Search found 548 matches

by Howard Donnelly
Sun Nov 22, 2020 8:55 am
Forum: Investing - Theory, News & General
Topic: Jack Bogle and Tony Robbins
Replies: 3
Views: 723

Jack Bogle and Tony Robbins

Jack Bogle and Tony Robbins became friends. In fact, Jack Bogle wrote the 'Foreword' for Tony Robbins' book, "Unshakeable." In part, here's what he wrote:

"Tony (Robbins) is a force of nature! After spending just a few minutes with Tony, I completely understand how he's been able to inspire millions of people all over the world.

We had such a great time speaking with each other that our scheduled 45-minute interview ended up lasting four hours. It was one of the most wide-ranging and probing interviews I've done in my 65-year career in the mutual fund industry."

Jack Bogle wrote a 3-page 'Foreword' for that book.

What are your thoughts about Jack Bogle's relationship/involvement with Tony Robbins?
by Howard Donnelly
Fri Oct 11, 2019 2:48 am
Forum: Investing - Theory, News & General
Topic: "Bogle on Mutual Funds" A Gem
Replies: 25
Views: 5913

Re: "Bogle on Mutual Funds" A Gem

Excellent. Thank you, Taylor.
by Howard Donnelly
Tue Oct 08, 2019 4:12 pm
Forum: US Chapters
Topic: Jack Bogle Professional Photos
Replies: 5
Views: 1779

Jack Bogle Professional Photos

Here are some beautiful photos of Jack Bogle, his wife, Eve, and friends:

https://www.jonsarstudios.com/conversat ... ck-c-bogle
by Howard Donnelly
Wed Sep 04, 2019 9:46 am
Forum: Investing - Theory, News & General
Topic: "I Embrace Dumb Beta"
Replies: 10
Views: 1366

Re: "I Embrace Dumb Beta"

Excellent interview and advice. Thank you, Taylor.
by Howard Donnelly
Mon Sep 02, 2019 9:42 pm
Forum: Investing - Theory, News & General
Topic: 3 fund people how are you feeling?
Replies: 112
Views: 15400

Re: 3 fund people how are you feeling?

Taylor's approach makes the most sense to me. I'm grateful for the information and advice he provides.
by Howard Donnelly
Thu Aug 29, 2019 12:23 pm
Forum: Investing - Theory, News & General
Topic: "The Importance of Simplicity"
Replies: 36
Views: 5914

Re: "The Importance of Simplicity"

Thank you, Taylor. I love those quotes.

Here's a quote about investing that I've found very helpful: "The master key to wealth can be summed up in just one word: simplicity." - From The Millionaire in You, by Michael LeBoeuf.
by Howard Donnelly
Mon Aug 26, 2019 3:34 pm
Forum: Investing - Theory, News & General
Topic: Morgan Housel: Why Complexity Sells
Replies: 1
Views: 371

Morgan Housel: Why Complexity Sells

Here's a very interesting article by Morgan Housel:

https://www.collaborativefund.com/blog/ ... ity-sells/

[Housel draws parallels to evolution in discussing why complexity and length seems more attractive, when actually simplicity and brevity are better choices- Moderator Misenplace]
by Howard Donnelly
Mon Aug 26, 2019 3:05 pm
Forum: Investing - Theory, News & General
Topic: "A Down-Market Survival Guide For Preretires."
Replies: 4
Views: 1702

Re: "A Down-Market Survival Guide For Preretires."

Bogleheads: If you are approaching retirement, Morningstar's Christine Benz offers excellent advice. These are quotes: "If you haven’t taken steps to protect your portfolio and your plan ahead of serious market gyrations, the short-term nuisance of volatility can turn into actual risk in a hurry." "If you’re within 10 years of retirement and are spooked about the potential for declining markets to wreak havoc on your plan, here are the key steps to take (abbreviated): 1 See where you stand; 2 Turbocharge savings; 3 Take control of your retirement date; 4 Revisit the “safe” portion of your portfolio; 5 Assess your equity positioning; 6 Factor in withdrawal sequencing and Social Security start date; 7 Evaluate anticipated life...
by Howard Donnelly
Sat Aug 24, 2019 8:39 am
Forum: Investing - Theory, News & General
Topic: A theory of one's general investing mindset: 'Good enough' or 'Optimize'
Replies: 297
Views: 19935

Re: A theory of one's general investing mindset: 'Good enough' or 'Optimize'

Interesting quote from Warren Buffett: "There seems to be some perverse human characteristic that likes to make easy things difficult."
by Howard Donnelly
Thu Aug 15, 2019 9:04 am
Forum: Investing - Theory, News & General
Topic: [Larry Swedroe: Small Value Stocks are Cheap, Factor Investing Works]
Replies: 690
Views: 43068

