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 be...

Warren Buffett

For investors, the most valuable takeaway is his list of 10 simple rules of “Common Senses Investing.” According to Bogle, it “may not be the best strategy ever devised. But the number of strategies that are worse is infinite. One of my favorite lines from the book: “Where returns are concerned, time is your friend. But where costs are concerned, time is your enemy.” (Why? Because it can pretty much apply to all aspects of your life, not just investing.)