The twelve pillars of wisdom

From Bogleheads
Bogle on Mutual Funds
AuthorJohn C. Bogle
PublisherDell publishing
Publication date
October, 1994
Pages352 pp (Trade paperback)

John Bogle first laid out The twelve pillars of wisdom in his book Bogle on Mutual Funds: New Perspectives for the Intelligent Investor. He revisited them at length on April 27, 2001, in remarks at The Arizona Republic Investment Strategies Forum, Phoenix, Arizona.[1]

  • Pillar 1. Investing Is Not Nearly as Difficult as It Looks
  • Pillar 2. When All Else Fails, Fall Back on Simplicity
  • Pillar 3. Time Marches On
  • Pillar 4. Nothing Ventured, Nothing Gained
  • Pillar 5. Diversify, Diversify, Diversify
  • Pillar 6. The Eternal Triangle
  • Pillar 7. The Powerful Magnetism of the Mean
  • Pillar 8. Do Not Overestimate Your Ability to Pick Superior Equity Mutual Funds, nor Underestimate Your Ability to Pick Superior Bond and Money Market Funds
  • Pillar 9. You May Have a Stable Principal Value or a Stable Income Stream, But You May Not Have Both
  • Pillar 10. Beware of "Fighting the Last War"
  • Pillar 11. You Rarely, If Ever, Know Something The Market Does Not
  • Pillar 12. Think Long-Term


  1. "The Twelve Pillars of Wisdom" (PDF). April 27, 2001. Archived from the original on March 4, 2007.