Investment pioneer JOHN BOGLE on investment vs. speculation

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When our guest, JOHN BOGLE, founder of the mutual fund, Vanguard Group, first got into the financial business in 1951, the volume of the stock exchange averaged 1.8 million shares per day – he now sees shares traded easily at five billion daily. Bogle has seen what he calls a destructive and aggressive culture shift in the investment world, and thinks that ethical standards go by the wayside “when moral relativism replaces moral absolutism.” The Philadelphia region-based financial pioneer is returning to Radio Times to discuss his new book, which includes ten rules for investment success including, “Time is Your Friend, Impulse is Your Enemy,” “Buy Right and Hold Tight,” and “Beware of Fighting the Last War.” Bogle’s tenth book is, “The Clash of the Cultures: Investment vs. Speculation.”

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