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Book Summary
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Of 1,028 stock recommendations made by the typical brokerage firm during the first quarter of 2001 (the peak of the bull market), only 7 were "sell" recommendations.
The Battle for the Soul of Capitalism
No one is better suited to inform us about the financial system's shortcomings and the heinous abuses that have occurred in recent years than John Bogle, the founder and former CEO of the Vanguard mutual funds company, who has intimate knowledge of the financial industry's inner workings. Bogle has championed the restoration of integrity in industry processes for more than fifty years as a fervent advocate for the little investor. As a keen observer and analyst, he understands that a reliable business and financial complex is critical to America's global leadership and domestic social and economic advancement.
This book relates not just the tale of what went wrong, but also the story of why we lost our path and how we might get back on track. Bogle advocates for a return to a governance framework in which risked capital is invested in the interests of the owners rather than corporate and financial management. Given the concentration of ownership in the hands of a few major mutual and pension funds, the particular reforms outlined in this book are both necessary and possible. This well-informed book should be read by every investor, analyst, Wall Streeter, policymaker, and businessperson.
Of 1,028 stock recommendations made by the typical brokerage firm during the first quarter of 2001 (the peak of the bull market), only 7 were "sell" recommendations.
