Common Sense on Mutual Funds: Key Takeaways That Still Hold Up
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
Investing
The Golden Rule at Vanguard: Crew, Partnership, and Shared Rewards
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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Treating Investors as Human Beings, Not Target Markets
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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Bogle on Leadership: Servant Leadership, Patience, and Courage
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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How John Bogle Built Vanguard After Getting Fired
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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Mutual vs Proprietary: Why Fund Ownership Structure Matters
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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Why Mutual Fund Directors Fail the Shareholders They Represent
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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Technology Changed Mutual Funds. Did It Help Investors?
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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The Mutual Fund Marketing Machine: 12b-1 Fees and the Asset Gathering Game
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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Fund Industry Principles: What Investors Need to Know and Aren't Told
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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Time: The Fourth Dimension of Investing and Why It Changes Everything
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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Taxes and Mutual Funds: The Cost Nobody Talks About
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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Fund Size Problems: Why Bigger Mutual Funds Aren't Better
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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Closet Indexing: When Fund Managers Pretend They're Different but Aren't
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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Reversion to the Mean: Why Fund Champions Always Fall Back to Earth
Common Sense on Mutual Funds | John C. Bogle | ISBN: 9780470597484
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Why You Can't Pick Winning Mutual Funds (And Nobody Else Can Either)
Common Sense on Mutual Funds by John C. Bogle (ISBN 9780470597484)
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Global Investing, Currency Risk, and Why Home Bias Makes Sense
Common Sense on Mutual Funds by John C. Bogle (ISBN 9780470597484)
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Bond Funds and Why Cost Matters More Than Manager Skill
Common Sense on Mutual Funds by John C. Bogle (ISBN 9780470597484)
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Equity Styles, Risk, and Why Cost Beats Skill Every Time
Common Sense on Mutual Funds by John C. Bogle (ISBN 9780470597484)
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Why Index Funds Beat Active Funds More Than You Think
Common Sense on Mutual Funds by John C. Bogle (ISBN 9780470597484)
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Indexing as a Long-Term Strategy: Why the S&P 500 Wins and Cost Is Everything
Common Sense on Mutual Funds by John C. Bogle (ISBN 9780470597484)
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Eight Rules for Simple Investing: Rules 4-8 and the Paradigm of Simplicity
Common Sense on Mutual Funds by John C. Bogle (ISBN 9780470597484)
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Bogle's Eight Rules of Simplicity: Low Cost, Advice, and Past Performance
We have more investment data than ever. Alpha, Sharpe ratios, behavioral finance, complexity theory. Has any of it made us better investors? Bogle’s answer in Chapter 4: no. We made the process more complicated. The fix is simplicity.
Asset Allocation and Why Costs Matter as Much as Your Stock/Bond Split
Asset allocation sounds fancy. Bogle reduces it to garden logic: different asset classes bloom in different seasons. You want to participate in the good seasons and survive the bad ones.
Occam's Razor: How Bogle Breaks Down Stock and Bond Returns
Chapter 2 asks a question most investors skip: where do returns actually come from? Bogle’s answer uses Occam’s Razor. The simplest explanation is usually correct. For stocks and bonds, that means three components. Not twenty.
Why Market Timing Fails and Bogle's Six Rules for Long-Term Success
Everybody talks about long-term investing. Nobody does anything about it. Bogle borrows that line (originally about weather) to open the second half of Chapter 1. The gap between what investors know and what they do is the whole story.
Chance the Gardener and Why Long-Term Investing Actually Works
Chapter 1 of Common Sense on Mutual Funds opens with a movie reference and ends with math that should change how you invest. Bogle uses Chance the gardener from Being There to explain something most investors forget: economies and markets have seasons.
Why Bogle's Common Sense on Mutual Funds Is Unlike Any Other Investing Book
Most investing books tell you what to buy. Bogle’s Common Sense on Mutual Funds tells you how the machine works, who profits from it, and why your returns depend on structure, not just stock picking.
Common Sense on Mutual Funds: Why Bogle's Book Still Matters
If you invest through mutual funds and you have not read John C. Bogle, you are flying blind with a full instrument panel. Common Sense on Mutual Funds is not a hot take. It is a full accounting of how the fund industry works, why most investors underperform, and what you can actually control.
Investing Psychology: Finishing Thoughts on Tim Richards' Masterpiece
We’ve spent the last two weeks retelling Tim Richards’ “Investing Psychology” (ISBN: 978-1-118-72219-0). It’s been a bracing, sometimes painful journey through the glitches of the human mind.
