Enough: True Measures of Money, Business, and Life

John Bogle puts our obsession with financial success in perspective

Throughout his legendary career, John C. Bogle-founder of the Vanguard Mutual Fund Group and creator of the first index mutual fund-has helped investors build wealth the right way and led a tireless campaign to restore common sense to the investment world. Along the way, he's seen how destructive an obsession with financial success can be. Now, with Enough., he puts this dilemma in perspective.

Inspired in large measure by the hundreds of lectures Bogle has delivered to professional groups and college students in recent years, Enough. seeks, paraphrasing Kurt Vonnegut, "to poison our minds with a little humanity." Page by page, Bogle thoughtfully considers what "enough" actually means as it relates to money, business, and life.

• Reveals Bogle's unparalleled insights on money and what we should consider as the true treasures in our lives
• Details the values we should emulate in our business and professional callings
• Contains thought-provoking life lessons regarding our individual roles in society

Written in a straightforward and accessible style, this unique book examines what it truly means to have "enough" in world increasingly focused on status and score-keeping.

Amazon.com Exclusive: William J. Bernstein on Enough

William Bernstein, Ph.D., M.D. is the critically acclaimed author, financial theorist and historian whose books include A Splendid Exchange: How Trade Shaped the World, The Birth of Plenty, The Four Pillars of Investing, and The Intelligent Asset Allocator. Bernstein is frequently quoted in national publications, including The Wall Street Journal, Barron's, Money, and Forbes.

<img align="left" border="0" src="http://g-ecx.images-amazon.com/images/G/01/books/promos/Bernstein_225.jpg" /> If you are wondering about the cause of the current market crisis, then you haven't been reading enough of Jack Bogle.

Because he certainly knows not only where, but why and how. For decades Jack has been communicating his disquiet in previous books, speeches, and public testimony. Years from now, when historians and investors dissect the economic and market meltdowns of 2008, they'll consult this slim, well-written volume.

In order to understand the intellectual and moral platform from which he surveys the economic wreckage, you need to know a little of his story. Bogle founded one of the world's great investment companies, the Vanguard Group. Most men in his situation would have levered such success into a multi-billion-dollar net worth; instead, he "mutualized" Vanguard, converting it, in effect, into a nonprofit organization whose only goal was to benefit its fund holders. From an ethical perspective, Vanguard is the only "investment company" worthy of that name. (As opposed to most financial firms, which are in fact "marketing companies" whose main purpose is to milk unwitting investors of fees and commissions.)

The answer to the conundrum of 2008 lies in the book’s title, "Enough," which is the punch line from a delightful Kurt Vonnegut/Joseph Heller story. Simply put, our nation has been suffering from decades of unchecked financial excess, for which we are now paying the piper: excess in investment company fees; excess in financial speculation masquerading as diversification and innovation; excess in the salaries of top executives; excess in salesmanship; and most importantly, excess in the role played by the financial industry in our national economy and national life.

Each of these excesses gets its own chapter, and each one is a tightly written gem. Chapters 2 and 3, which dissect out the frenzy of derivatives, structured vehicles, and layers of intermediation behind the recent collapse, alone justify the book's purchase price.

As Bogle states in the book's beginning, in the spring of 2007 the financial services sector--which, after all, produces nothing of substantive value--accounted for one-third of the earnings of the S&P 500. By the time you read this, this outsized influence will have shrunken drastically. Let Enough be your welcome to the brave new world; it will satisfy your curiosity, give you a sense of moral balance in this most materialistic of ages, and even plump up your investment portfolio.

--William J. Bernstein

Product Description

Written by John C. Bogle–the legendary founder of the Vanguard Mutual Fund–Enough. offers his unparalleled insights on money, the values we should emulate in our business and professional callings, and what we should consider as the true treasures in our lives. Inspired in large measure by the hundreds of lectures Bogle has delivered to professional groups and college students in recent years, this book will help you discover what it really means to have "enough" and how close you are to really having it.

First I am not in the index fund camp. But that does not deny the fact that this is certainly one of the greatest books I've read . ( Dr.Alexander Elder's book's for those who are not in Index fund/passive investing camp. Read my reviews about his book's as well).

Before I go on explaining the greatness of this book, here are few lines from Tom Peters,Author of (In Search of Excellence: Lessons from America's Best-Run Companies (Collins Business Essentials)). He treats "Enough: True Measures of Money, Business, and Life" as an all time master piece. Rightfully so. Snippets from his prologue ..

"I have now read it through four times"

"I have bent some 57 pages to return again and again"

"I have given away over 50 copies to friends and associates."

"I carry it with me as I travel from Angola to Abu Dhabi, China to Chicago"

"This book is matchless,perhaps life changing gem"

"Enough" is not a great finance book. It is not a great business book. It is a great book. Period.

