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Business Management Book Store > Business Management books beginning with E
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Enough: True Measures of Money, Business, and Life |
Author: John C. Bogle
Published: 2008-11-10 |
List price: $24.95
Our price: $16.47
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As of: September 06th, 2010 10:21:58 AM
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Customer comments on this selection.
 Tom Peters has 57 bent Pages. How many do you have?
First I am not in the index fund camp. But that does not deny the fact that this is certainly one of the greatest books I've read . ( Dr.Alexander Elder's book's for those who are not in Index fund/passive investing camp. Read my reviews about his book's as well).
Before I go on explaining the greatness of this book, here are few lines from Tom Peters,Author of (In Search of Excellence: Lessons from America's Best-Run Companies (Collins Business Essentials)). He treats "Enough: True Measures of Money, Business, and Life" as an all time master piece. Rightfully so. Snippets from his prologue ..
"I have now read it through four times"
"I have bent some 57 pages to return again and again"
"I have given away over 50 copies to friends and associates."
"I carry it with me as I travel from Angola to Abu Dhabi, China to Chicago"
"This book is matchless,perhaps life changing gem"
"Enough" is not a great finance book. It is not a great business book. It is a great book. Period.
I am not a gifted writer and thanks Peter for helping me here. Read this book. You will not be disappointed. I am re-reading the book for second time.
 More than enough
With some decent editing, this book could have been MUCH shorter and gotten the points across better.
THE GOOD: Lots of valuable info.
* Bogle makes it clear that (most of) the rest of the financial world is NOT looking out for your interests.
* Statistics are presented to backup his assertion that the fees and commissions charged by almost all mutual funds, financial advisors, etc. are destroying the value of your investments.
* Overall tone of the book about "what's enough" and how to responsibly proceed in life and business. Nothing particularly new here.
THE BAD: Continuous self aggrandizing - I mean it got tiresome.
* His way (Vanguard index funds) is the only sensible way to invest.
* Um, by the way, the Vanguard approach (while sensible) can really only be copied to
be considered acceptable by Bogle.
* He took less of a fee to invest your funds than his competitors (but obviously enough to make him richer than the vast majority of his investors). So ... why didn't he take even less of a cut?
THE UGLY: When the company you keep is Walmart...
Here's a direct quote from the book:
"In "The Value Profit Chain," three Harvard Business School professors described Vanguard as one of only two organizations (the other was Walmart) whose "remarkable accomplishments . . . were based on value profit chain concepts from the onset of their development ... (and) have risen to leadership positions in their respective industries."
I don't know about you, but if the success of my business depended on paying the lowest possible wages and benefits (eg, the company other than Vanguard), I wouldn't be bragging about it in a book.
Jim's review
After having read the financial philosophy of many, I have settled with John Bogle's philosophy for the long run. He is the best. His wisdom goes beyond dollars.
Character and Integrity at its Finest; Essential Reading on Finance
John Bogle, founder of Vanguard, creator of the Index Fund, and indubitably one of the true noble men in the financial industry, offers his personal insight on finance, investment, character, and life. Bogle has an incredible perspective considering the giant lack of integrity among his peers in the industry; the quality of his character can not be overstated. Bogle is both a true pioneer and a moral leader, always ensuring that he put the interests of his clients and investors well ahead of personal gains.
The book begins with an overview of what Bogle considers to be the core issues of today's financial and business sectors, predominantly the focus on risk and speculation, and lack of focus on value and professional conduct. As a solution he promotes a focus on value before profit, character before wealth, and substance over stature. As Bogle describes, "We'll be better human beings and achieve greater things if we challenge ourselves to create value - with personal wealth not as the goal but as the by product. Best of all, by setting that challenge to ourselves, we'll build the character that will sustain us in our labors."
Bogle transitions the book with an explanation of why he founded Vanguard, the firm widely renown for offering the lowest cost mutual funds available, as well as the his creation of the first index fund and the logic behind it. Bogle is an impressive success story, described in his own words as having "The stubbornness of an idealist and the soul of a street fighter." His life has been a focus on simplicity even in the face of dullness; his success a combination of practical ideas derived from Benjamin Graham and an exceptionally respectable desire to put value to clients before any personal gain. Vanguard's motto gives an idea of the type of man Bogle is: "Skill in what we do; imagination in what we create; integrity is what we produce; judgment in the goals we set for ourselves; courage in times of peril and good humor in adversity; and humility in accomplishment."
The conclusion of the book offers insight into Bogle's philosophy on life. Based on the notion that the ultimate defining elements of your life will be based on the accumulation of the things that you do, not those that you acquire, this section provides a deep sense of perspective. Best described in his own words, Bogle affirms, "Each one of us can profit by some moments of quiet introspection about whether our lives are driven far too much by the accumulation of things, and not nearly enough by the exercise of bold commitment to a worthy cause."
John Bogle represents the type of person we all hope epitomizes the successful business person; strong character with a commitment to value, honesty, and hard work. Had Bogle chosen to prioritize wealth there is little doubt he had the fortitude to be among the richest in the world, yet instead he created the world's largest no-load mutual fund company and enabled better retirement options for millions of people. If you seek to better understand the mindset of one of the most noble and successful financial people of our times, this book is essential reading.
Excellent, but Bogle can't get "enough" of himself
To be fair, I am a big John Bogle fan. On the one hand, Bogle does an excellent job at pointing out the conflicts and excesses of business today - in addition to the respective consequences and prescribed solutions. On the otherhand, Bogle can't get "enough" of himself.
As a man of great success and experience, he provides plenty of insights on how individuals can live a fulfilling and successful life and contribute to a better world from his viewpoint (mainly from a business perspective). His approach is a nice blend of philosophy and pragmatism - with a strong dose of critique.
The only reason for not giving a 5-star rating is due to the constant references to himself, his own proper way of doing things, and the great invention he has "spawned" (his words describing the index fund). He makes reference to many individuals who have inspired him along the way, though most have passed on. This is reasonable, but he gives the impression that he stands alone in his greatness. Despite this observation, his contributions are great and he (and his message) is inspiring.
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