The Man in the Arena: Vanguard Founder John C. Bogle and His Lifelong Battle to Serve Investors First -- Copyright -- Contents -- Foreword -- Introduction -- Not the Most Popular Guy on Wall Street -- Innovations That Transform, Words for Reform -- The Bogle Legacy -- Part I: The John C. Bogle Legacy Forum-A Vision for Resorting Trust -- A Welcome from President William Jefferson Clinton -- Remarks from the Speakers' Dinner -- Welcoming Remarks -- Opening Remarks by John C. Bogle -- Chapter 1: Four Distinguished Panels -- First Panel: Simplicity and Low Cost in Investing: Is the Indexing Model the Way Forward? -- Burton Malkiel: The CMH Trumps the EMH -- Gus Sauter: The Index Fund Builder Who Followed the Architect's Designs -- David Swensen: A Great Money Manager Endorses Indexing -- Fund Investor Returns Lag Fund Reported Returns -- Roundtable Discussion -- Individual Investors Need the Tools to Make Intelligent Financial Decisions -- Second Panel: Executive Compensation and Good Corporate Governance -- Kenneth Feinberg -- Lynn Turner -- Roundtable Discussion-"CEOs Became Kings and Queens" -- Questions and Answers -- Reflections by John Bogle -- Third Panel: Fiduciary Duty: What is the Future? -- A Common-Law System of Fiduciary Duty -- T. Timothy Ryan -- David Ruder -- Brokers and Advisers-The Same Standard? -- Harvey Pitt -- Disclose the Conflicts? -- Roundtable Discussion -- Reflections by John Bogle-The Fiduciary Standard Should Also Apply to Institutional Money Managers -- Fourth Panel: Jack Bogle, the Communicator -- James Green: Setting the Stage -- Martin Fridson: Reflections on Bogle's Books -- Jeremy Duffield: The Right-Hand Man's Perspective -- Chapter 2: A Conversation with Paul Volcker and John C. Bogle -- Why Aren't There More Believers? -- Shaky Confidence-20 Percent Trust Their Government to Do the Right Thing.

Hedge Funds and the Volcker Rule -- "Liquidity Is the Last Refuge of the Scoundrel" -- The Financial Transaction Tax -- The Bond Market Index-Too Much in Treasurys? -- Defining the Bond Market -- Low Interest Rates: Great for Borrowers, Terrible for Lenders and Savers -- Deleveraging Is Necessary in Our Consumer Economy -- Would Co-Czars Help Restore Confidence? -- Is Financial Engineering Really "Engineering"? -- A Question from the Audience -- Facing Up to Our Long-Term Problems -- Part II: The Vanguard Vision -- Chapter 3: Character Counts-The Introduction -- Chapter 4: A Time to Dance -- Can We Not Control Our Circumstances? -- Chapter 5: The Power of an Idea: Reflections on Our 25th Anniversary -- Put the Shareholder in the Driver's Seat -- Stewardship-The One Great Idea -- Why Did the Job Fall to Vanguard? -- Twenty-Five Years Later-Tangible Results -- Making a Difference in the Marketplace -- Hold Fast to That Which Is Good -- Chapter 6: On Human Beings: Clients and Crew -- The Rise of the Bogleheads -- The Essentials: Integrity and Fair Dealing -- Turning Down New Business Can Show a Firm's Values -- A Fiduciary Society -- Shareholders Respond-In Droves -- More Shareholder Responses -- The Vanguard Crew -- Caring about the Institutions That Touch Our Lives -- The Award for Excellence: "Even One Person Can Make a Difference" -- Partnership: Sharing the Fruits of Our Labors -- Still a Utopian Vision -- Chapter 7: "Big Money in Boston" . . . The Commercialization of the "Mutual" Fund Industry -- "Big Money in Boston" -- The Princeton Thesis -- What the "Tiny but Contentious" Industry Looked Like in 1951 -- The Old Model-Stewardship . . . the New Model-Salesmanship -- The Stunning Growth of Mutual Fund Assets-1951 3 Billion -- 2013 13 Trillion -- Bond Funds Wax and Wane, and Wax Again.

