaching, writing, theatre and social action to bring God to his people. World War II made heroes of Carl Hausman, a prisoner of the Japanese in the Philippines and Joseph O'Callahan, a chaplain aboard the U.S.S. Franklin during a devastating Kamikaze attack. Pierre Teilhard de Chardin was a paleontologist who brought the faith to the world of science.
Fr. O'Malley begins the transition from Section 2 to Section 3 by introducing the story of his own vocation.
Section 3 is the story of the Jesuits of the Future. An inquiry into the Society of today, the challenges of the world and obstacles to a religious vocation are viewed reflectively. The book concludes with the questions a man must confront in discerning whether he has a vocation to the priestly or religious life. The final pages are devoted to the practical steps one must take in order to explore the possibility of living the Jesuit life.
I began this book I with high expectations. At its conclusion my expectations were fulfilled. I recommend this book to anyone interested in the stories of Jesuit heroes as well as anyone who wants to understand what has attracted so many outstanding men of the past to the Society of Jesus and what continues to attract the Church leaders of tomorrow.
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An early Ally McBeal Show featured a case where Michael, a pig, gave up his life in order to donate his liver (or some organ) to the crass & orca fat Mrs. Goldstein. Instead of thanking the Doctor for life, she sued because she felt it beneath her to share an organ with a pig. Had Goldstein read The Hog Book, she might have requested Michael's heart as well. This animal's existential ability to accept itself and experience joy in living is a tall order that most humans cannot fill.
I see a sequel to this book - The Tao of Being a Hog, Living in the Now. In any case, I wish this author would turn his journalist's eye and writer's wit onto another subject quick. He's a pleasure to read.
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Great guide for current and future enlightened leaders and coaches. A seven step process that explains how to empower yourself to empower and retain your employees while maximizing bottom line results and have fun in the process. Written in a manner that engages both your heart and head resulting in a positively motivating and revitalizing experience.
Kent Black Principal Kent Black & Associates
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Major disciplines coverd include: phonetics, morphology, syntax, and semantics. Also included in this new addition are new chapters on second language acquisition and psycholinguistics.
One of the best features of this text is how well it is laid out. It is a pleasure to peruse and even study because of it's logical and user friendly format.
If you love anything about language- whether knowing it's origins, or what part of the mouth is used to create certain sounds, or how language changes over time and for what reasons, or a host of other curiosities, you will certainly enjoy the wealth of information within Contemporary Linguistics!
One thing in particular that I liked about the format of CL was the treatment of more advanced material (marked "Advanced") in each chapter. The "Advanced" sections augment the material in the rest of the chapter and are placed in logical sequence with the rest of the material instead of appearing in an appendix at the end of the chapter. For example, a section marked "advanced" on X' (read X-bar) Theory appears fairly early in the syntax chapter. Having some knowledge of X' Theory allows the reader to proceed to examine the rest of the material with the knowledge that there exists an intermediate level of structure between lexical categories (N, V, ...) and phrasal categories (NP, VP, ...).
Most chapters in CL are pretty well written and technical tools to treat linguistic phenomena are almost always introduced at the correct juncture. However, CL does not treat Innateness properly (why Innateness and arguments for and against Innateness), and has a weak chapter on semantics. The reader would do well to augment the material in CL by reading Pinker's "The Language Instinct" or Jackendoff's "Patterns in the Mind" for a non-technical introduction to some ideas in linguistics, as well as sections of De Swart's "Intro to Natural Language Semantics" to get an idea of how semantics is done. If the reader is interested in looking at language from a cognitive science perspective, she would also do well to read most of Gleitman et al's "An Invitation to Cognitive Science: Language".
All in all, CL provides a relatively painless initiation into linguistics and I highly recommend it.
His writing combines a deft mastery of mathematics with the ability to lay it out on the page so carefully that you'll wonder how you didn't think of the idea. His prose is simple, concise, and often, funny. Bogle is best in speeches and essays, this book combines a very well selected combination of both.
I read other investment literature, and I frequently see the articles and speeches in this book cited. Any interested observer of financial markets, investor wanting to keep from losing his shirt, or professional in the investment management industry would benefit from reading this book. I heartily recommend it!