Recommended reading by Warren Buffett in his March 2013 letter to shareholders. The Clash of the Cultures: Investment vs. Speculation is a provocative and honest book by John C. Bogle, founder of Vanguard Group, which explores the displacement of long-term investment by aggressive, short-term speculation. Bogle, through his sixty-year career in the mutual fund industry, analyzes how speculation has invaded the national retirement system and the importance of a federal fiduciary duty standard. He also presents the history of the Wellington Fund, a case study highlighting the success of investment and the failure of speculation. The book concludes with ten simple rules for investors to achieve their financial goals.