Wrapping Up Behavioral Finance by Burton and Shah - Final Thoughts
Twenty-five posts. That is what it took to retell this book. And honestly, when I started this series back on February 4th, I was not sure I would finish it. A post a day for almost a month is a lot. But here we are.
Behavioral Finance vs Efficient Markets - Who Actually Wins?
So after all the chapters, all the experiments, all the arguments back and forth, Burton and Shah finally ask the big question. Who wins? Is the market efficient or not? Time for a new theory entirely?
Investing Psychology Chapter 9: The Final Roundup
We’ve reached the end of the tour. In the final chapter of “Investing Psychology,” Tim Richards pulls back the curtain on the entire investment industry.
Experimental Economics and Market Bubbles in the Lab
Can you grow a stock market bubble inside a classroom? Not a metaphor. An actual bubble where prices rise above what everyone in the room knows the thing is worth?
Investing Psychology Chapter 8: Debunking the Money Myths
We’re nearing the end of Tim Richards’ “Investing Psychology.” In Chapter 8, he tackles the myths that keep us trapped in bad financial habits.
Investing Psychology Chapter 7: Building a Better Process
We’ve spent a lot of time dismantling our egos and exposing our biases. Now, in Chapter 7, Tim Richards gives us a toolkit to build something better. He calls it “Good Enough Investing.”
Neuroeconomics - Your Brain on Money Decisions
You know all those behavioral biases we talked about in earlier chapters? Loss aversion, status quo bias, overconfidence. The big question hanging over all of them is simple. Where do they come from? Are we born with them? Did we learn them from our parents and culture? Or is there something deeper going on inside our actual brains?
Investing Psychology Chapter 6: Proving Yourself Wrong (Part 2)
Continuing our look at Chapter 6. We know we need to look at the numbers. Now let’s look at the specific mental exercises that can save your portfolio.
Why Liquidity Matters More Than You Think
Try selling your house by tomorrow. Not in a month, not after listing it and staging it and waiting for offers. Tomorrow. For cash.
Investing Psychology Chapter 6: How to Fix Your Brain (Part 1)
We’ve spent the last five chapters talking about how biased we are. Now it’s time for the “how-to” part. How do we actually fix these mental glitches?
The Equity Premium Puzzle - Why Stocks Beat Bonds by So Much
Stocks make more money than bonds. Everyone knows that. But here’s the thing. They make way more money than bonds. And when economists tried to explain why the gap is so big, they couldn’t. Not with their standard models. Not even close.
Calendar Effects in the Stock Market - January, Weekends, and Holidays
What if I told you that the day of the week affects your stock returns? Or that one specific month is consistently better than the other eleven? Sounds like astrology for finance people, right?
Finishing Up: The Future of Private Capital
We’ve reached the end of our retelling of Cyril Demaria’s “Introduction to Private Equity, Debt and Real Assets.” It’s been quite a journey—from Christopher Columbus to multi-billion dollar mega-funds.
Investing Psychology Chapter 5: Hormones and Hedges (Part 2)
Picking up from Part 1 of Chapter 5. We know the institutions are playing a different game. Now let’s look at the actual humans running the show and why their biology might be messing with your money.
Investing Psychology Chapter 5: The Professional Magic Show (Part 1)
When we have a toothache, we go to a dentist. When we have a legal problem, we call a lawyer. So when we have money to invest, we go to a professional, right?
Part III: Trends or Buzzes? the Future of Private Markets
For a long time, private equity was a small, quiet industry that stayed below the radar. But those days are over. Today, it’s a global powerhouse, and that change is bringing some big questions.
Short-Term Momentum in Stocks - Why Winners Keep Winning
Every trader has said something like this at some point: “The stock has good fundamentals, it’s cheap, but the price action looks terrible. I’m going to wait.”
Chapter 5: It's All About the People
If you’ve ever bought a house, you know it’s a long, stressful process. You have to get an inspection, talk to the bank, and negotiate with the seller. Now imagine doing that for a multi-million dollar company.
Investing Psychology Chapter 4: Keeping Up With the Joneses (Part 2)
Picking up from Part 1 of Chapter 4. We know that groups are dangerous. Now let’s look at how the way information is “framed” changes how we spend our money.
Mean Reversion - Value vs Growth Stocks and the Overreaction Debate
Benjamin Graham is probably the most famous contrarian investor who ever lived. Together with David Dodd, he invented what we now call value investing. The whole idea is simple. Buy stocks that other people don’t like. Stocks with low prices compared to their earnings or book value. Cheap stocks. Unpopular stocks.
