Common Sense on Mutual Funds

Bogle's comprehensive account of the mutual fund industry — documenting how costs, turnover, and manager behavior systematically transfer wealth from investors to fund managers.

The most thorough quantitative case for passive investing: detailed analysis of mutual fund costs, turnover, tax inefficiency, and their impact on investor returns over time. Documents the systematic failure of active management to justify its costs. The mathematical case for index funds — compounding cost differences over time. The fiduciary duty argument: fund managers should act in investors' interests, not their own.