The Exchange Traded Fund

Acknowledgments

Acknowledgments IN WRITING THIS BOOK, I have received incredibly wonderful support from the entire (three-person) staff of Bogle Financial Markets Research Center, the Vanguard- supported unit that began its formal activities at the beginning of 2000.

What Should I Do Now?

Chapter Eighteen What Should I Do Now? - Funny Money, Serious Money, and Investment Strategy DEEP DOWN, I REMAIN absolutely confident that the vast majority of American families will be well served by owning their equity holdings in an all-U.S.

The Relentless Rules of Humble Arithmetic

Chapter Seventeen “The Relentless Rules of Humble Arithmetic” - Reprise IF THE MESSAGE IN this book comes across as confident, please understand that it is little more than common sense. Even more, please understand that my confidence in the index fund is buttressed by the conclusions of many of the smartest, most experienced, most successful in- vestors in the United States including Warren Buffett, Charlie Munger, and Benjamin Graham, along with top academics and endowment managers—Nobel Laureates Paul Samuelson, William Sharpe, and Daniel Kahneman and Princeton’s Burton Malkiel, Yale’s David Swensen, Harvard’s Jack Meyer, and MIT’s Andrew Lo.

What Would Benjamin Graham Have Thought about Indexing?

Chapter Sixteen What Would Benjamin Graham Have Thought about Indexing? - A Confirmation from Mr. Buffett THE FIRST EDITION OF The Intelligent Investor was pub- lished in 1949. It was written by Benjamin Graham, the most respected money manager of the era, and coauthor (with David Dodd) of Security Analysis, a scholarly tome originally published in 1934.

The Exchange Traded Fund

Chapter Fifteen The Exchange Traded Fund - A Trader to the Cause EVEN BEFORE THE RISE of the so-called new paradigm of fundamental indexing described in Chapter 14, traditional indexing was being challenged by a sort of wolf-in-sheep’s clothing, the exchange traded fund (ETF).