Chapter 4: Beyond Equity - Private Debt and Real Assets
Most people think of private equity as just owning a piece of a company. But the “private markets” universe is much bigger than that. It also includes two other major categories: Private Debt and Private Real Assets.
Fama-French and Predicting Stock Prices
In 1992 two economists published a paper that accidentally shook the foundations of modern finance. They did not mean to. They were actually trying to defend the system. But what they found in the data was so clear and so stubborn that it changed how everyone thought about stock prices.
Investing Psychology Chapter 4: The Danger of Groupthink (Part 1)
Humans are social animals. We evolved to survive in groups, and that means we have a deep-seated need to fit in. But in Chapter 4, Tim Richards explains that while “conforming” kept our ancestors alive, it’s making modern investors broke.
Chapter 4: The Universe of Investment
Private equity isn’t just one thing. It’s a whole universe that follows a company from its very first day until it’s a giant corporation.
Investing Psychology Chapter 3: Noise, News, and Networks (Part 2)
Continuing with Chapter 3 of “Investing Psychology.” We’re looking at all the weird external stuff that influences our money.
The Benefit of Growing Old
Experience actually helps with some biases. Research shows that older investors are less prone to the disposition effect (selling winners and holding losers).
The Illusions That Make Investors Overconfident
You ever played the Madden NFL video game? For years, EA Sports put a top player on the cover. And then something funny kept happening. The cover athlete would have a terrible next season. Injuries, bad stats, team losses. Fans started calling it the Madden Curse. Some players actively tried to avoid being on the cover.
Causality and Statistics Traps in Investing
Every day you make decisions based on past data. What to eat for breakfast. How to approach your boss with a question. You look at what happened before and try to predict what will happen next.
Chapter 3: The J-Curve - Why Things Get Worse Before They Get Better
If you ever invest in a private equity fund, don’t panic when you look at your statement after the first year. It’s probably going to show that you’ve lost money. This is what we call the J-Curve.
Investing Psychology Chapter 3: The Situation Trap (Part 1)
We like to think of ourselves as independent thinkers. The “American Dream” is built on the idea that you can do anything if you just try hard enough. But in Chapter 3, Tim Richards shows us that we’re heavily influenced by the situation we’re in, often without even knowing it.
Inertial Effects - Why Investors Hold on Too Long
People are sticky. Not physically. Mentally. We stick to whatever we already have, whatever is already happening, whatever is the default. And this stickiness costs investors real money every single day.
Investing Psychology Chapter 2: The Pain of Losing (Part 2)
Picking up from where we left off in Chapter 2. We’ve established that we’re all overconfident. Now let’s look at how that overconfidence turns into specific, expensive mistakes.
Part II: We Are All Private Market Investors (Sort Of)
Here’s a fun fact: you’re probably already an investor in private markets.
Even if you’ve never heard of a “General Partner,” if you have a pension fund or an insurance policy, your money is likely being funneled into private companies. Big institutions like banks and pension funds take the premiums we pay and invest them in non-listed companies to get better returns.
Chapter 2: Was Private Equity Actually a French Invention?
We usually think of the USA as the birthplace of modern finance. But when it comes to venture capital, the story has a very French twist.
Investing Psychology Chapter 2: You're Not as Smart as You Think (Part 1)
We all like to think we’re smart. If we didn’t think we were going to make money, we wouldn’t invest. But here’s a cold splash of water: 93% of American drivers think they’re “above average.” Mathematically, that’s impossible.
Perception Biases That Mess With Your Money Decisions
You know that feeling when you buy a stock right after seeing a scary headline, and then two weeks later you wonder what you were thinking? That’s a perception bias doing its work on your brain.
Chapter 1: The Heart of the Machine - The Entrepreneur
We’ve talked about history, but let’s get into the real engine of private equity: the entrepreneur.
Cyril Demaria makes one thing very clear: without entrepreneurs, private equity has no reason to exist. The entrepreneur is the one who takes a bunch of separate pieces—time, money, ideas—and turns them into something way bigger than the sum of its parts.
Investing Psychology Chapter 1: The Illusion of Control (Part 2)
Continuing our deep dive into Chapter 1 of Tim Richards’ “Investing Psychology.” Last time, we talked about how our senses lie. Today, we’re looking at why we think we’re in charge when we definitely aren’t.
Prospect Theory - Why Losing Hurts More Than Winning Feels Good
You know that feeling when you lose a $20 bill on the street? It ruins your whole afternoon. But finding $20 on the street? Nice, sure. You smile for maybe five minutes and forget about it.
Chapter 1: From Explorers to Entrepreneurs
We saw how Christopher Columbus was basically a 15th-century startup founder. But for private equity to become a real industry, something big had to change. We needed a shift from “kings and queens” to “partners and contracts.”
