Jack Bogle: Vanguard's $2.2 trillion man

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Jack Bogle: Vanguard's $2.2 trillion man

Postby Howard Donnelly » Thu Dec 06, 2012 10:18 am

Here's an excellent article about Jack Bogle:

http://finance.fortune.cnn.com/2012/12/ ... d=HP_River
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby Grt2bOutdoors » Thu Dec 06, 2012 11:45 am

I wonder if he is ever stopped in the street and thanked.
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby NYBoglehead » Thu Dec 06, 2012 11:49 am

It is nice to see that some people recognize there is more to life than the accumulation of wealth and fame. Jack Bogle is a true believer in his product and doesn't mince words about how others have lined their pockets through the diminished returns of those that invest with them.
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby abuss368 » Thu Dec 06, 2012 11:54 am

That was a nice article.

Thanks.
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby hlfo718 » Thu Dec 06, 2012 11:57 am

I wish I understood Jack's message twenty years ago. I would have accumulated more wealth and saved myself the countless hours of researching the next stock and mutual fund. I am passing on Jack's knowledge to my niece and nephew so they don't do stupid things I did.

Thank you Jack!
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby norookie » Thu Dec 06, 2012 12:04 pm

:thumbsup hailing a cab, to the train station to catch a train. That says a lot to me .
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby Fallible » Thu Dec 06, 2012 12:51 pm

Not much new in this article, unless you've never heard of Spanish Octopus a la Plancha, and I wouldn't describe Jack Bogle as "cantankerous" (dictionary def.: "bad-tempered, argumentative, and uncooperative"). But I liked the link to Jack's remembering good advice he once received:

"I was a runner for a little brokerage firm here in Philadelphia, delivering securities from one little brokerage firm to another. One of the other runners looked at me and he said, "Bogle, I'm gonna tell you everything you need to know about the investment business." And I said, "What's that, Ray?" And he said, "Nobody knows nuthin'." And it turns out, Ray was right. People say there are great performers out there, but it's a lot of randomness. None of us are smarter than the markets."

Always something to remember: "Nobody knows nuthin'."
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby tc101 » Thu Dec 06, 2012 1:03 pm

None of us are smarter than the markets.


Do you think that is true, or would it be more accurate to say:
Very very few people can beat the market consistently, and there is no way for an investor to know who these people are.
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby Taylor Larimore » Thu Dec 06, 2012 1:13 pm

Howard:

Thank you for this Fortune article about our amazing mentor, Jack Bogle.

From the article:

"There are many steps to managing your money wisely. A good way to start: a visit with the father of indexing, Vanguard's Jack Bogle. -- He's all about keeping things simple."


Best wishes.
Taylor
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby Dagwood » Thu Dec 06, 2012 4:10 pm

Grt2bOutdoors wrote:I wonder if he is ever stopped in the street and thanked.


I bumped into him in a public elevator about 9 years ago. I looked at him and said, "thank you." He just smiled and said thanks.
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Re: Jack Bogle: Keeping costs low for investors.

Postby Taylor Larimore » Thu Dec 06, 2012 4:51 pm

During Bogleheads 1 at our home in March, 2000, I asked Jack if this story about him at the Plaza Hotel was true?

The story:

Mr. Bogle was pre-registered at the Plaza Hotel in New York City by the Vanguard Company. When Jack arrived, the clerk told Mr. B. that his suite was ready. Mr. Bogle said to the clerk, "Please give me the cheapest room."

While the clerk was checking, the man waiting behind Mr. Bogle asked, "Are you John Bogle, the Chairman of Vanguard?" Jack replied, "Yes, I am." The man said, "I am glad that we have our mutual funds with you."

Mr. Bogle acknowledged that the story is true.

What a man!

Best wishes.
Taylor
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Re: Jack Bogle: Keeping costs low for investors.

Postby abuss368 » Thu Dec 06, 2012 5:26 pm

Taylor Larimore wrote:During Bogleheads 1 at our home in March, 2000, I asked Jack if this story about him at the Plaza Hotel was true?

The story:

Mr. Bogle was pre-registered at the Plaza Hotel in New York City by the Vanguard Company. When Jack arrived, the clerk told Mr. B. that his suite was ready. Mr. Bogle said to the clerk, "Please give me the cheapest room."

While the clerk was checking, the man waiting behind Mr. Bogle asked, "Are you John Bogle, the Chairman of Vanguard?" Jack replied, "Yes, I am." The man said, "I am glad that we have our mutual funds with you."

Mr. Bogle acknowledged that the story is true.

What a man!

Best wishes.
Taylor


Hi Taylor,

That is one of my favorite Jack Bogle stories!

Best.
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Re: Jack Bogle: Keeping costs low for investors.

Postby Jerilynn » Thu Dec 06, 2012 5:56 pm

Taylor Larimore wrote:During Bogleheads 1 at our home in March, 2000, I asked Jack if this story about him at the Plaza Hotel was true?

The story:

Mr. Bogle was pre-registered at the Plaza Hotel in New York City by the Vanguard Company. When Jack arrived, the clerk told Mr. B. that his suite was ready. Mr. Bogle said to the clerk, "Please give me the cheapest room."

While the clerk was checking, the man waiting behind Mr. Bogle asked, "Are you John Bogle, the Chairman of Vanguard?" Jack replied, "Yes, I am." The man said, "I am glad that we have our mutual funds with you."


Taylor


If I am ever able to un-retire, I think I would like to work at the Bogle Financial Markets Research Center. I wonder if they are hiring?
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby Taylor Larimore » Thu Dec 06, 2012 8:57 pm

Jerilynn:

If I am ever able to un-retire, I think I would like to work at the Bogle Financial Markets Research Center.


So would thousand's of others. :wink:

Best wishes.
Taylor
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby jidina80 » Thu Dec 06, 2012 11:00 pm

Nice article. Mr. Bogle has cost the mutual fund industry BILLIONS in fees they never saw because of Vanguard. If Vanguard's expense ratios are an average half-percent less than its competitors*, Vanguard customers kept approximately $11 billion more of their money on that $2.2 trillion in one year!

* Rough estimate gleaned from ICI data showing average equity fund ER of .79% and average bond fund of .62% ER in 2011, versus Vanguard's aggregate .20%. http://www.icifactbook.org/fb_ch5.html
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby Grt2bOutdoors » Fri Dec 07, 2012 10:03 am

jidina80 wrote:Nice article. Mr. Bogle has cost the mutual fund industry BILLIONS in fees they never saw because of Vanguard. If Vanguard's expense ratios are an average half-percent less than its competitors*, Vanguard customers kept approximately $11 billion more of their money on that $2.2 trillion in one year!

* Rough estimate gleaned from ICI data showing average equity fund ER of .79% and average bond fund of .62% ER in 2011, versus Vanguard's aggregate .20%. http://www.icifactbook.org/fb_ch5.html


No wonder Larry Fink is upset! :greedy
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Re: Jack Bogle: Vanguard's $2.2 trillion man

Postby ScottW » Fri Dec 07, 2012 3:56 pm

I like the irony of the advertising headline inserted halfway down the article: "15 top stock picks from star investors"
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Re: Jack Bogle: Keeping costs low for investors.

Postby 22twain » Fri Dec 07, 2012 4:33 pm

Taylor Larimore wrote:Mr. Bogle was pre-registered at the Plaza Hotel in New York City by the Vanguard Company. When Jack arrived, the clerk told Mr. B. that his suite was ready. Mr. Bogle said to the clerk, "Please give me the cheapest room."


Of course, the cheapest room at the Plaza is probably several cuts above the rooms my wife and I usually stay in when we travel. :wink:
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