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More Common Sense from Jack Bogle

Some timeless lessons from a recently revised investing classic.

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Vanguard founder John C. "Jack" Bogle recently published an updated, 10th anniversary edition of his mutual fund investing manifesto, Common Sense on Mutual Funds.

The tome holds up well. Bogle hasn't altered the original text; he just added data and text boxes to show where he was on or off the mark.

Guess what? The combative father of the first index mutual fund doesn't offer many mea culpas. When he does, he hardly dons sackcloth. Indeed, Bogle often leaves you with the impression that the first edition's faults lie less with what he originally wrote than with an industry that misunderstood him or failed to heed his recommendations. For instance, when surveying the state of mutual fund marketing, Bogle says, "During the past decade, the fund industry has moved in precisely the opposite direction from the direction I urged."

Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.