The Clash of the Cultures: Investment vs. Speculation[文化冲突：投资还是投机]

Howspeculationhascometodominateinvestment-ahard-hittinglookfromthecreatorofthefirstindexfund.Overthecourseofhissixty-yearcareerinthemutualfundindustry,VanguardGroupfounderJohnC.Boglehaswitnessedamassiveshiftinthecultureofthefinancialsector.Theprudent,value-addingcultureoflong-terminvestmenthasbeencrowdedoutbyanaggressive,value-destroyingcultureofshort-termspeculation.Mr.Boglehasnotbeenmerelyaneye-witnesstothesechanges,butoneofthefinancialsector'smostactiveparticipants.InTheClashoftheCultures,heurgesareturntothecommonsenseprinciplesoflong-terminvesting.Provocativeandrefreshinglycandid,thisbookdiscussesMr.Bogle'sviewsonthechangingcultureinthemutualfundindustry,howspeculationhasinvadedournationalretirementsystem,thefailureofourinstitutionalmoneymanagerstoeffectivelyparticipateincorporategovernance,andtheneedforafederalstandardoffiduciaryduty.Mr.Boglerecountsthehistoryoftheindexmutualfund,howhecreatedit,andhowexchange-tradedindexfundshavealtereditsoriginalconceptoflong-terminvesting.Healsopresentsafirst-handhistoryofWellingtonFund,areal-worldcasestudyonthesuccessofinvestmentandthefailureofspeculation.Thebookconcludeswithtensimplerulesthatwillhelpinvestorsmeettheirfinancialgoals.Here,hepresentsacommonsensestrategythat"maynotbethebeststrategyeverdevised.Butthenumberofstrategiesthatareworseisinfinite."TheClashoftheCultures:Investmentvs.Speculationcompletesthetrilogyofbest-sellingbooks,beginningwithBogleonInvesting:TheFirst50Years(2001)andDon'tCountonIt!(2011)