Investing Psychology Chapter 1: Why Your Senses Lie to You (Part 1)
Wandering around the average investor’s mind is like taking a tour of Wonderland with the White Rabbit. Most of what we think is true is actually false.
The Myth of the Rational Investor
Economics has a favorite character. The Rational Man. He always knows what he wants. He always picks the best option. He never panics, never gets confused, never makes a dumb choice because he’s tired or emotional.
Chapter 1: Christopher Columbus Was the First VC
If you think venture capital is a modern invention from Silicon Valley, think again. It’s actually hundreds of years old. In fact, Cyril Demaria argues that Christopher Columbus was one of the first great venture capitalists.
Investing Psychology: A Journey Into the Investor's Mind
I’ve spent over 20 years in IT and a lot of time looking at charts and numbers. One thing I’ve learned is that the math is often the easy part. The hard part is the gray matter between your ears.
Technical Traders and Herd Behavior in Markets
You ever watch financial news and hear someone say “the market broke through resistance” or “the market looks tired”? These phrases sound like the market is some living creature with feelings. And if you come from a science background, your first reaction is probably: what does that even mean?
Introduction to PE Part 5: Why We Get Private Equity Wrong
Because it’s so hard to get good data on private equity, people start taking shortcuts. And those shortcuts lead to some big mistakes.
Noise Trading Feedback Models - When Traders Feed Off Each Other
Remember the dot-com bubble? Companies with zero profit, sometimes zero revenue, trading at insane valuations. Analysts invented new ways to justify the prices. “Forget earnings, count the eyeballs!” And for a while, it worked.
Introduction to PE Part 4: The Business of Data in Private Markets
I already talked about why private companies are so secretive. But there’s a whole industry built on trying to find their secrets anyway.
The Shleifer Model - How Noise Traders Survive in Markets
For decades, traditional finance people had a simple answer to the noise trader problem. Milton Friedman said it. Eugene Fama said it. Fischer Black said it. The answer was: irrational traders will lose their money to smart traders and disappear.
Introduction to PE Part 3: The Secret World of Private Markets
One of the biggest problems with private companies is that they don’t have to tell you anything. In the stock market, companies have to share their financial reports all the time. But in the private world, there’s no law saying they have to.
Noise Traders and Why Prices Can Be Wrong
Economics has a rule that sounds so obvious it barely needs saying. If two things are identical, they should have the same price. If they don’t, someone will buy the cheap one and sell the expensive one until prices meet in the middle. Easy. Done. Move on.
Before Behavioral Finance - Wall Street Folklore and Value Investing
Before behavioral finance became a real academic field, people already knew something was off with markets. Traders in the 1920s had their own rules. Value investors in the 1930s had theirs. And nobody was waiting for professors to tell them the market was irrational. They lived it every day.
Introduction to PE Part 2: The Confusion Between PE and LBO
The words “private equity” get thrown around a lot. But people use them in different ways, and it gets really confusing.
Introduction to PE Part 1: More Than Just Equations
Cyril Demaria started this book because he couldn’t find anything good to read about private equity. Most of what was out there just didn’t make sense. It didn’t match what actually happens in the real world.
The Market Model and CAPM Basics for Regular People
Chapter 2 of Burton and Shah’s book is about the math behind stock prices. Don’t run away yet. I promise to keep it simple. The chapter introduces something called CAPM and the “market model.” These are the tools that traditional finance uses to describe how stock prices should behave. And if you want to understand why behavioral finance matters, you need to know what it’s arguing against.
Let's Talk About Private Equity: Starting a New Book Series
I’ve been reading a lot of books on finance lately. Most of them are either too simple or way too complicated for anyone who doesn’t have a PhD in math. But I found one that actually makes sense. It’s called “Introduction to Private Equity, Debt and Real Assets” by Cyril Demaria.
The Efficient Market Hypothesis Explained Simply
Chapter 1 of Burton and Shah’s book gets right to the big idea. The Efficient Market Hypothesis. EMH for short. This is the theory that traditional finance is built on, and it is the thing behavioral finance tries to tear apart.
What Even Is Behavioral Finance? the Big Debate Explained
Let me tell you something that took me years to figure out. Traditional economics and finance are built on one really big assumption: that people are rational. And not just a little rational. Perfectly, mathematically, always-making-the-best-choice rational.
Retelling Behavioral Finance by Burton and Shah - Why Your Brain Is Bad at Investing
I’m starting something new here. Over the next 25 days, I’m going to retell the book Behavioral Finance: Understanding the Social, Cognitive, and Economic Debates by Edwin T. Burton and Sunit N. Shah.