The Sea Change in Equity Fund Management-Investment Committees to Portfolio Managers -- The Rise of Product Proliferation -- In 1951, Less Than 2 Funds Per Manager -- Now, 117 Funds -- Fund Managers: 400 Times As Much Money to Spend, But No 'Brute Evidence, That It Helps Fund Returns -- The Conglomeratization of the Fund Industry: "A Date Which Will Live in Infamy," Part I: April 7, 1958 -- The Conflicting Fiduciary Duties of Directors -- The Triumph of Indexing:"A Date Which Will Live in Infamy," Part II: December 31, 1975 -- The Triumph of Indexing -- The Moral History of U.S. Business -- "Puritan Boston and Quaker Philadelphia" -- The Importance of Industry Structure -- Quaker Thrift and Simplicity -- A Final Word from Adam Smith: "The Interest of the Consumer ... [Must Be] the Ultimate End and Object ... " -- Part III: The Index Fund Vision -- The Index Fund Revolution -- Joe Mansueto, Founder and CEO, Morningstar -- The Man Who Started It All -- Bogle Was Ready -- Off to a Bad Start -- The Proof Is in the Numbers -- Chapter 8: As the Index Fund Moves from Heresy to Dogma, What More Do We Need to Know? -- The Intellectual Basis for Indexing -- The Mathematical Expectation of the Speculator Is Less than Zero -- Nominal Dollars versus Real Dollars -- Two Schools of Indexing-Quantitative and Pragmatic -- Doing the Math -- How Vanguard Came to Start the First Index Mutual Fund -- In 1975, the 500 Index -- In 1991, the Total Stock Market Index -- Strong Returns Lead to Accelerating Asset Growth -- Brute Facts -- 1970-2000: Only 2 Percent of All Equity Funds Top the Index -- More Brute Facts -- High Returns Attract Large Dollars -- What Is the Intellectual Foundation for Active Management? -- Changing Times and Circumstances -- The Essence of Simplicity -- Vanguard's Actively Managed Funds Follow Index Principles -- A Great Idea Gone Awry.

"What Have They Done to My Song, Mom?" -- What More Do We Need to Know? -- Don't Forget Occam's Razor -- Accumulating 52 Percent of Your Potential Wealth: A Fair Shake? -- Chapter 9: "The Bogle Issue" of the Journal of Indexes -- The Editor's Note:"Tipping Our Hats" -- The Bogle Interview: Big Picture, Big Challenges-Vanguard 's Founder Talks about the Current Market Environment -- Over a Decade, a 7 Percent Annual Return Doubles the Value of an Investment -- Low Yields Mean Low Decade-Long Returns -- The Bogle Impact: A Roundtable-Colleagues and Friends Offer Their Thoughts -- His Deeds Are Even More Powerful Than His Words -- Too Negative on ETFs? -- Part IV: The Corporate Governance Vision -- Four Key Insights -- Nell Minow -- Investors Have an Inalienable Right to Proxy Access -- The Failure of Money Managers to Act in the Interest of Clients -- Excessive Executive Compensation -- Citizens United Puts the Onus on Corporate Shareholders -- Chapter 10: The Silence of the Funds: Why Mutual Funds Must Speak Out on the Governance of Our Nation's Corporations -- The Funds' Duties As Corporate Citizens -- A Flawed Prediction of Fund Activism -- Why Mutual Funds Are Passive Participants in Corporate Governance -- The (Evanescent) Federation of Long-Term Investors -- The Mutual Fund-A Corporate Shell -- Throwing Stones from Glass Houses? -- Passive Rubber Stamps for the Chairman's Agenda? -- The Picture Begins to Change -- Corporate Responsibility Issues -- Reporting Proxy Votes-The New York Times Op-Ed, December 2002 -- The Wall Street Journal Op-Ed, February 2003 -- Mobilizing Institutional Investors -- "Dragged Kicking and Screaming into the Fray" -- The Rights and Responsibilities of Ownership -- Acting Like Owners-Five Standards -- "Capitalism without Owners Will Fail" -- "Where Is the Proof of the Pudding".

A Report on the Voting Practices of the 26 Largest Fund Managers of Retirement Plans -- Index Funds Should Be Active in Their Voting Decisions -- Executive Compensation Has "Gotten Totally Out of Hand" -- Executive Stock Options-"Heads I Win, Tails You Lose" -- Compensation Consultants and the Ratchet Effect -- A Fundamentally Flawed Methodology -- What's to Be Done About Executive Compensation? -- Consider the Cost of Capital -- Slight Progress on Reform-The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 -- Corporate Political Contributions and the Flawed Citizens United Decision -- "The Procedures of Corporate Democracy" -- Chapter 11: What Went Wrong in Corporate America? -- Capitalism-A Brief Review -- Adam Smith's "Invisible Hand" -- From Virtuous Circle to Vicious Circle? -- Creating Wealth-for Management -- Examples That Prove the Point -- The Failure of the Gatekeepers -- Pressure on Public Accountants to Accede to Management's Demands -- The Mandate to the Board: Be Good Stewards of the Corporation's Property -- Words Versus Deeds at Enron -- Oh No, the Board Shouldn't Bear the Ultimate Responsibility -- Worshiping at the Altar of Ephemeral Stock Prices -- An Own-a-Stock Industry Becomes A Rent-a-Stock Industry -- Actions and Reactions-The Stock Market Up 100%, then Down 50% -- The Winners-Entrepreneurs, Corporate Executives, Wall Street Insiders -- The Losers-The Great American Public -- Fixing the Governance System -- A Swift Reaction -- Fixing the Investment System -- "Back to the Future"-Returning to a Culture of Stewardship -- Man's Better Nature, the Grandeur and Dignity of Our Character -- The Good Citizen Promotes the Welfare of His Fellow Citizens -- Part V: The Vision of Service to Society -- Chapter 12: Fiduciary Duty-No Man Can Serve Two Masters -- Fiduciary Duty-Eight Centuries of Common Law.

"A Shift from Moral Absolutism to Moral Relativism".