The Clash of the Cultures

Foreword By Arthur Levitt
Acknowledgments
About This Book

Chapter 1 The Clash of the Cultures
Chapter 2 The Double-Agency Society and the Happy Conspiracy
Chapter 3 The Silence of the Funds: Why Mutual Funds Must Speak Out on the Governance of Our Nation's Corporations
Chapter 4 The “Mutual” Fund Culture—Stewardship Gives Way to Salesmanship
Chapter 5 Are Fund Managers True Fiduciaries?: The “Stewardship Quotient”
Chapter 6 The Index Fund: The Rise of the Fortress of Long-Term Investing and Its Challenge from Short-Term Speculation
Chapter 7 America's Retirement System: Too Much Speculation, Too Little Investment
Chapter 8 The Rise, the Fall, and the Renaissance of Wellington Fund: A Case Study—Investment Wins, Speculation Loses
Chapter 9 Ten Simple Rules for Investors and a Warning for Speculators

Appendix I: Performance Ranking of Major Mutual Fund Managers–March 2012
Appendix II: Annual Performance of Common Stock Funds versus S&P 500, 1945–1975
Appendix III: Growth in Index Funds—Number and Assets, 1976–2012
Appendix IV: Wellington Fund Record, 1929–2012
Appendix V: Wellington Fund Equity Ratio and Risk Exposure (Beta), 1929–2012
Appendix VI: Wellington Fund Performance versus Average Balanced Fund, 1929–2012
Appendix VII: Wellington Fund Expense Ratios, 1966–2011
Index