CONTENTS
FOREWORD: PAUL A. VOLCKER
INTRODUCTION: WILLIAM T. ALLEN
PREFACE
SOME WORDS OF APPRECIATION
Part I INVESTMENT STRATEGIES FOR THE INTELLIGENT INVESTOR
1 Investing in the New Millennium: The Bagel and the Doughnut
2 The Clash of the Cultures in Investing: Complexity vs. Simplicity
3 Equity Fund Selection: The Needle or the Haystack?
4 Risk and Risk Control in an Era of Confidence (or Is It Greed?)
5 Buy Stocks? No Way!
6 The Death Rattle of Indexing
7 25 Years of Indexing: When Active Managers Win, Who Loses?
8 Selecting Equity Mutual Funds
9 The Third Mutual Fund Industry
Part II TAKING ON THE MUTUAL FUND INDUSTRY
10 Mutual Funds: The Paradox of Light andDarkness
11 Economics 101: For Mutual Fund Investors For Mutual Fund Managers
12 Honing the Competitive Edge in Mutual Funds
13 Creating Shareholder Value: BY Mutual Funds or FOR Mutual Fund Shareholders?
14 The Silence of the Funds: Mutual Fund Investment Policies and Corporate Governance
15 Losing Our Way: Where Are the Independent Directors?
Part III ECONOMICS AND IDEALISM: THE VANGUARD EXPERIMENT
16 Vanguard—Child of Fortune
17 The Winds of Change: The Vanguard Experiment in Internalized Management
18 Deliverance
19 The Lengthened Shadow, Economics, and Idealism
20 On the Right Side of History
Part IV PERSONAL PERSPECTIVES
21 Changing the Mutual Fund Industry: The Hedgehogand the Fox
22 The Majesty of Simplicity
23 The Things by Which One Measures One’s Life
24 Telltale Hearts
25 Press On Regardless
Part V THE PRINCETON THESIS
The Economic Role of the Investment Company
INDEX
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