Praise for THE CLASH OF THE CULTURES

"Jack Bogle is brilliant and persuasive, and his ability to get to the heart of complex issues is one of his greatest gifts. ... I have come to appreciate his unique ability to speak to investors in a language that is accessible, lyrical and yet also bracing. He points out with clarity the inherent conflicts present throughout our financial markets, most notably between the investor's interests and those of many financial professionals. ... The entire financial services industry should be glad that Bogle is merely an expert witness, and not the judge and jury as well."

--From the Foreword by ARTHUR LEVITT

"A calm yet impassioned call to financial arms. A trading and speculation culture has taken over on Wall Street, pushing aside the traditions that underpin sensible investing. John Bogle speaks with great credibility and deep experience--explaining in meticulous detail exactly how powerful insiders gain and you lose. Listen to him carefully and act to protect your family's financial future."

--SIMON JOHNSON, Professor, MIT Sloan School of Management, coauthor, White House Burning

"The Clash of the Cultures argues convincingly the merits of investing over speculating. Bogle's 'Stewardship Quotient' methodology helps to identify fiduciaries that value stewardship over salesmanship, an all too often mutual fund industry failure. Finally, I like his '10 Simple Rules for Investment Success, ' which are logical but seldom followed. Well done!"

--ROBERT L. RODRIGUEZ, CFA, Managing Partner and CEO, First Pacific Advisors

"This is vintage Bogle--a hard-hitting, no-holds-barred jeremiad showing how the culture of speculation has too often superseded the culture of long-term investing. Jack's fans will benefit particularly from his 10 simple rules comprising an optimal investment strategy for the years ahead."

--Professor BURTON MALKIEL, bestselling author of A Random Walk Down Wall Street, Tenth Edition

During the course of his sixty-one year career, mutual fund pioneer and Vanguard Group founder John C. Bogle has seen enormous expansion and remarkable change in the financial sector of the U.S. economy. In his tenth book, The Clash of the Cultures: Investment vs. Speculation, he brings his considerable wisdom and experience to bear on the most troubling developments of the recent era--the crowding out of long-term investment by short-term speculation.

During Bogle's career in the investment profession, he's witnessed a change in the very nature of our financial system, and not for the better. Our aggressive culture of destructive and costly speculation has come to dominate the earlier prudent culture of investment. To the detriment of our society, the idea of stewardship has gotten lost in the shuffle, replaced by salesmanship and innovations that have ill-served investors.

Far more than being a mere eyewitness to the last six decades of financial history, Bogle has been one of its most active participants. The many first-hand experiences he recounts include the creation of the first index fund and the creation of the first exchange-traded fund; and his critical role in the rise, the fall, and the renaissance of Wellington Fund, a real-world case study of the clash between investment and speculation. He sheds new light on the dramatic change in the culture of the mutual fund industry, the multiple ways in which speculation has invaded our retirement system, and the need for a federal standard of fiduciary duty.

Insightful and instructive, the book paints an alarming picture of how the financial world has moved away from a culture focused on value-adding long-term investment towards a value-destroying culture of rampant speculation--and the inevitable clash of these two cultures brought about by this transformation. Bogle concludes his book by outlining ten simple investment rules to help investors avoid the many hazards of investing and, by focusing on simplicity and economy, to meet their investment goals.

Recommended Reading by Warren Buffet in his March 2013 Letter to Shareholders

How speculation has come to dominate investment--a hard-hitting look from the creator of the first index fund.

Over the course of his sixty-year career in the mutual fund industry, Vanguard Group founder John C. Bogle has witnessed a massive shift in the culture of the financial sector. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. Mr. Bogle has not been merely an eye-witness to these changes, but one of the financial sector's most active participants. In The Clash of the Cultures, he urges a return to the common sense principles of long-term investing.

Provocative and refreshingly candid, this book discusses Mr. Bogle's views on the changing culture in the mutual fund industry, how speculation has invaded our national retirement system, the failure of our institutional money managers to effectively participate in corporate governance, and the need for a federal standard of fiduciary duty.

Mr. Bogle recounts the history of the index mutual fund, how he created it, and how exchange-traded index funds have altered its original concept of long-term investing. He also presents a first-hand history of Wellington Fund, a real-world case study on the success of investment and the failure of speculation. The book concludes with ten simple rules that will help investors meet their financial goals. Here, he presents a common sense strategy that "may not be the best strategy ever devised. But the number of strategies that are worse is infinite."

The Clash of the Cultures: Investment vs. Speculation completes the trilogy of best-selling books, beginning with Bogle on Investing: The First 50 Years (2001) and Don't Count on It! (2011)