John Bogle puts our obsession with financial success in perspective Throughout his legendary career, John C. Bogle-founder of the Vanguard Mutual Fund Group and creator of the first index mutual fund-has helped investors build wealth the right way and led a tireless campaign to restore common sense to the investment world.

Foreword by William Jefferson Clinton vii Prologue by Tom Peters xi Author’s Note: A Crisis of Ethic Proportions xvii Introduction 1 MONEY CHAPTER 1 Too Much Cost, Not Enough Value 29 CHAPTER 2 Too Much Speculation, Not Enough Investment 49 CHAPTER 3 Too Much Complexity, Not Enough Simplicity 71 BUSINESS CHAPTER 4 Too Much Counting, Not Enough Trust 97 CHAPTER 5 Too Much Business Conduct, Not Enough Professional Conduct 120 CHAPTER 6 Too Much Salesmanship, Not Enough Stewardship 141 CHAPTER 7 Too Much Management, Not Enough Leadership 159 LIFE CHAPTER 8 Too Much Focus on Things, Not Enough Focus on Commitment 183 CHAPTER 9 Too Many Twenty-First- Century Values, Not Enough Eighteenth- Century Values 193 CHAPTER 10 Too Much “Success,” Not Enough Character 211 WRAPPING UP: WHAT’S ENOUGH? What’s Enough For Me? For You? For America? 229 Afterword: A Personal Note about My Career 249 Acknowledgments 253 Notes 257 Index 269

Praise for Enough "Jack Bogle's passionate cry of Enough. contains a thought-provoking litany of life lessons regarding our individual roles in commerce and society. Rarely do so few pages provoke so much thought. Read this book." —DAVID F. SWENSEN, Chief Investment Officer, Yale University "What went wrong? What can, and should, go right? The great Jack Bogle has the answers. Enough. will leave you hungry for more." —JAMES GRANT, Editor of Grant's Interest Rate Observer "Enough. gives new meaning to the words 'commitment,' 'accountability,' and 'stewardship.' Bogle writes with clarity and passion. Must reading for millions of U.S. investors." —ARTHUR LEVITT, former chairman, U.S. Securities and Exchange Commission "Jack Bogle, 'the conscience of Wall Street,' distills his half-century of observations into a few hundred entertaining pages—required reading for those concerned about their own future, their family's future, and the nation's future." —William J. Bernstein, Author of A Splendid Exchange and The Four Pillars of Investing "One Jack Bogle has more horse sense than the entire Wall Street herd. When you read the first paragraph you'll be hooked, as I was. This small book pays huge dividends." —ALAN S. BLINDER, Co-Director, Princeton University Center for Economic Policy Studies, and former vice chairman, Board of Governors of the Federal Reserve System "This book weaves together terms like trust, value, success, satisfaction, stewardship, character, and contribution into a life tapestry that reminds experienced readers how they can master the treadmill of their lives and guides young readers in how to control their destiny." —PROFESSOR JEFFREY SONNENFELD, Senior Associate Dean, Yale School of Management

“I highly recommend the book "Enough" by Vanguard's founder, Jack Bogle, who eloquently outlines many of the frustrations investors have.” (USA Today) "Vanguard Group founder Bogle expounds on the hidden costs of our current financial system (primarily driven by speculation and complexity) and suggests that a deeper understanding of what is truly “enough” will help foster more sustainable investing and better living." (Library Journal Best of 2008 Selection) “Why don’t people publish pamphlets any more. I’m not talking about the slim-jims handed out at trade shows, but rabble-rousing, world-changing works like Common Sense and The Communist Manifesto. John Bogle, the founder of Vanguard, follows in the footsteps of the great pamphleteers…‘Central to the effective functioning of capitalism,’ he writes, ‘was the fundamental principle of trusting and being trusted’—and that is disappearing. The problem now: No one is satisfied with having ‘enough’ money or enough success. … If pamphlets were still the rage, 48 pages distilled from the contents of this book could be something as powerful to our age as anything written by Thomas Paine or Marx and Engels. In our more bookish time, though, Bogle has fleshed his ideas out to an interesting, 266-page overview of his life and his views.” (Barron’s) “’What have I created?’ [Bogle] asks in mock horror in his new book…his cry reflects a deeper personal dilemma, one that jags like a scar through this thoughtful meditation on the excess and greed that created the worst financial crisis since the Great Depression. … I applaud his enthusiasm and don’t doubt his wisdom and sincerity. ‘Enough’ – with the period – is a worthy addition to the canon, a variation of his familiar sermon on thrift, simplicity, and the superiority of low-cost index funds.” —James Pressley, Bloomberg News “Jack Bogle’s passionate cry of Enough. contains a thought-provoking litany of life lessons regarding our individual roles in commerce and society. Employing a seamless mix of personal anecdotes, hard evidence, and all-too-often-underrated subjective admonitions, Bogle challenges each of us to aspire to become better members of our families, our professions, and our communities. Rarely do so few pages provoke so much thought. Read this book.” —David F. Swensen, Chief Investment Officer, Yale University "We live in a time that values achievement over character. When the two collide, character often takes a back seat and relationships of all kinds are shattered. Bogle observes that while the financial represents the worst of it, what we see today is not just a financial sector problem, but a societal problem. There is really just too much greed everywhere. … Enough is really about discovering what is really important in our lives. " —Michael McKinney, LeadingBlog "Bogle is a rarity - a true captain of industry who speaks about complex economic issues in a language comprehensible to the layperson." —Michael Smerconish, The Philadelphia Enquirer "Enough shines a light on Bogle's sense of despair over the state of the financial industry, and perhaps industry in general. … From CEOs who implode their companies and float away on golden parachutes, to financial companies who create instruments so complex they themselves have trouble understanding them, to mutual fund companies that market rosy returns while sugarcoating their fees, Bogle sees a lack of integrity and a willingness to play fast and loose with ethical rules in order to make a buck. (Or, maybe more accurate, 150 billion bucks.)" —Justin McHenry, BlogCritics Magazine "It's hard to imagine a better time to publish a book that advocates moderation, balance and integrity in the business world. In this wise meditation, Bogle, the folk-hero creator of the first index mutual fund and founder of the Vanguard Mutual Fund Group, deplores ‘our worship of wealth and the growing corruption of our professional ethics but ultimately the subversion of our character and values.’ Directly in his sights: CEOs and hedge-fund managers who draw ‘obscene’ compensation. At this time of plunging portfolios, it is a relief to be told that ‘enough’ is within reach."(TIME Magazine) "I will simply say that it is one of the best business books ('life' books?) I have ever read, an easy All-time Top 10. And its timing is, well, read it yourself ..." —Tom Peters “This is an impressive message from a distinguished businessman. It will challenge all decision makers to consider the sufficiency and direction of their lives and work. What do we mean by Enough? Enough of what? Enough for what purpose? Feast here and reflect.” —Robert F. Bruner, Dean and Charles C. Abbott Professor of Business Administration, Darden Graduate School of Business “From one ‘battler’ to another: Thank you for putting in one little book the premise for an active, long life. A primer for those who will abjure complacency and just wanting more, who’d rather focus on the joy of trying to move some ball downfield.” —Ira Millstein, Senior Partner, Weil Gotshal & Manges LLP “The balances one must create in investing, in running a business, and in life more generally are simply and clearly stated in Jack’s most recent book, Enough. Unfortunately there are not enough Jack Bogles around in today’s world of instant gratification. Enough. should be must reading for business students and corporate board members.” —David L. Sokol, Chairman, MidAmerican Energy Holdings Company "Although Enough. is presented in a small volume, John Bogle's wisdom is writ large and profound. The messages are particularly meaningful as we all reel from the moral, economic and financial meltdown that confronts us today. —William H. Donaldson, Former Chairman, U.S. Securities and Exchange Commission “[an] engaging, highly readable new book on what went wrong in financial markets in recent years. In the growing canon of "what went wrong" books, Bogle's offering holds a unique place. . . readers will value the common sense packed in these pages. —Jared Bernstein, Philadelphia Inquirer “Throughout his legendary career, John C. Bogle-founder