If familiar by now, Bogle's ideas still remain powerful. Some parts, such as a 1971 address to his former colleagues at Wellington Management, will appeal only to a few dozen industry insiders. Yet because most of the material was written to be delivered orally, the book strikes a relaxed, conversational tone throughout. Bogle also makes his arguments graciously, as when he addressed a throng of individual investors at a convention in Florida last year. Yet he understands the gambler's impulse.
Life is short.
But not with all of your hard-earned resources. The book's most engaging moments come when Bogle looks ahead and tries to think through what returns investors in stocks might reasonably expect. That's especially true of his injunction to be wary of all market predictions, including his own, which he notes have proved wrong. What you won't find there is the original document that launched Bogle's career. Indeed, Bogle concludes the book with a sentimental journey that takes readers back to 1951 when he wrote his senior thesis at Princeton University.