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R.I.P. John C. Bogle (1929-2019) Founder of Vanguard

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trysail

Catch Me Who Can
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Vanguard Announcement of Bogle's Death:

https://pressroom.vanguard.com/news...ces-Passing-Of-Founder-Jack-Bogle-011619.html





Bogle was a national treasure and I deeply regret his departure. He wasn't always right but his intentions were generally good— his heart was in the right place. He was a giant in the field and we will not see his like again.


I'm amazed he lasted as long as he did. Born with an undiagnosed (until he was 38) congenital heart condition, he had a heart transplant twenty-two years ago at age 67.


Bogle's legacy may not last forever but it might (and it certainly deserves to). Vanguard is unique. It is the only investment operation that is owned by its clients. That structure eliminates one of the major shortcomings that exists in the investment field— the enormous conflict of interest that normally exists between a firm's owners and its clients. Not only is that conflict eliminated but the structure permits the firm to compete on cost; unlike most firms, because of that ownership structure, Vanguard has an incentive to reduce fees and costs— and they alone are responsible for an enormous reduction in fees that has occurred over the last several decades.


Vanguard probably cannot be recreated or duplicated. Its founding and structure arose from the nexus of an unusual set of circumstances and an unusual man.


He was one of the very few people in the investment field whose views were ALWAYS worth considering. Other than Buffett, I cannot think of anyone else in the field whose opinions could be relied upon as honest, informed and straightforward.


He did have an ego the size of Mt. Rushmore and he did like to preach from his pulpit.


When he reached Vanguard's mandatory retirement age of 70 in 1999 he resisted the subtle attempts of his own designated successors to leave. That, unfortunately, led to Bogle's less-than-graceful and awkward enforced departure from the firm he founded.


Many of his speeches and writings (which should be required reading for anyone with investments) have been stored in his website. In fact, I will state that you're a damn fool if you don't read Bogle.

https://personal.vanguard.com/bogle_site/bogle_home.html


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Jack Bogle Father of Simple Investing Dies At 89

by Avie Schneider and Chris Arnold




(NPR)...over the past four decades, Bogle has drastically changed the way millions of people all over the world save and invest their money. To see the impact Bogle has had, you need to look no further than your own retirement account — chances are you have more money in there because of Jack Bogle.

That's because by creating that first index fund back in the 1970s, Bogle started a revolution of super efficient low-cost investing — a revolution that took on Wall Street firms and the high fees they charge investors.

Bogle also became a champion for the little guy investor, perhaps because he knew what it was like not to have enough money. His family lost everything they had in the Great Depression, "so I grew up having to earn what I got, help out with family expenses," Bogle told NPR several years ago. "I started working when I was 9 years old." Today the company Bogle founded, Vanguard, manages more than $5 trillion...

..."Jack Bogle has probably done more for the American investor than any man in the country," is how Warren Buffet summed it up at a Berkshire Hathaway annual shareholders meeting in 2017.

Buffet invited Bogle there to honor him. "I estimate that Jack at a minimum has left in the pockets of investors, he's put tens and tens of billions into their pockets and those numbers are going to be hundreds of billions over time." Buffet called Bogle a "hero."

But while Bogle was a critic of greed and excess on Wall Street, he was also big fan of capitalism...



more...


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John Bogle, Founder of Vanguard, Dies at 89

by Associated Press




VALLEY FORGE, Pa. (AP) — John C. Bogle, who simplified investing for the masses by launching the first index mutual fund and founded Vanguard Group, died Wednesday, the company said. He was 89.

Bogle did not invent the index fund, but he expanded access to no-frills, low-cost investing...

...Investors paid 40 percent less in fees for each dollar invested in stock mutual funds during 2017 than they did at the start of the millennium, for example...Bogle also believed that the corporate structure of most fund companies poses an inherent conflict of interest, because a public fund company could put the interests of investors in its stock ahead of those owning shares of its mutual funds. Vanguard has a unique corporate structure in which its mutual funds and fund shareholders are the corporation’s “owners.” Profits are plowed back into the company’s operations, and used to reduce fees.

“A lot of Wall Street is devoted to charging a lot for nothing,” billionaire investor Warren Buffett told CNBC. “He charged nothing to accomplish a huge amount.”...

...John Clifton Bogle was born in May 1929 in Montclair, New Jersey, to a well-off family; his grandfather founded a brick company and was co-founder of the American Can Co. in which his father worked. The stock market crash five months after his birth and the ensuing Great Depression, however, shuttered the family business and forced the family to sell its home...



more...​


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Investment Pioneer Jack Bogle Dies of Cancer At 89

by Clyde Hughes



(UPI)...If a statue is ever erected to honor the person who has done the most for American investors, the hands-down choice should be Jack Bogle," Buffett wrote in his annual letter in 2017. "In his early years, Jack was frequently mocked by the investment management industry. Today, however, he has the satisfaction of knowing that he helped millions of investors realize far better returns on their savings than they otherwise would have earned. He is a hero to them and to me."

..."Jack could have been a multibillionaire on a par with [Bill] Gates and [Warren] Buffett," investment manager William Bernstein said. "He basically chose to forgo an enormous fortune to do something right for millions of people. I don't know any other story like it in American business history."...

...Bogle suffered several heart attacks over the course of his adult life, starting at age 31, and underwent a heart transplant in 1996...

more...


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"...Mr. Bogle had near-legendary status in the American investment community, largely because of two towering achievements:

-He introduced the first index mutual fund for individual investors and, in the face of skeptics, stood behind the concept until it gained widespread acceptance.

-He drove down costs across the mutual fund industry by ceaselessly campaigning in the interests of investors. Vanguard, the company he founded to embody his philosophy, is now one of the largest investment management firms in the world.
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“Jack Bogle made an impact on not only the entire investment industry, but more importantly, on the lives of countless individuals saving for their futures or their children’s futures,” said Vanguard CEO Tim Buckley. “He was a tremendously intelligent, driven, and talented visionary whose ideas completely changed the way we invest. We are honored to continue his legacy of giving every investor ‘a fair shake.’ ” ...

...A champion of the individual investor, Mr. Bogle is widely credited with helping to bring increased disclosure about mutual fund costs and performance to the public. His commitment to safeguarding investors’ interests often prompted him to speak out against practices that were common among his peers in other mutual fund organizations... "



https://investornews.vanguard/a-look-back-at-the-life-of-vanguards-founder/

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