of the Vanguard Mutual Fund Group and creator of the first index mutual fund-has helped investors build wealth the right way and led a tireless campaign to restore common sense to the investment world. Along the way, he’s seen how destructive an obsession with financial success can be. Now, with Enough., he puts this dilemma in perspective. Inspired in large measure by the hundreds of lectures Bogle has delivered to professional groups and college students in recent years, Enough. seeks, paraphrasing Kurt Vonnegut, “to poison our minds with a little humanity.” Page by page, Bogle thoughtfully considers what “enough” actually means as it relates to money, business, and life. Reveals Bogle’s unparalleled insights on money and what we should consider as the true treasures in our livesDetails the values we should emulate in our business and professional callingsContains thought-provoking life lessons regarding our individual roles in society Written in a straightforward and accessible style, this unique book examines what it truly means to have “enough” in world increasingly focused on status and score-keeping.” (Jack Canfield Review) “Enough. conveys an especially poignant message in this time of financial crisis. . . The book presents a collection of inspirational truths and values by which to live.” (The Journal of Investment Management) "In Enough, Bogle isn’t interested only in better investing. He’s moved by morals, which he finds sorely lacking in business and finance today."- Jane Bryant Quinn, author of Making the Most of Your Money Now "Enough.deals with how we got in this hole and how we get out. Nobody gets off the hook, including you and me…Real change starts with individuals, Bogle says. If each of us takes a part, that will be enough." —Terry Bibo, columnist, Journal Star "Enough. is a call for the return to core values or to what Bogle refers to as "the old-fashioned liberal humanitarianism that was the hallmark of the Age of Reason." The title has a double meaning: "Enough" as in fed up, and "enough" as a reflection on what people value and how they define success and satisfaction". The Street.com (June 2010) "John Bogle's fantastic book about measuring what counts in life." (Motley Fool)

"If your eyes glaze over when you see the word "economics," or if your eyelids droop when you hear the word "theology," don't fear. Doug Hicks integrates economics and theology with such clarity and accessibility that you'll see both in a new light: as vital resources to help us care for our global household with love and wisdom." —Brian McLaren, author of A New Kind of Christian and A Generous Orthodoxy "How should people of faith live in a world that extols consumption, erases work/life boundaries, and worships the market? Religious institutions have largely provided two unsatisfying alternatives: embrace some sort of prosperity gospel or retreat into an ascetic lifestyle. In this fantastically insightful and important book, Doug Hicks charts another way. It is the ideal guide for our times." — Amy Sullivan, senior editor at TIME magazine and author of The Party Faithful "Jesus spoke frequently about money and the faithful use of possessions yet the contemporary pulpit is strangely silent when it comes to money matters. In this book Doug Hicks breaks that silence, harnessing his insights into both theology and economics. The genius of this book is in the questions Hicks raises. They are deep, penetrating, and practical questions. Yet they are refreshingly open-ended, presupposing neither easy answers nor any single answer. They are questions intended to awaken the conscience, stretch and inform the mind and spark the spiritual and moral imagination. This practical book is a must read for clergy and laity who wish to take money-talk seriously and reclaim a theme central to the teachings of Jesus. This book and the subject it addresses is long overdue." — William G. Enright, Director of the Lake Institute on Faith & Giving at The Center on Philanthropy, Indiana University. "In a world where most discussions of money are neither practical nor wise, Doug Hicks offers here a large dose of Christian practical wisdom. His wonderful illustrations and incisive analysis deserve a wide readership, especially in churches where we have pretended that how we deal with money is irrelevant to discipleship. This is an ideal book for lay study groups concerned about living faithful Christian lives." — L. Gregory Jones, Dean of the Divinity School and Professor of Theology, Duke University