Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

Send feedback

What is it?
Screenshots, up to 3 (optional)
or paste one with Ctrl+V

We use your email only to reply to you.

Mutual funds and index funds

Business models

The shift from active mutual funds to indexing is the largest change in asset management, and it has a well-defined canon.

Books 16Experts 4Recommenders 11

Start here

  1. The Little Book of Common Sense InvestingJohn C. Bogle, 2007
  2. Winning the Loser's GameCharles D. Ellis, 1998
  3. TrillionsRobin Wigglesworth, 2021
  4. Common Sense on Mutual FundsJohn C. Bogle, 1999
A Random Walk Down Wall StreetA Random Walk Down Wall Street
T1 A Random Walk Down Wall Street
Burton G. Malkiel · 1973
Open LibraryGoodreads

Stock prices follow a random walk, so a low-cost index fund beats stock picking.

Recommended by: Nat Eliason, Mohnish Pabrai

Capital IdeasCapital Ideas
T1 Capital Ideas
Peter L. Bernstein · 1991
Open LibraryGoodreads

How Markowitz, Sharpe, Fama, Black and Scholes built the theory of modern finance.

Winning the Loser's GameWinning the Loser's Game
T1 Winning the Loser's Game
Charles D. Ellis · 1998
Open LibraryGoodreads

Why active investing became a loser's game, decided by errors, not by skill.

“In his marvelous book, Winning the Loser's Game, Charlie Ellis says” — Bill Miller

Source: Bill Miller 2Q 2020 Market Letter

Recommended by: Bill Miller, Mohnish Pabrai, Howard Marks

Common Sense on Mutual FundsCommon Sense on Mutual Funds
T1 Common Sense on Mutual Funds
John C. Bogle · 1999
Open LibraryGoodreads

Vanguard's founder on costs, turnover and fund structure.

“Wonderful Book. I highly recommend all of John Bogle's writings to any investor.” — Mohnish Pabrai

Source: Mohnish's Bookshelf — Books on Investing & Capital Allocation, entry 50

Recommended by: Mohnish Pabrai, Jason Zweig and 3 others

John Bogle on InvestingJohn Bogle on Investing
T1 John Bogle on Investing
John C. Bogle · 2000
Open LibraryGoodreads

Fifty years of speeches and essays arguing for low-cost index funds.

Recommended by: Mohnish Pabrai, Mr. Money Mustache

The Little Book of Common Sense InvestingThe Little Book of Common Sense Investing
T1 The Little Book of Common Sense Investing
John C. Bogle · 2007
Open LibraryGoodreads

After costs, most investors trail the market, so hold a low-cost index fund.

Recommended by: Mohnish Pabrai, The Barefoot Investor and 4 others

TrillionsTrillions
T1 Trillions
Robin Wigglesworth · 2021
Open LibraryGoodreads

History of indexing; Bogle and Vanguard are its central thread.

Bogle on Mutual FundsBogle on Mutual Funds
T2 Bogle on Mutual Funds
John C. Bogle · 1993
Open LibraryGoodreads

The earlier, more instructional Bogle book on fund selection.

Recommended by: Mr. Money Mustache

The Bogleheads' Guide to InvestingThe Bogleheads' Guide to Investing
T3 The Bogleheads' Guide to Investing
Taylor Larimore, Mel Lindauer, Michael LeBoeuf · 2006
Open LibraryGoodreads

The practical application of Bogle's rules to a household portfolio.

The Fund IndustryThe Fund Industry
T3 The Fund Industry
Robert C. Pozen, Theresa Hamacher · 2011
Open LibraryGoodreads

How mutual funds are structured, sold and regulated, from two industry insiders.

The Exchange-Traded Funds ManualThe Exchange-Traded Funds Manual
T4 The Exchange-Traded Funds Manual
Gary L. Gastineau · 2002
Open LibraryGoodreads

Recommended by: Mohnish Pabrai

Start a Successful Mutual Fund: The Step-by-Start a Successful Mutual Fund: The Step-by-Step Reference Guide to Make It Happen
T4 Start a Successful Mutual Fund: The Step-by-Step Reference Guide to Make It Happen
Melinda Gerber · 2004
Open LibraryGoodreads

How to get a mutual fund off the ground: what to do, what it costs, how it works.

Recommended by: Mohnish Pabrai

Exchange-Traded Funds For DummiesExchange-Traded Funds For Dummies
T4 Exchange-Traded Funds For Dummies
Russell Wild · 2006
Open LibraryGoodreads

Recommended by: Mohnish Pabrai

Create Your Own ETF Hedge Fund: A Do-It-YourCreate Your Own ETF Hedge Fund: A Do-It-Yourself ETF Strategy for Private Wealth Management
T4 Create Your Own ETF Hedge Fund: A Do-It-Yourself ETF Strategy for Private Wealth Management
David Fry · 2008
Open LibraryGoodreads

Recommended by: Mohnish Pabrai

How to Create and Manage a Mutual Fund or ExHow to Create and Manage a Mutual Fund or Exchange-Traded Fund: A Professional's Guide
T4 How to Create and Manage a Mutual Fund or Exchange-Traded Fund: A Professional's Guide
Melinda Gerber · 2008
Open LibraryGoodreads

Recommended by: Mohnish Pabrai

The Investor's Dilemma: How Mutual Funds AreThe Investor's Dilemma: How Mutual Funds Are Betraying Your Trust And What To Do About It
T4 The Investor's Dilemma: How Mutual Funds Are Betraying Your Trust And What To Do About It
Louis Lowenstein · 2008
Open LibraryGoodreads

Recommended by: Mohnish Pabrai

More business models

← Merger arbitrageNetwork businesses and natural monopolies →All business models