Jack Bogle's Words of Wisdom: “Success” in short, can be measured not in what we attain for ourselves, but in what we contribute to our society."
I always enjoyed his plain spoken (just like Warren) shoot from the hip speaking style as well. He always seemed very sincere and like he actually felt good about helping us "little guys". His "revolutionary" idea has taken off like a rocket!
Jack Bogle was a kinder, gentler capitalist in still another way. While the chairman of Fidelity Investments, for example, has a net worth of over $7 billion, Jack Bogle died this year with less than $100 million.
One of the things that first piqued my interest in Bogle and Vanguard was reading about how some wall street traders used less capitalist labels to describe Bogle, his index funds, and the coop-like investor-owner structure of Vanguard (via Ritholtz's TBP). It's great to see Bogle recognized for the revolutionary nature of his investing philosophy because I think many finance/investing pundits are still reluctant to praise his contributions due to the implied criticism of "business as usual".
Having given away half of his income to charities every year, Bogle truly was in the vanguard of A New Reality in capitalism.
I'm planning on donating the majority of my savings/investments to charity (EA), so I'd be interested to learn more about Bogle's charitable giving philosophy. Are there any books or essays that discuss this?
Time goes on, but Jack Bogle's compassion, fairness, and decency will never be forgotten or go unappreciated by this Boglehead. Because of him, ordinary investors will continue to demand and get their fair share.
I think this quote says nearly everything about Jack: simplicity, low costs, index funds, and the smart kind of investor behavior:
“My ideas are very simple,” Jack Bogle told the Times in 2012. “In investing, you get what you don’t pay for. Costs matter. So intelligent investors will use low-cost index funds…And they won’t be foolish enough to think that they can consistently outsmart the market.”
Thanks for posting, Taylor.
"Yes, investing is simple. But it is not easy, for it requires discipline, patience, steadfastness, and that most uncommon of all gifts, common sense." ~Jack Bogle
An old Vanguard Diehard checking in to say thanks -- both to Jack Bogle who I've come to admire even more lately -- and to the regulars here who keep his approach going. I've been enjoying reading the good-hearted discussions here after a long hiatus.
And make no mistake, Jack's influence goes way beyond Vanguard. The only reason you can get low cost funds at Fidelity and the other brokerages is because of the pressure Vanguard placed on them. So even those who aren't enamored with Vanguard itself owe Jack a great debt of gratitude.
Best regards, -Op |
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"In the middle of difficulty lies opportunity." Einstein
Call_Me_Op wrote: ↑Mon Oct 25, 2021 8:33 am
And make no mistake, Jack's influence goes way beyond Vanguard. The only reason you can get low cost funds at Fidelity and the other brokerages is because of the pressure Vanguard placed on them. So even those who aren't enamored with Vanguard itself owe Jack a great debt of gratitude.
exactly
men (and women) like Bogle illustrate that financial success / good-will and capitalism are not mutually exclusive
i am a believer wealth creation is not a 'zero sum game'
Taylor, thank you for posting this link to a short but enjoyable tribute to Mr. Bogle.
Reading it did make me pause and wonder what he would feel about Vanguard's current business strategy. They seem to be drifting more and more away from advocating the simple index fund portfolios that Mr. Bogle championed.
bikechuck wrote: ↑Mon Oct 25, 2021 9:41 am
Taylor, thank you for posting this link to a short but enjoyable tribute to Mr. Bogle.
Reading it did make me pause and wonder what he would feel about Vanguard's current business strategy. They seem to be drifting more and more away from advocating the simple index fund portfolios that Mr. Bogle championed.
Those simple index funds are massive; in comparison, the others are small.
Plus, I thought Bogle also had stakes in actively managed funds as well.
Passive investing: not about making big bucks but making profits. Active investing: not about beating the market but meeting goals. Speculation: not about timing the market but taking profitable risks.
Call_Me_Op wrote: ↑Mon Oct 25, 2021 8:33 am
And make no mistake, Jack's influence goes way beyond Vanguard. The only reason you can get low cost funds at Fidelity and the other brokerages is because of the pressure Vanguard placed on them. So even those who aren't enamored with Vanguard itself owe Jack a great debt of gratitude.
1000 on that.
Jack is on my Mt. Rushmore of Investing; along with Warren Buffet, Charlie Munger, Ben Graham.
Call_Me_Op wrote: ↑Mon Oct 25, 2021 8:33 am
And make no mistake, Jack's influence goes way beyond Vanguard. The only reason you can get low cost funds at Fidelity and the other brokerages is because of the pressure Vanguard placed on them. So even those who aren't enamored with Vanguard itself owe Jack a great debt of gratitude.
1000 on that.
Jack is on my Mt. Rushmore of Investing; along with Warren Buffet, Charlie Munger, Ben Graham.
My mountain is clear. My success is my own; but Bogle has made convincing cases enough to confirm my rejection of active funds. If there is to be anything actively managed, it is by my own self. Save myself the fees and gain myself the experience. The education is worth every penny I gained from it.
Passive investing: not about making big bucks but making profits. Active investing: not about beating the market but meeting goals. Speculation: not about timing the market but taking profitable risks.