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首页 *新书上架*保卫资本主义精神的战斗

*新书上架*保卫资本主义精神的战斗.pdf

*新书上架*保卫资本主义精神的战斗

九月虺
2010-01-15 0人阅读 举报 0 0 暂无简介

简介:本文档为《*新书上架*保卫资本主义精神的战斗pdf》,可适用于人文社科领域

PraiseforTheBattlefortheSoulofCapitalism“Agreat,readable,andimportantbookJackBoglegetsitrightinthishardhittingandentertaininganalysisofhowcorporateAmericanearlyderailedAmericancapitalismTherearefewheroesinthisbook,butawealthofcommonsensewisdomforinvestorstoprotectthemselvesandprofitfromBogle’sveryspecificsuggestions”ArthurLevitt,thChairmanoftheUSSecuritiesandExchangeCommission“Thisbookisagifttothereadingandinvestingpublicthatholdsalifetime’swisdomBogleuniquelyunderstandsmutualfundsandeveryoneneedstolistenwhenhewarnsofthedeceptionsthathaveplaguedtheindustryInvestorswillprofitiftheyfollowhissimplestraightforwardadvice”RobertAGMonks,authorofCorporateGovernance“JackBoglesaysexactlywhatneedstobesaid,andhedoesitwithgustoHeknowswhathe’stalkingabout,helovescapitalism,andheiseagertopunchoutthosewhowouldabusethesystemHistalesandlessonsshouldberequiredreadingforanybusinessleader,plustheyoffergreatinsightsforsmartinvestors”WalterIsaacson,PresidentoftheAspenInstitute“Overthepasthalfcentury,AmericancapitalismnearlylostitssoulOneofthefewwhonoticedwasJackBogleNow,forthefirsttime,hetellsthewholetaleasonlyJackBoglecan:justwhathappened,justhowithappened,andjusthowtofixitWritteninhistrademarkcompellingstyle,thisismandatoryreadingforanyonewithadollartoinvestoraninterestinthefutureofAmericancapitalism”WilliamBernstein,authorofTheBirthofPlenty“JackBoglehaswrittenabrilliantandinsightfulbookthathighlightsthemanywaysthatoureconomyhassufferedbecausemanagershaveplacedtheirowneconomicinterestsaheadofthoseofownersandinvestorsBogleoffersprescriptionsthat,ifenacted,willhelppreventarepeatofthescandalsthatwehavewitnessedoverthepastfiveyears”EliotSpitzer,AttorneyGeneralofNewYork“ThelowcostrevolutionJackBoglehasled,bothvocationallyandintellectually,hasimprovedthelivesofinvestorseverywhereSimplyput,capitalismhastoomanycharactersandnotenoughmenofcharacterWhenoneofthefewtellsusthatthesystemhelovesisailing,andhowhe’dfixit,wehadbestlisten”CliffAsness,PhD,ManagingandFoundingPrincipal,AQRCapitalManagement“JohnBogle,whomIregardastheconscienceofthemutualfundindustry,haswrittenaninsightfulbookwithgreathistoricalandcontemporaryperspectiveHisanalysisofwhathasgonewrongandwhatneedstobedoneshouldberequiredreadingforstudents,financialpractitioners,andofficialpolicymakers”HenryKaufman,PresidentofHenryKaufmanandCompanyInc“AwakeupcalltopolicymakersAnyonewhocaresaboutthefutureofAmericaneedstoreadthisbook”JackTreynor,PresidentofTreynorCapitalManagementInc“Thisisamustreadbookforanyoneinterestedinhowtorestorebadlyneededintegrity,andefficiency,toourcapitalmarkets”TheHonorablePeterGPeterson“JackBoglehasdonemoretoprotectcorporateshareholdersfrommountingabusesatthehandsofgreedyandnegligentCEOs,directors,andmoneymanagersthananyoneinAmericaThecasehemakeshereissopowerfulandwellreasonedthatourWashingtonpoliticianswillbehardpressedtoignoreit”MarioCuomo,ndGovernor,NewYorkState“JackBogle’sTheBattlefortheSoulofCapitalismisarguablythemostimportanttreatiseonthebubbleeraPolicymakers,investmentfiduciaries,andindividualinvestorsshouldreadandactuponBogle’sprescriptionsThestakesarehigh:ourcollectivefinancialsouls”SteveGalbraith,LimitedPartner,MaverickCapital“ThisisanimportantbookforthepostEnroneraInhischaracteristichardhittingstyle,oneofthelegendsofthemutualfundindustrypresentsaninsider’sviewofwhat’swrongwithcorporateAmericaandwhatcanbedonetoimproveit”BurtonGMalkiel,PrincetonUniversity“Bogledescribesthecontinuousstruggleforcontrolofourcapitalisticsystem,theoddsbeingheavilyinfavorofthemanagersIndividualinvestorsandbeneficiariesremainhelpless,intermediariesarepassiveorconflicted,andBoardsnotyeteffectiveYouoweittoyourselftoreadthisbookandreflectonhiscallforfurtherFederalinterventiontorestoresomebalance”IraMillstein,SeniorPartner,Weil,GotshalMangesLLP“Inthistourdeforce,BoglesubjectscorporateAmericatoaforcefulcritiqueKeeninsights,richexperience,andmoralcourageshinethroughoutAnyoneinterestedinourcorporatesystemshouldreadthisbook,andthosewhodowillneverseecorporateAmericathesameagain”LucianBebchuk,HarvardUniversity“TheAmericanwageearners’pensionand(k)savingsarenowamajorsourceofcapitalIncredibly,althoughthesourceofcapitalisdemocratized,wealthismoreconcentratedJackBoglefindsthiscontradictionunacceptableandinthisbookshowsushowtodemocratizetherewardsofcapitalism”RayCarey,authorofDemocraticCapitalism:TheWaytoaWorldofPeaceandPlenty“JohnBoglehasdonemoretohelpordinaryinvestorsthananyotherpersoninAmericatodayHecontinueshisbattleonbehalfofshareholderswiththisimpassionednewbookEveryinvestorandeverypolicymakershouldreadhisideasforreform”PeterFitzgerald,USSenatorforIllinois,–“JackBogle’sbrillianttourdeforceprovidesthefirstintegratedviewofhowoursystemofinvestingoftendestroysmorevaluethanitcreatesBogleclearlyunderstandshowthesystemworksandhowperversemotivationsareunderminingvaluecreationAlwaysapragmatic,heoffersworkableandpracticalsolutionsofhowtogetbackontrack”WilliamWGeorge,FormerChairmanandCEOofMedtronic,Inc“OnceagainJackBogleistheclearestandmostcourageousvoicepointingoutcriticalflawsinourgovernanceandfinancialsystembutalsoshowing,inconstructive,brilliantways,howtomakethetimelyrepairsThisbookpresentsarareblendoferudition,experience,andutilityItshouldberequiredreadingforCEOs,publicpolicyleaders,andMBAstudentsifnotallinformedinvestors”JeffreySonnenfeld,YaleUniversity“ThissuperbbookshouldbearequiredreadingforeverybusinessstudentincollegeLikeafinesurgeon,JackBogledissectswhatiswrongwiththecapitalmarketsfromaninvestor’sview,andatthesametimeprovidesawellreasonedcure”LynnTurner,FormerChiefAccountantoftheUSSecuritiesandExchangeCommission“Inhischaracteristicstyle,BogledeliversstrongmedicineforwhatailsourcapitalmarketsandcorporategovernanceframeworkNotallwillagreewitheverythingthathehaswritten,buttheywouldbewisetotakenote,ashismessageisresoundingandhisproposalsgototheheartofcrucialdebatesaboutmanagement,ownership,andvaluecreation”DevinWenig,President,BusinessDivisions,ReutersGroupTHEBATTLEFORTHESOULOFCAPITALISMJOHNCBOGLETHEBATTLEFORTHESOULOFCAPITALISMYALEUNIVERSITYPRESSNEWHAVENLONDONCopyright©byJohnCBogleAllrightsreservedThisbookmaynotbereproduced,inwholeorinpart,includingillustrations,inanyform(beyondthatcopyingpermittedbySectionsandoftheUSCopyrightLawandexceptbyreviewersforthepublicpress),withoutwrittenpermissionfromthepublishersDesignedbyMaryValenciaSetinITCGalliardtypebyIntegratedPublishingSolutionsPrintedintheUnitedStatesofAmericaTheLibraryofCongresshascatalogedthehardcovereditionasfollows:Bogle,JohnCThebattleforthesoulofcapitalismJohnCBoglepcmIncludesbibliographicalreferencesandindexISBN(alkpaper)CapitalismUnitedStatesCorporationsUnitedStatesInvestmentsUnitedStatesMutualfundsUnitedStatesITitleHBB��dcAcataloguerecordforthisbookisavailablefromtheBritishLibraryThepaperinthisbookmeetstheguidelinesforpermanenceanddurabilityoftheCommitteeonProductionGuidelinesforBookLongevityoftheCouncilonLibraryResourcesISBN:(pbk:alkpaper)ISBN:(pbk:alkpaper)TomytwelvegrandchildrenPeter,David,Rebecca,Sarah,Christina,Ashley,Andrew,Molly,Christopher,John,Alex,andBlairandtoalltheotherfineyoungcitizensoftheirgenerationMygenerationhasleftAmericawithmuchtobesetrightyouhavetheopportunityofalifetimetofixwhathasbeenbrokenHoldhighyouridealismandyourvaluesRememberalwaysthatevenonepersoncanmakeadifferenceAnddoyourpart“tobegintheworldanew”Ifthetrumpetgiveanuncertainsound,whoshallpreparehimselftothebattleSTPAUL,ICORINTHIANSThisaboveall:Tothineownselfbetrue,anditshallfollow,asthenighttheday,thoucans’tnotthenbefalsetoanymanWILLIAMSHAKESPEARE,HAMLETAprophetisnotwithouthonor,saveinhisowncountryMATTHEWWearenotafraidtofollowtruthwhereveritmaylead,nortotolerateanyerrorsolongasreasonisleftfreetocombatitTHOMASJEFFERSONSometimespeoplecallmeanidealistWell,thatisthewayIknowIamanAmericanAmericaistheonlyidealisticnationintheworldWOODROWWILSONCONTENTSForewordbytheHonorablePeterGPetersonixAcknowledgmentsxiIntroduction:CapitalismandAmericanSocietyxvPARTI:CORPORATEAMERICAWhatWentWronginCorporateAmerica“APathologicalMutation”WhyDidCorporateAmericaGoWrong“Somebody’sGottaKeepanEyeonTheseGeniuses”HowtoReturnCorporateAmericatoItsOwners:“OwnersoftheWorld,Unite!”PARTII:INVESTMENTAMERICAWhatWentWronginInvestmentAmericaKingKong,orMightyJoeYoungWhyDidInvestmentAmericaGoWrongTheMomentaryPrecisionofStockPricesVersustheEternalImportanceofIntrinsicValuesHowtoFixInvestmentAmerica:“CapitalismWithoutOwnersWillFail”PARTIII:MUTUALFUNDAMERICAWhatWentWronginMutualFundAmericaTheTriumphofSalesmanshipoverStewardshipWhyDidMutualFundAmericaGoWrong“LosingOurWay”HowtoFixMutualFundAmerica:“Organized,Operated,andManaged”forShareholdersPARTIV:CONCLUSIONAmericanCapitalismintheTwentyfirstCentury:“ToBegintheWorldAnew”NotesIndexCONTENTSviiiFOREWORDSome,particularlythosefromthefinancialservicesindustry,mightsaythatJackBogleiscantankerousPerhaps,butwenowknowthathadweheededhispersistentwarningsaboutatroubledfinancialsystemwemaywellhaveavoidedthestockmarketlossesandcorporatescandalswehavewitnessedinrecentyearsWenowknowthatonmanymattershewasrightandotherswerewrong“Cantankerous”simplymaybeahaplessattemptbysomewithintereststoprotecttodismissamanwhohasdonesomuchtoelevatethestandardsofconductinbusinessovertheyearsIndeed,ifcantankerous,heisfarmorethanthatHeisstraighttalking,straightthinkingHeistoughonallofus:corporateexecutives,boardmembers,andultimatelytheownersofequitiesButhealsotrieshardtobefairmindedHeisconcernedandcaringConcernedbecauseheknowsthatourcurrentaccountdeficitsareatunheardoflevelsnowrunningatastaggeringannualrateof$billionayearHeknowsthattheUnitedStatesisstarvedforsavingsandisoutsourcingourneedforcapitaltoforeignsourcesatrecklessanddysfunctionallevelsHeknowsthatforeigninvestorconfidenceand,ofcourse,domesticconfidence,intheintegrityofourcapitalmarketsiscrucialtothehealthofoureconomyTorestorethatintegrity,heknowsthatfundamentalreformsareneededinourcorporationsandourfinancialinstitutionsaswellItdidnottakethisbooktoconvincemeofallthisIgottoknowJackBogleverywellasamemberoftheConferenceBoardCommissiononPublicTrustandPrivateEnterprisethatJohnSnowandIcochairedalongwithanextraordinarygroupoftenotherrespectedAmericans*Jackwas*OtherdistinguishedmemberswereTIAACREF’sJohnHBiggsformercomptrollergeneralCharlesABowsherformerSECchairmanArthurLevitt,JrPeterMGilbertofthePennsylvaniaStateRetirementSystemIntel’sAndrewSGroveJohnsonandJohnson’sCEORalphSLarsenHarvardprofessorLynnSharpPaineformerUSsenatorWarrenBRudman,andtheHonorablePaulAVolckerafirmadvocateofdirectlyconfrontingthereallytoughissuessuchastheexpensingofstockoptions,theneedforanindependentchairman(asheputsitinthisbook,companiesneedbotha“bossofthebusiness”and“abossoftheboard”),executivecompensationbasedonlongtermoperatingperformance,trulyindependentcompensationandauditcommitteesthathavethewillandauthoritynotonlytohireandfireoutsideadvisersbutalsotoassurethemselvesthattheseadvisersarenotconflictedbyprovidingservices,suchasconsultingservicesbyauditingfirmswheretheirperceivedclientisnottheboardbutthemanagement,andonandonJackalsohasastylishpen(oneIwishIhad!)Heisararity,atleastwithinourindustryHeishighlyliterateWhoelsecouldquotesoeasilyandsorelevantlyfromthelikesofDemosthenes,EdwardGibbon,AlexanderHamilton,ThomasJefferson,andOscarWildeHiswritingisalsomemorableJackhasaknackforthecolorfulheadlinethathelpsthereaderunderstandandremembertherelevantobservationorreform•Tomakethepointthatwehavetoofewlongterminvestors,heremindsusofhowwehavegonefroman“ownastock”toa“rentastockindustry”•Tocrystallizewhatwentwronghedescribesourdescentfrom“owners’capitalism”to“managers’capitalism”•Topunctuatethenotionthatmanyadvisershavebecometoobeholdentomanagementswhohirethemforfeesforrelatedservices,hequotesDescartes,“Amanisincapableofcomprehendinganyargumentthatinterfereswithhisrevenue”•Tosuggestthepossibilitythatinappropriatebehaviorinthemarketplacemayhavemetastasizedmorethanwemaywishtoacknowledge,heraisestheprovocativequestion,“Badapplesorbadbarrel”•Todecrythestateofaffairsinthemutualfundindustry,hesaysthatthesefundshavegonefromthe“stewardshipofshareholderinvestmentstothesalesmanshipofassetgathering”HerigorouslydefinestheproblemsHeclearlyoutlinestheneededreformsThisisamustreadbookforanyoneinterestedinhowtorestorebadlyneededintegrity,andefficiency,toourcapitalmarketsTHEHONORABLEPETERGPETERSONFOREWORDxACKNOWLEDGMENTSItisnoaccidentthatthisbookbeginswithaninitialepigraphthatbothincorporatesthewordbattlethatbeginsthebook’stitleandwarnsthereaderthatthetrumpetthatIsoundwillbecertainInanageoftemporizing,thisisabookwithaclearpointofview:capitalismhasbeenmovinginthewrongdirectionWeneedtoreverseitscoursesothatthesystemisonceagainrunintheinterestofstockholderownersratherthanintheinterestofmanagersIfthisclearmessagemakesreadersincludingthemoversandshakersofAmericaseethingsanewway,TheBattlefortheSoulofCapitalismwillhaveaccomplisheditspurposeTheissuesgofarbeyondtheimportanceofreturningcapitalismtoitsownersOnceempowered,theownersthemselvesmustbebothmotivatedtoexercisetheirrightsofcorporatecitizenshipandrequiredtoobservetheirresponsibilitiesasgoodcorporatecitizensThiswillbenosmalltask,for,inaseachangethathasbeenlargelyunrecognized,wehavemovedfrombeingasocietyinwhichstockownershipwashelddirectlybyindividualinvestorstooneoverwhelminglyconstitutedbyinvestmentintermediarieswhoholdindirectownershiponbehalfofthebeneficiariestheyrepresentOursocietytoday,then,isnolongeran“ownershipsociety”Ithasbecomean“intermediationsociety,”anditisnotgoingbackIntheideal,ifweallworklongenoughandhardenoughatthetask,itwillbecomea“fiduciarysociety,”oneinwhichthecitizeninvestorsofAmericawillatlastreceivethefairshaketheyhavealwaysdeservedfromourcorporations,ourinvestmentmarkets,andourmutualfundindustryPublic,private,andindividualretirementsavingsarethebackboneofourfinancialsystem,butourintermediariesconsumefartoolargeaportionofwhateverreturnsourfinancialmarketsaregenerousenoughtoprovide,withfartoosmallaportiongoingtothelastlineinvestorswhoputupallofthecapitalandassumealloftherisksGiventhecontentiousnatureoftheseissues,thepowerfuleconomicinterestsoftheoligarchs,andtheurgentneedtofaceuptothechangingworldofcapitalism,itisremarkablethatsolittlepublicdiscourseexistsonmostoftheissuestackledinthisbook(Notableexceptionswouldbetheresponsibilitiesofcorporatedirectors,theSarbanesOxleyAct,andthereformofSocialSecurity,whichhavebeenwidelydiscussed)Butintheinvestmentcommunity,Ihaveseennodefenseoftheinadequatereturnsdeliveredbymutualfundsnoroftheindustry’sarchaicandbizarrestructurenoattemptbyinstitutionstoexplainwhytherightsofownershipthatonewouldthinkareimplicitinholdingsharesofstockremainlargelyunexercisednoseriouscriticismofthevirtuallyunrecognizedturnawayfromtheonceconventionalandpervasiveinvestmentstrategiesthatreliedonthewisdomoflongterminvestingtowardstrategiesthatincreasinglyrelyonthefollyofshorttermspeculationIfmybookhelpstoopenthedoortotheanalysisandintrospectionbyourcorporateandfinancialleadersthatissolongoverdue,perhapstheneededchangeswillbehastenedThemanygraciousandgenerouscommentsthatIhavereceivedaboutTheBattlefortheSoulofCapitalismgivemehopethatchangeisonthewayIamgreatlyencouraged(andIconfesstobeingsomewhatstunned)bythepositiveopinionsofsomanythoughtfulandrespectedcitizensfromawiderangeofcareersandperspectives:•AcrossthepoliticalspectrumDemocratsMarioCuomoandEliotSpitzer,andRepublicansPeterFitzgeraldandPetePeterson•FromtheworldofinvestingeconomistHenryKaufman,investmenttheorypioneerJackTreynor,financialadviser(andneurologist)BillBernstein,equitystrategistSteveGalbraith,andhedgefundmanagerCliffAsness•FromtheworldofbusinessMedtronic’sBillGeorge,ADT’sRayCarey,andReuters’sDevinWenig•FromtheUSSecuritiesandExchangeCommissionformerchairmanArthurLevittandformerchiefaccountantLynnTurner•FromtheworldofacademePrinceton’sBurtonMalkiel,Yale’sJeffreySonnenfeld,andHarvard’sLucianBebchuk•Fromtheworldofpublicpolicy,AspenInstitute’sWalterIsaacson,legendarycorporateattorneyIraMillstein,andgovernancepioneerRobertMonksThesecategorizationsthemselvesareunfairlyconfiningForexample,thelistincludesfourteensuccessfulauthorsintheirownrightMessrsBebACKNOWLEDGMENTSxiichuk,Bernstein,Carey,Cuomo,George,Isaacson,Kaufman,Levitt,Malkiel,Millstein,Mo

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*新书上架*保卫资本主义精神的战斗

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