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《文化的衝突》原版封面 巴菲特推薦
巴菲特推薦 · 即將開講

文化的衝突

The Clash of the Cultures

Jack Bogle

約翰·博格爾把金融業分成兩種文化：長期持有的投資，和短線進出的投機，他認為後者已經壓過了前者。書裡談高頻交易、衍生品、基金經理是否盡到受託責任、公司治理和退休體系，最後落到指數基金和給普通投資者的十條簡單規則。想弄清自己的錢在華爾街是怎麼被對待的，可以讀讀。

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他們怎麼說

  • 巴菲特2012 · 股東信

    推薦。

原書目錄

91 項
  1. Foreword
  2. About This Book
  3. Chapter 1: The Clash of the Cultures
  4. The Rise of Speculation
  5. High-Frequency Trading
  6. Mission Aborted
  7. Futures and Derivatives
  8. The Wall Street Casino
  9. How Speculation Overwhelmed Investment
  10. The Decline in Unit Transaction Costs
  11. Hedge Fund Managers and Other Speculators
  12. We Can’t Say We Weren’t Warned
  13. The Wisdom of John Maynard Keynes
  14. Speculation Will Crowd Out Investment
  15. Fixing the Social Contract
  16. Compensation Issues
  17. Creating Value versus Subtracting Value
  18. Restoring Balance in Our Investment Sector
  19. Tax Policies and Financial Transactions
  20. Develop Limits on Leverage, Transparency for Derivatives, and Stricter Punishments for Financial Crimes
  21. The Rules of the Game
  22. The Goal: Stewardship Capitalism
  23. Chapter 2: The Double-Agency Society and the Happy Conspiracy
  24. The Development of the Double-Agency Society
  25. Examining the Conflict
  26. Agency Costs and Managerial Behavior
  27. The Ownership Revolution
  28. Changing Leadership
  29. Renters and Owners
  30. The Creation of Corporate Value
  31. Time Horizons and the Sources of Investment Return
  32. “Short-Termism” and Managed Earnings
  33. The Failure of the Gatekeepers
  34. Conclusion
  35. Chapter 3: The Silence of the Funds
  36. Why Mutual Funds Are Passive Participants in Corporate Governance
  37. The Picture Begins to Change
  38. Reporting Proxy Votes
  39. Mobilizing Institutional Investors
  40. The Rights and Responsibilities of Ownership
  41. Acting Like Owners
  42. “The Proof of the Pudding”
  43. Executive Compensation
  44. How Did It Happen?
  45. The Ratchet Effect
  46. What’s to Be Done?
  47. Consider the Cost of Capital
  48. Slight Progress on Reform
  49. Corporate Political Contributions
  50. “The Procedures of Corporate Democracy”
  51. Chapter 4: The “Mutual” Fund Culture—Stewardship Gives Way to Salesmanship
  52. An Industry Changes
  53. Costs and Performance
  54. The Conglomeratization of the Mutual Fund Industry
  55. Chapter 5: Are Fund Managers True Fiduciaries?
  56. Enter Attorney General Spitzer
  57. Where Should Fund Investors Turn?
  58. A Challenge to Judgment
  59. The Stewardship Quotient
  60. Is the Fox in the Henhouse?
  61. Chapter 6: The Index Fund
  62. Part I
  63. Part II
  64. The Future of Index Funds
  65. Chapter 7: America’s Retirement System
  66. An Introductory Note
  67. The Inadequacy of Our National Savings
  68. “The Seven Deadly Sins”
  69. Our Retirement System Today
  70. The New Pension Plan
  71. What’s to Be Done?
  72. What Would an Ideal Retirement Plan System Look Like?
  73. Chapter 8: The Rise, the Fall, and the Renaissance of Wellington Fund
  74. Introduction
  75. Part I
  76. Part II
  77. Part III
  78. Part IV
  79. Chapter 9: Ten Simple Rules for Investors and a Warning for Speculators
  80. Summing Up
  81. Buy Broad Market Index Funds
  82. Wellington Fund and the Index Fund
  83. Reversion to the Mean (RTM) is a Virtual Certainty
  84. Ten Simple Rules for Investment Success
  85. Appendix I: Performance Ranking of Major Mutual Fund Managers–March 2012
  86. Appendix II: Annual Performance of Common Stock Funds versus S&P 500, 1945–1975
  87. Appendix III: Growth in Index Funds—Number and Assets, 1976–2012
  88. Appendix IV: Wellington Fund Record, 1929–2012
  89. Appendix V: Wellington Fund Equity Ratio and Risk Exposure (Beta), 1929–2012
  90. Appendix VI: Wellington Fund Performance versus Average Balanced Fund, 1929–2012
  91. Appendix VII: Wellington Fund Expense Ratios, 1966–2011

封面和目錄取自原書，中文簡介據原書前言和導言整理；推薦原話出處見“他們怎麼說”。這本書還沒開講，開講後會在這裡更新。