Because we no longer know what enough is, we are never satisfied. We are forever trading up or just trading -- stocks, bonds, cars, homes, and even spouses -- to achieve what we think is something better. This is especially true with our investment expectations. Yes, the money handlers led us down a dark path. But we followed, demanding higher and higher double-digit returns no matter what the larger costs. Stock prices used to go up when a company announced major layoffs while continuing to pay top executives obscene amounts of money.
Bogle certainly has an agenda -- to make the case for low-cost mutual funds.
He lays out his wish for a better mutual fund industry. Bogle writes: "What I'm ultimately looking for is an industry that is focused on stewardship -- the prudent handling of other people's money solely in the interests of our investors. ... We need a mutual fund industry with both vision and values."
Oh my, wouldn't that be nice.
Finally, in his life section, Bogle asks this question: What are the things by which we should measure our lives?
"We focus too much on things and not enough on the intangibles that make the things worthwhile; too much on success (a word I've never liked) and not enough on character, without which success is meaningless."
Our confusion about enough leads us astray in our larger lives, Bogle writes.
Bogle says he's not against success. Rather, he says, "I have come to realize that wealth is ill measured by mere dollars. Indeed, we ought to wonder whether the super-wealth we observe at the most extreme reaches of our society ... is not more bane than blessing."
"Enough" is just enough mixture of critical analysis of our financial system and common sense wisdom to help you become a better person and a better investor.
It's easy to be a member of our book club. We don't meet -- at least not in person. We come together for a live online discussion. Join me Sept. 24 at noon Eastern time at washingtonpost.com/discussions to talk about "Enough."