More Straight Talk on Investing. John J. Brennan

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MORE STRAIGHT TALK ON INVESTING

      LESSONS FOR A LIFETIME

       JACK BRENNAN

       with John Woerth

      Copyright © 2021 by John J. Brennan. All rights reserved.

      Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

      Published simultaneously in Canada.

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      Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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       Library of Congress Cataloging-in-Publication Data is Available:

      ISBN 9781119817338 (Hardcover)

      ISBN 9781119817352 (ePDF)

      ISBN 9781119817345 (ePub)

      Cover Design: C. Wallace

      Cover Image: Paper Speech Bubble © iStock.com/Aquir

       To my growing and loving family. Once we were 5 and now we are 11, with another on the way!

       and

       To the millions of Vanguard investors, thousands of crew members, and hundreds of investment professionals who have inspired me and taught me for four decades.

Preface

      In July 2002, I began the preface for the first edition of Straight Talk on Investing by observing that the previous “five years have been extraordinary in the history of investing. A record bull market swelled into one of the largest speculative bubbles in history. Then we saw the bursting of that bubble and the onset of a prolonged bear market, the worst one that the U.S. stock market has experienced since World War II. If many investors seem shaken and unsure of what to do, no wonder. Within half of a decade, we have been presented with a lifetime's worth of lessons about investing.”

      It is with a dose of cruel irony as I sit down to write the preface for the second edition in late 2020. The world at large is struggling with the coronavirus pandemic, which initially brought on a swift and severe drop in the global stock markets. While the markets