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Don't Count on It!: Reflections on Investment Illusions, by John C. Bogle

By John C. Bogle

Insights into making an investment and management from the founding father of the forefront Group

Throughout his mythical profession, John Bogle—founder of the forefront mutual fund staff and writer of the 1st index mutual fund—has helped traders construct wealth the appropriate means, whereas, whilst, major a tireless crusade to revive good judgment to the funding world.

A number of essays according to speeches brought to expert teams and school scholars in recent times, in Don't anticipate It is prepared round 8 themes
• phantasm as opposed to fact in investing
• Indexing to industry returns
• disasters of capitalism
• The wrong constitution of the mutual fund industry
• The spirit of entrepreneurship
• what's adequate in company, and in life
• suggestion to America's destiny leaders
• The unforgettable characters who've formed his career

Widely acclaimed for his position because the judgment of right and wrong of the mutual fund and a continuing suggest for person traders, in Don't expect It, Bogle keeps to motivate, whereas pushing the mutual fund to degree as much as their promise.

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Extra resources for Don't Count on It!: Reflections on Investment Illusions, Capitalism, "Mutual" Funds, Indexing, Entrepreneurship, Idealism, and Heroes

Example text

At the very least this illusion will be a major obstacle keeping you from learning how to perceive market action from an objective perspective. Otherwise, if you continually filter market information in such a way as to confirm this belief, learning to be objective won't be a concern because you probably won't have any money left to trade with. 42 CHAPTER 5 Prices Are in Perpetual Motion with No Defined Beginning or Ending The markets are always in motion; they never stop, only pause. As long as there are traders who, for whatever reasons, are willing to buy higher than the last price and, as a result, bid the price up, or traders willing to sell for less than the last price and offer the marker lower, prices will remain in perpetual motion.

Your plan either works or it doesn't; you either have the ability to execute your plan or you don't. In any case, it is your plan and your ability to follow it and, therefore, it is difficult to shift responsibility and lay the blame somewhere else if things don't work out. Now, when a trader doesn't understand market behavior well enough to know what he is going to do and under what market conditions he is going to do it—but if at the same time, he is very attracted to the action and the opportunities he knows exist and if he is also impatient with the learning process—his impatience and attraction will make him feel compelled to do something, even if he doesn't know what he should do.

What specific issues or combination of them come into play in each trade will depend on whether you are in a winning or losing position. Since, all of us seem instinctively to avoid confronting any issue that could cause pain, such as getting out of a winning trade too soon or having to admit we were wrong to get out of a loser, the easiest way out of a situation like this is to convince ourselves (indulge ourselves in the illusion) we are in a winning trade that will never end or gather all the evidence possible to suggest that we really aren't in a losing trade.

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