Final Thoughts on REIT Investing: Key Takeaways From Mike Hartley's Book
And that’s a wrap. We’ve gone through every chapter of Real Estate Investment Trust Investing: The Secret to Passive Income from REITs by Mike Hartley (published 2023), and it’s been a ride. Sixteen posts covering everything from “what even is a REIT” to estate planning and ethics. So let me share some final thoughts.
50 Actionable Tips for Successful REIT Investing
So the book ends with a bonus chapter. And honestly, it’s one of the most practical parts of the whole thing. Mike Hartley drops 50 tips for REIT investors, split across five categories with 10 tips each. Think of it as a cheat sheet for everything the book covered.
Ethics and Corporate Governance in REIT Investing: Why It Matters
I know what you’re thinking. Ethics and corporate governance? That sounds like the most boring chapter in the book. But hear me out. This stuff directly affects whether your REIT investment is safe and whether the company is being run in your interest or someone else’s. Chapter 13 of Mike Hartley’s book makes a strong case for why you should care about this.
Real Estate Finance 101: Loans, Funding Sources, and How REITs Fit In
Real estate finance sounds intimidating, but it really comes down to a few core ideas. Chapter 12 of Mike Hartley’s book walks through the fundamentals, and honestly, this is stuff that’s useful whether you’re investing in REITs or just trying to understand how money moves through the real estate world.
REIT Taxes Explained: What You Need to Know About Dividends and Estate Planning
Nobody gets excited about taxes. I get it. But if you’re investing in REITs, understanding how they’re taxed is genuinely important because it directly affects how much money you actually keep. Chapter 11 of Mike Hartley’s book covers this, and I’ll try to make it as painless as possible.
How REITs Play a Role in Real Estate Development
So we’ve talked a lot about investing in REITs as a way to earn passive income. But have you ever wondered what happens on the other side? Like, how do these buildings actually get built, and what role do REITs play in making that happen? Chapter 10 of Mike Hartley’s book breaks this down, and it’s pretty interesting stuff.
The Future of REITs: Technology, Global Markets, and Economic Shifts
If you’ve been following this series on Mike Hartley’s Real Estate Investment Trust Investing, you already know the basics of how REITs work and how to build a portfolio. But here’s the thing. The REIT world isn’t standing still. Technology is changing everything, global markets are expanding, and economic shifts keep reshaping the landscape. So let’s talk about where REITs are headed.
Building a REIT Portfolio: Strategies, ETFs, and Real World Examples
So you understand the metrics, you can read financial statements, and you know the risks. Now comes the fun part: actually building a REIT portfolio.
REIT Risks and Rewards: What Every Investor Should Know Before Buying
Every investment has risks. Anyone who tells you otherwise is trying to sell you something. REITs are no different. They can be fantastic investments, but you need to go in with your eyes open.
How to Read REIT Financial Statements Like a Pro
Financial statements sound boring. I get it. But here’s the thing: if you’re putting your money into REITs, these documents are literally telling you whether that’s a smart move or a terrible one. You just need to know how to read them.
REIT Metrics That Actually Matter: FFO, NAV, and What the Numbers Tell You
OK so you’ve decided you want to invest in REITs. You know the types, you have a brokerage account, and you’re ready to go. But how do you actually pick a good one? You can’t just close your eyes and throw a dart at a list.
How to Invest in REITs: A Step by Step Guide for Beginners
Alright, this is the part a lot of you have been waiting for. We’ve covered what REITs are, the different types, and the various ways they’re structured. Now let’s talk about how you actually put your money to work.
Publicly Traded vs Private REITs: Which Real Estate Investment Option Fits You?
So you know what REITs are and you know the three types. But there’s another layer to this. Not all REITs are created equal when it comes to how you actually buy and sell them.
Three Types of REITs Explained: Equity, Mortgage, and Hybrid
Now that you know what REITs are and why they exist, let’s talk about the different flavors they come in.
What Are REITs? a Beginner's Guide to Real Estate Investment Trusts
Alright, let’s get into the actual meat of things. What even is a REIT?
In Real Estate Investment Trust Investing by Mike Hartley, the first chapter lays out the foundation for everything that follows. And it starts with a simple idea: you should be able to invest in real estate the same way you invest in any other business. By buying shares.
REIT Investing Book Review: Why This Passive Income Guide Caught My Attention
So I picked up this book called Real Estate Investment Trust Investing: The Secret to Passive Income from REITs by Mike Hartley (published 2023), and honestly? It changed how I think about building wealth through real estate.