A weird mixture of personal narrative and straightforward advice.
A 1951 Princeton thesis and 25 lectures from the founder of the Vanguard Mutual Funds.
Bogle illustrates the tenets of his successful investing career in this collection, the first in the Great Ideas in Finance series. Three basic rules guide his work. First, investors should be aware of the costs of investing: since mutual funds charge an annual management fee that ranges from one percent of assets to over two percent, the difference of a percentage point compounded over many years adds up to a lot of money. Second, investors must be willing to invest for the long term: commissions on multiple trades and taxes on short-term gains eat away at profits. Third, investors should buy index funds (like Vanguard): index funds buy stocks in the same proportion as the S&P 500 or the Wilshire 500 indices and, with America growing perpetually, index funds will capture this increase. Index funds also have lower costs because of less required management and less trading. This advice—buy index funds, invest for the long term, and watch costs—is included in 24 of the 25 lectures. The one exception discusses organ donation: Bogle, the recipient of a heart transplant in 1995, writes of his experience and then tells the story of Nicholas Evans. A seven-year-old American boy, Evans died in Italy in 1995, and his family donated seven of his organs to Italian children—a story of American kindness in a dark hour. And Bogle’s college thesis (“The Economic Role of the Investment Company”), while it may have been cutting-edge in 1951, is rather quaint today.
A weird mixture of personal narrative and straightforward advice.Pub Date: Nov. 1, 2000
ISBN: 0-07-136438-2
Page Count: 480
Publisher: McGraw-Hill
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: Sept. 15, 2000
A timely, vividly realized reminder to slow down and harness the restorative wonders of serenity.
An exploration of the importance of clarity through calmness in an increasingly fast-paced world.
Austin-based speaker and strategist Holiday (Conspiracy: Peter Thiel, Hulk Hogan, Gawker, and the Anatomy of Intrigue, 2018, etc.) believes in downshifting one’s life and activities in order to fully grasp the wonder of stillness. He bolsters this theory with a wide array of perspectives—some based on ancient wisdom (one of the author’s specialties), others more modern—all with the intent to direct readers toward the essential importance of stillness and its “attainable path to enlightenment and excellence, greatness and happiness, performance as well as presence.” Readers will be encouraged by Holiday’s insistence that his methods are within anyone’s grasp. He acknowledges that this rare and coveted calm is already inside each of us, but it’s been worn down by the hustle of busy lives and distractions. Recognizing that this goal requires immense personal discipline, the author draws on the representational histories of John F. Kennedy, Buddha, Tiger Woods, Fred Rogers, Leonardo da Vinci, and many other creative thinkers and scholarly, scientific texts. These examples demonstrate how others have evolved past the noise of modern life and into the solitude of productive thought and cleansing tranquility. Holiday splits his accessible, empowering, and sporadically meandering narrative into a three-part “timeless trinity of mind, body, soul—the head, the heart, the human body.” He juxtaposes Stoic philosopher Seneca’s internal reflection and wisdom against Donald Trump’s egocentric existence, with much of his time spent “in his bathrobe, ranting about the news.” Holiday stresses that while contemporary life is filled with a dizzying variety of “competing priorities and beliefs,” the frenzy can be quelled and serenity maintained through a deliberative calming of the mind and body. The author shows how “stillness is what aims the arrow,” fostering focus, internal harmony, and the kind of holistic self-examination necessary for optimal contentment and mind-body centeredness. Throughout the narrative, he promotes that concept mindfully and convincingly.
A timely, vividly realized reminder to slow down and harness the restorative wonders of serenity.Pub Date: Oct. 1, 2019
ISBN: 978-0-525-53858-5
Page Count: 288
Publisher: Portfolio
Review Posted Online: July 20, 2019
Kirkus Reviews Issue: Aug. 15, 2019
Not only the definitive life, but a tour de force by a master.
One of history’s most prolific inventors receives his due from one of the world’s greatest biographers.
Pulitzer and National Book Award winner Morris (This Living Hand and Other Essays, 2012, etc.), who died this year, agrees that Thomas Edison (1847-1931) almost certainly said, “genius is one percent inspiration and ninety-nine percent perspiration,” and few readers of this outstanding biography will doubt that he was the quintessential workaholic. Raised in a middle-class Michigan family, Edison displayed an obsessive entrepreneurial spirit from childhood. As an adolescent, he ran a thriving business selling food and newspapers on a local railroad. Learning Morse code, he spent the Civil War as a telegrapher, impressing colleagues with his speed and superiors with his ability to improve the equipment. In 1870, he opened his own shop to produce inventions to order. By 1876, he had money to build a large laboratory in New Jersey, possibly the world’s first industrial research facility. Never a loner, Edison hired talented people to assist him. The dazzling results included the first commercially successful light bulb for which, Morris reminds readers, he invented the entire system: dynamo, wires, transformers, connections, and switches. Critics proclaim that Edison’s innovations (motion pictures, fluoroscope, rechargeable batteries, mimeograph, etc.) were merely improvements on others’ work, but this is mostly a matter of sour grapes. Alexander Graham Bell’s telephone was a clunky, short-range device until it added Edison’s carbon microphone. And his phonograph flabbergasted everyone. Humans had been making images long before Daguerre, but no one had ever reproduced sound. Morris rivetingly describes the personalities, business details, and practical uses of Edison’s inventions as well as the massive technical details of years of research and trial and error for both his triumphs and his failures. For no obvious reason, the author writes in reverse chronological order, beginning in 1920, with each of the seven following chapters backtracking a decade. It may not satisfy all readers, but it works.
Not only the definitive life, but a tour de force by a master.Pub Date: Oct. 22, 2019
ISBN: 978-0-8129-9311-0
Page Count: 800
Publisher: Random House
Review Posted Online: July 14, 2019
Kirkus Reviews Issue: Aug. 1, 2019
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