6 Things I Learned From the Book "Clash of the Cultures"

I read Clash of the Cultures: Investment vs. Speculation by Vanguard founder John Bogle.

It's a wonderful book outlining what true investing is, and what's wrong with the investment profession. Here are six things I learned.

1. Almost everything going on in markets is not investing:

2. Investing is more about psychology than math:

3. Institutions are taking over from individuals:

4. Most of what you see is noise:

5. People try to forecast noise:

6. This goes beyond markets. A lot of what happens in the economy isn't creating real value:

Go buy the book here. It's great.

For more:

• What I learned fromAntifragile
• What I learned fromThinking Fast and Slow
• What I learned from Risk Savvy

The article 6 Things I Learned From the Book "Clash of the Cultures" originally appeared on Fool.com.

Contact Morgan Housel at mhousel@fool.com. The Motley Fool has a disclosure policy.

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