Book Reviews
Review of John Bogle On Investing : Industry Legend Speaks

Insights into guiding principles of a true pioneer in index funds

John Bogle is an institution in the US financial market. He is a true pioneer, having created index funds (under the Vanguard label) and having led a lifelong battle for the small investor by advocating low-cost funds. He has also been a powerful writer; his books are now being re-issued as investment classics. John Bogle on Investing: The First 50 Years offers insights into his guiding principles. It consists of the most important essays organised into five sections.
The first deals with investment strategies for the intelligent investor, emphasising simplicity in investing. It argues that experts like fund managers, investment newsletters, etc, have not been able to beat the benchmark index returns. He, thus, builds the case for investing in index funds. The section explains that risk keeps on moderating as the time horizon for investing increases, while time magnifies the impact of costs. 
The second part deals with the past trends and future prospects of the mutual fund industry, emphasising the importance of keeping fund costs down. It moves on to corporate governance issues and explains the role of mutual funds on corporate governance of companies they invest in. The book also deals with the evolution of Vanguard mutual fund and the challenges faced by Bogle in creating it. It ends with the ‘economic role of investment company’, a lofty idea that will put many in mutual fund industry to shame.


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Mumbai-Pune Expressway: 50% of traffic are VIPs and pass holders?
There is a discrepancy of about 50% in the number of average daily traffic on the Mumbai Pune Expressway reported by the contractor and MSRDC. The govt agency claims that this is due to exemption provided to VIPs or pass holders. Who are these VIPs who travelling daily using LCV, bus, truck, multi-axle vehicles or containers? 
The mystery over the number of vehicles using the Mumbai Pune Expressway daily deepened further with activists alleging under reporting, while the Maharashtra State Road Development Corp (MSRDC) cited the exemption given to certain vehicles of VIPs and pass holders for low number.
Pune-based Right to Information (RTI) activist Sanjay Shirodkar and Vivek Velankar of Sajag Nagrik Manch had alleged under reporting in number of vehicles using the Expressway every day or Average Daily Traffic (ADT). Both received copies of a survey carried out by MSRDC through RTI, which shows the count is about double (91%) compared to the survey conducted by Ideal Road Builders (IRB), the contractor that collects toll on the 95km stretch of the Expressway. 
MSRDC had carried out a videography count for a traffic survey on the expressway during 18th to 24 July 2015 at the four toll plazas of Khalapur, Talegaon, Kusgaon and Shedung.  Shirodkar says a three-day average traffic reported by the MSRDC study is 43,450 at Khalapur while that reported by IRB is 22,705. Similarly, at the Talegaon toll plaza, the MSRDC video graphic counts put daily traffic at 31,135 vehicles compared to 18,130 shown by the operator. 
However, in a news report, DA Salunke, Chief Engineer of MSRDC was quoted as saying, "The vehicle count, as found out by the MSRDC, is more than that of IRB's figure because of counting of vehicles of VIPs, police, cars with red and amber beacons and pass holders. The contractor issues passes to these vehicles."
Shirodkar has challenged the logic put out by MSRDC officials. He says, "Question is, is it possible that every second vehicles going is exempted or pass holder. It is surprising to know that vehicles are exempted or pass holders are in all six categories. So we need to know from MSRDC about who are these VIP's are traveling daily using light commercial vehicles (LCV), bus, truck, multi axle or containers?"
What is more shocking is when Shirodkar sought information on the list of VIPs travelling on Mumbai Pune Expressway under the RTI Act, the MSRDC simply forwarded this to Mhaiskar Infrastructure Pvt Ltd, the operator. "If the so-called third party is involved (in the RTI query) then (the) PIO should have issued notice according to section 11 of RTI Act, which was not done. Instead, he sent a simple letter to the contractor, which discloses the identity of the applicant. This act of the PIO may create a threat to the applicant from the contractor, which is against the RTI Act. It is the duty of the public authority to procure and furnish such information from the contractor to the applicant," he said.



Homai Elavia

9 months ago

Toll should be collected from all irrespective of status and/or reason. Subsequently, such VIPs should apply for refunds with proof of payment. This will weed out cheats. Buses, etc. can be given 3-monthly advance passes based on average usage. Log to be maintained at toll points for Police/Ambulance movement and usage can be charged on a special rate basis.


Sougat Ghosh

In Reply to Homai Elavia 4 months ago

I agree that this would bring complete transparency

Meenal Mamdani

In Reply to Homai Elavia 9 months ago

This is a brilliant solution.

These VIPs always travel with a person from their office, at least an official driver. This person should document the date of the trip, from which point to which point, number of tolls encountered during the trip and the money spent. This document can be submitted to her/his department and the VIP can get reimbursement for money spent for the toll.

Total transparency. Is Modi listening?

D S Ranga Rao

9 months ago

How can this loot and plunder of taxpayers go on unchecked? Is the MSRDC so incompetent, inefficient and impotent to take action against the contractor who blatantly and brazenly cooked up the figures of the toll collection? If so, why do we still need the MSRDC? Why delay in winding it up? The fact that there is no action so far apparently initiated by the government to plug the alleged leakages shows whether the government itself is in cahoots with the contractor.

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