John Bogle
John C. "Jack" Bogle (May 8, 1929 – January 16, 2019) was an American investor and business magnate. He was the founder and chief executive of The Vanguard Group and is credited with inventing the index fund.
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Quotes
[edit]- The principal role of the mutual fund is to serve its investors.
- Princeton thesis, 1951 ([1])
- Yes, the investor is often his own worst enemy. Yes, the marketing colossus known as the mutual fund industry provides the weaponry which enables investors’ to indulge their suicidal instincts. No, the fund industry was hardly an innocent bystander in the market boom and the subsequent carnage. "We have met the enemy and he is us"… all of us.
- Speech to Financial Analysts of Philadelphia, February 15, 2001 ([2])
- The courage to press on regardless—regardless of whether we face calm seas or rough seas, and especially when the market storms howl around us—is the quintessential attribute of the successful investor.
- Speech at the Trinity University Policymaker Breakfast Series, April 16, 2001 ([3])
- Beating the market is a zero-sum game for investors. Money managers, as a group, must provide the market return... But that return comes only before their exorbitant fees, operating expenses, and portfolio turnover costs are deducted. The zero-sum game before costs becomes a loser’s game after costs.
- Gilbert Lecture, Princeton University, Feb 21, 2013
Quotes about Bogle
[edit]- … Huge institutional investors, viewed as a group, have long underperformed the unsophisticated index-fund investor who simply sits tight for decades. A major reason has been fees: Many institutions pay substantial sums to consultants who, in turn, recommend high-fee managers. And that is a fool’s game.
There are a few investment managers, of course, who are very good – though in the short run, it’s difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors – large and small – should instead read Jack Bogle’s The Little Book of Common Sense Investing.- Warren Buffett, Chairman's Letter - 2014. Berkshire Hathaway (February 27, 2015).
