Over the course of his sixty-year career in the mutual fund industry,
Vanguard Group founder John C. Bogle has witnessed a massive shift in
the culture of the financial sector. The prudent, value-adding culture of
long-term investment has been crowded out by an aggressive,
value-destroying culture of short-term speculation. Mr. Bogle has not
been merely an eye-witness to these changes, but one of the financial
sector’s most active participants. In The Clash of the Cultures, he urges a return to the common sense principles of long-term investing.