I am not a gifted writer and thanks Peter for helping me here. Read this book. You will not be disappointed. I am re-reading the book for second time.

With some decent editing, this book could have been MUCH shorter and gotten the points across better.

THE GOOD: Lots of valuable info.

* Bogle makes it clear that (most of) the rest of the financial world is NOT looking out for your interests.

* Statistics are presented to backup his assertion that the fees and commissions charged by almost all mutual funds, financial advisors, etc. are destroying the value of your investments.

* Overall tone of the book about "what's enough" and how to responsibly proceed in life and business. Nothing particularly new here.

THE BAD: Continuous self aggrandizing - I mean it got tiresome.

* His way (Vanguard index funds) is the only sensible way to invest.

* Um, by the way, the Vanguard approach (while sensible) can really only be copied to

be considered acceptable by Bogle.

* He took less of a fee to invest your funds than his competitors (but obviously enough to make him richer than the vast majority of his investors). So ... why didn't he take even less of a cut?

THE UGLY: When the company you keep is Walmart...

Here's a direct quote from the book:

"In "The Value Profit Chain," three Harvard Business School professors described Vanguard as one of only two organizations (the other was Walmart) whose "remarkable accomplishments . . . were based on value profit chain concepts from the onset of their development ... (and) have risen to leadership positions in their respective industries."

I don't know about you, but if the success of my business depended on paying the lowest possible wages and benefits (eg, the company other than Vanguard), I wouldn't be bragging about it in a book.

After having read the financial philosophy of many, I have settled with John Bogle's philosophy for the long run. He is the best. His wisdom goes beyond dollars.

John Bogle, founder of Vanguard, creator of the Index Fund, and indubitably one of the true noble men in the financial industry, offers his personal insight on finance, investment, character, and life. Bogle has an incredible perspective considering the giant lack of integrity among his peers in the industry; the quality of his character can not be overstated. Bogle is both a true pioneer and a moral leader, always ensuring that he put the interests of his clients and investors well ahead of personal gains.

The book begins with an overview of what Bogle considers to be the core issues of today's financial and business sectors, predominantly the focus on risk and speculation, and lack of focus on value and professional conduct. As a solution he promotes a focus on value before profit, character before wealth, and substance over stature. As Bogle describes, "We'll be better human beings and achieve greater things if we challenge ourselves to create value - with personal wealth not as the goal but as the by product. Best of all, by setting that challenge to ourselves, we'll build the character that will sustain us in our labors."

Bogle transitions the book with an explanation of why he founded Vanguard, the firm widely renown for offering the lowest cost mutual funds available, as well as the his creation of the first index fund and the logic behind it. Bogle is an impressive success story, described in his own words as having "The stubbornness of an idealist and the soul of a street fighter." His life has been a focus on simplicity even in the face of dullness; his success a combination of practical ideas derived from Benjamin Graham and an exceptionally respectable desire to put value to clients before any personal gain. Vanguard's motto gives an idea of the type of man Bogle is: "Skill in what we do; imagination in what we create; integrity is what we produce; judgment in the goals we set for ourselves; courage in times of peril and good humor in adversity; and humility in accomplishment."

The conclusion of the book offers insight into Bogle's philosophy on life. Based on the notion that the ultimate defining elements of your life will be based on the accumulation of the things that you do, not those that you acquire, this section provides a deep sense of perspective. Best described in his own words, Bogle affirms, "Each one of us can profit by some moments of quiet introspection about whether our lives are driven far too much by the accumulation of things, and not nearly enough by the exercise of bold commitment to a worthy cause."

John Bogle represents the type of person we all hope epitomizes the successful business person; strong character with a commitment to value, honesty, and hard work. Had Bogle chosen to prioritize wealth there is little doubt he had the fortitude to be among the richest in the world, yet instead he created the world's largest no-load mutual fund company and enabled better retirement options for millions of people. If you seek to better understand the mindset of one of the most noble and successful financial people of our times, this book is essential reading.

To be fair, I am a big John Bogle fan. On the one hand, Bogle does an excellent job at pointing out the conflicts and excesses of business today - in addition to the respective consequences and prescribed solutions. On the otherhand, Bogle can't get "enough" of himself.

As a man of great success and experience, he provides plenty of insights on how individuals can live a fulfilling and successful life and contribute to a better world from his viewpoint (mainly from a business perspective). His approach is a nice blend of philosophy and pragmatism - with a strong dose of critique.

The only reason for not giving a 5-star rating is due to the constant references to himself, his own proper way of doing things, and the great invention he has "spawned" (his words describing the index fund). He makes reference to many individuals who have inspired him along the way, though most have passed on. This is reasonable, but he gives the impression that he stands alone in his greatness. Despite this observation, his contributions are great and he (and his message) is inspiring.