The Clash of the Cultures: Investment vs. SpeculationISBN: 978-1-118-12277-8
Hardcover
384 pages
August 2012
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Acknowledgments xiii
About This Book xv
Chapter 1 The Clash of the Cultures 1
Chapter 2 The Double-Agency Society and the Happy Conspiracy 29
Chapter 3 The Silence of the Funds: Why Mutual Funds Must Speak Out on the Governance of Our Nation’s Corporations 65
Chapter 4 The “Mutual” Fund Culture—Stewardship Gives Way to Salesmanship 103
Chapter 5 Are Fund Managers True Fiduciaries?: The “Stewardship Quotient” 139
Chapter 6 The Index Fund: The Rise of the Fortress of Long-Term Investing and Its Challenge
from Short-Term Speculation 167
Chapter 7 America’s Retirement System: Too Much Speculation, Too Little Investment 213
Chapter 8 The Rise, the Fall, and the Renaissance of Wellington Fund: A Case Study—Investment
Wins, Speculation Loses 251
Chapter 9 Ten Simple Rules for Investors and a Warning for Speculators 297
Appendix I: Performance Ranking of Major Mutual Fund Managers–March 2012 323
Appendix II: Annual Performance of Common Stock Funds versus S&P 500, 1945–1975 325
Appendix III: Growth in Index Funds—Number and Assets, 1976–2012 327
Appendix IV: Wellington Fund Record, 1929–2012 329
Appendix V: Wellington Fund Equity Ratio and Risk Exposure (Beta), 1929–2012 333
Appendix VI: Wellington Fund Performance versus Average Balanced Fund, 1929–2012 335
Appendix VII: Wellington Fund Expense Ratios, 1966–2011 337
Index 339
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-and- Stewardship: Lessons Learned from the Lost Culture of Wall Street (US $27.95)
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