Knowing Enough

John C. Bogle and William Bernstein define “enough” and suggest another golden rule: never confuse your self-worth with your net worth. Knowing Enough combines the penetrating insights into investing and life of John C. Bogle, the founder of Vanguard and the pioneer of index investing, and the priceless practical advice of William J. Bernstein, bestselling author of The Four Pillars of Investing and market historian. Their conversations were the centerpiece of Boglehead meetings until Bogle’s passing on January 19, 2019. The book combines Bogle’s insights from his bestselling Enough and Bernstein’s practical how-to, If You Can. Their goal: to inspire you to lead a meaningful life that reaches well beyond your net worth to touch upon matters of self-worth, and to provide you with the means of doing so. You’ll also find: How to focus less on chasing financial success and more on living a meaningful life Insight into investing wisely and contributing to the common good Reflections on lessons learned from Bogle throughout his career Written in the same conversational tone found between Bogle and Bernstein at Boglehead events, Knowing Enough challenges readers to rethink their relationship with money, business, and society.

Preface to Knowing Enough vii Original Foreword to Enough by William Jefferson Clinton xvii Original Prologue to Enough by Tom Peters xxi John C. Bogle’s Author’s Note to Enough: A Crisis of Ethic Proportions xxvii Original Introduction to Enough 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 Knowing Enough (if You Can) What’s Enough For Me? For You? For America? 229 Bonus Content from If You Can: How Millennials Can Get Rich Slowly by William J. Bernstein 249 Bonus Content from Stay the Course: What Really Matters: A Memoir (Written at Dusk) by John C. Bogle 287 Afterword to Enough: A Personal Note about My Career 325 Author’s Acknowledgments 329 Notes 333 Index 345