Re: Past Performance and Nobel Laureates Recommendations

Bogleheads: We have over 100 Replies to the original post that "Small Value Stocks Are Cheap." Many replies use "past performance" to argue their case. In my opinion, "past performance" is nearly useless and often misleading. Bill Schultheis, adviser and author of The Coffeehouse Investor put it best: "Using past performance numbers as a method for choosing mutual funds is such a lousy idea that mutual fund companies are required by law to tell you it is a lousy idea." This is what five Nobel Laureates recommend: Eugene Fama: "Whether you decide to tilt toward value depends on whether you are willing to bear the associated risk...The market portfolio is always efficient...For most people, the ma...
by Howard Donnelly
Wed Aug 14, 2019 9:24 am
Forum: Investing - Theory, News & General
Topic: Jack Bogle's Articles and Speeches
Replies: 5
Views: 808

Re: Jack Bogle's Articles and Speeches

Thank you Taylor and abuss368!
by Howard Donnelly
Tue Aug 06, 2019 7:35 pm
Forum: Investing - Theory, News & General
Topic: "When Will Smart Beta Be Smart?"
Replies: 28
Views: 3026

Re: "When Will Smart Beta Be Smart?"

"Smart beta is stupid." - Jack Bogle He said more than those four words about it, by the way. It was in a 2017 interview by Chuck Jaffe, Jack Bogle tells you the secret to becoming a winning investor , and it contained this exchange: Bogle: Smart beta is stupid. [Jaffe:] So not one of these new index products is intriguing? Bogle: No, no, no, no, no. … Academics can find anything with these masses of data they have on their computers. They can find something that works in the past, it’s as easy as rolling off a log. But it almost never works in the future – and not for very long — because they all forget the most important single thing that happens in our markets … reversion to the mean. As the Good Book says, ‘And the first shal...
by Howard Donnelly
Tue Aug 06, 2019 4:46 pm
Forum: Investing - Theory, News & General
Topic: Factors, tilting, and efficient markets
Replies: 55
Views: 5000

Re: Factors, tilting, and efficient markets

Taylor Larimore wrote: Mon Aug 05, 2019 7:48 pm
ceperry wrote: Sat Aug 03, 2019 8:39 pm Although, I’m a fairly experienced Boglehead, I have to admit that I’m not very knowledgeable about “factors” and the theoretical basis for tilting towards small cap, value, etc.
ceperry:

You can read my thoughts about factor investing (now the WORST Morningstar category) here:

Factors

Best wishes.
Taylor
Jack Bogle's Words of Wisdom: "I do not approve of factor funds."
I'm with you, Taylor.
by Howard Donnelly
Tue Aug 06, 2019 1:12 pm
Forum: Investing - Theory, News & General
Topic: "When Will Smart Beta Be Smart?"
Replies: 28
Views: 3026

Re: "When Will Smart Beta Be Smart?"

"Smart beta is stupid." - Jack Bogle
by Howard Donnelly
Mon Jul 29, 2019 4:16 pm
Forum: Investing - Theory, News & General
Topic: John Bogle's "Philosophical Disagreement" with Eugene Fama
Replies: 104
Views: 13446

Re: John Bogle's "Philosophical Disagreement" with Eugene Fama

From "Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger":

"Why did Max Planck, one of the smartest people who ever lived, give up economics? The answer is, he said, 'It's too hard. The best solution you can get is messy and uncertain.'" - Page 399.

Planck went on to study physics:

"Planck's work on energy emissions was essential to the field of physics and came to be known as the 'quantum theory.' He was awarded the Nobel Prize for physics in 1918." - Page 399.
by Howard Donnelly
Sun Jul 28, 2019 3:18 pm
Forum: Investing - Theory, News & General
Topic: Jack Bogle tells you the secret to becoming a winning investor
Replies: 0
Views: 701

Jack Bogle tells you the secret to becoming a winning investor

"On smart beta investing in general:

Bogle: Smart beta is stupid.

So not one of these new index products is intriguing?

Bogle: No, no, no, no, no. … Academics can find anything with these masses of data they have on their computers. They can find something that works in the past, it’s as easy as rolling off a log. But it almost never works in the future – and not for very long — because they all forget the most important single thing that happens in our markets … reversion to the mean. As the Good Book says, ‘And the first shall be last and the last shall be first.’"

https://www.marketwatch.com/story/jack- ... 2016-12-20
by Howard Donnelly
Thu Jul 25, 2019 8:15 pm
Forum: Investing - Theory, News & General
Topic: Types of Risk
Replies: 24
Views: 2511

Re: Types of Risk

Thank you, Taylor. Great post about Mr. Bogle's book, "Enough." I couldn't agree more.
by Howard Donnelly
Tue Jul 23, 2019 10:48 am
Forum: Investing - Theory, News & General
Topic: The 10 Smartest Things Said About Investing by Vanguard Founder Jack Bogle
Replies: 2
Views: 791

The 10 Smartest Things Said About Investing by Vanguard Founder Jack Bogle

“The great paradox of this remarkable age is that the more complex the world around us becomes, the more simplicity we must seek in order to realize our financial goals. Never underrate either the majesty of simplicity or its proven effectiveness as a long-term strategy for productive investing. Simplicity, indeed, is the master key to financial success.” - Jack Bogle

http://micawberprinciple.com/the-10-sma ... ogle-3020/
by Howard Donnelly
Tue Jul 23, 2019 8:54 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Next "Bogleheads on Investing" podcast guest
Replies: 61
Views: 9093

Re: Larry Swedroe: Next "Bogleheads on Investing" podcast guest

When can we expect the podcast to be done and available?
by Howard Donnelly
Fri Jul 19, 2019 2:33 am
Forum: Personal Finance (Not Investing)
Topic: If I Knew Then What I Know Now
Replies: 127
Views: 69759

Re: If I Knew Then What I Know Now

Great post! Thank you.
by Howard Donnelly
Thu Jul 18, 2019 8:02 pm
Forum: Investing - Theory, News & General
Topic: Why Warren Buffett makes Vanguard founder Jack Bogle feel like ‘one of the lucky ones’
Replies: 3
Views: 1413

Re: Why Warren Buffett makes Vanguard founder Jack Bogle feel like ‘one of the lucky ones’

"John Bogle built a nonprofit business with $5 trillion under management. What would have been profit effectively went to retirees. He's the biggest undercover philanthropist of all time." - Morgan Housel (Italics mine.)
by Howard Donnelly
Thu Jul 18, 2019 9:34 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Next "Bogleheads on Investing" podcast guest
Replies: 61
Views: 9093

Re: Larry Swedroe: Next "Bogleheads on Investing" podcast guest

Three questions please:

1. Jack Bogle did not like “factor” funds. How do you respond?
2. Small Cap Value currently has the worst performance of all Morningstar style categories. What is your current favorite factor fund?
3. May I ask, how many advisors do you currently represent?

Thank you,
Howard
by Howard Donnelly
Tue Jul 16, 2019 10:34 am
Forum: Investing - Theory, News & General
Topic: "Stay the Course," by Jack Bogle [book]
Replies: 4
Views: 766

Re: "Stay the Course," by Jack Bogle

Thank you, schooner. I appreciate hearing your thoughts about it.
by Howard Donnelly
Tue Jul 16, 2019 9:59 am
Forum: Investing - Theory, News & General
Topic: "Stay the Course," by Jack Bogle [book]
Replies: 4
Views: 766

"Stay the Course," by Jack Bogle [book]

Have you read the book? If so, how did you like it? What did you like best? What did you like least?

https://www.amazon.com/Stay-Course-Stor ... 1119404304

Thank you,
Howard
by Howard Donnelly
Sun Jul 14, 2019 8:52 am
Forum: Investing - Theory, News & General
Topic: My 3 Favorite Boglehead Books
Replies: 1
Views: 600

My 3 Favorite Boglehead Books

(This topic is especially intended for new forum members and visitors.) My 3 favorite Boglehead books: The Millionaire in You , by Michael LeBoeuf. "LeBoeuf's Law: Invest your time actively and your money passively." "The master key to wealth can be summed up in just one word: simplicity ." "If you don't save, you don't have a prayer." The Little Book of Common Sense Investing , by John C. Bogle. "The stock market is a giant distraction." "Index funds endure, while most advisers and funds do not." "Profit from the 'Majesty of Simplicity.'" The Bogleheads' Guide to Investing, Second Edition , by Mel Lindauer, Taylor Larimore, and Michael LeBoeuf. "Start early and invest regular...
by Howard Donnelly
Sat Jul 13, 2019 8:44 am
Forum: Investing - Theory, News & General
Topic: Five Nobel Laureates Recommend The Market Portfolio
Replies: 58
Views: 8371

Re: Five Nobel Laureates Recommend The Market Portfolio

Robert Shiller : "A portfolio approximating the market may be the most important portfolio." It's informative to review Shiller's words in their full context , where he says (emphasis added): The market portfolio is in one sense the least important portfolio to provide to investors . In an J-agent one-period stochastic endowment economy, where preferences are quadratic, a social-welfare-minded contract designer would never create a contract that would allow trading the market portfolio. Even the complete set of contracts, all J - 1 of them, which achieve a first best solution, never span the market portfolio. These conclusions rely on the assumption that the contract designer has perfect information about agents' utilities. We al...
by Howard Donnelly
Fri Jul 12, 2019 6:20 pm
Forum: Investing - Theory, News & General
Topic: Index Fund Creator Jack Bogle Didn't Like ETFs Being Used For Speculation
Replies: 84
Views: 5938

Re: Index Fund Creator Jack Bogle Didn't Like ETFs Being Used For Speculation

In his book The Clash of the Cultures , Jack Bogle wrote: Rarely are my views on ETFs aptly characterized. So let me be clear: I remain positive on the concept, but only when the right kinds of ETFs are (a) used properly and (b) used for investment and not speculation. He considered broad-market index ETFs as the right kind of ETFs, as opposed to narrow sector ETFs and leveraged ones. I suggest changing the misleading title of this thread. longinvest: That is very interesting. Thank you for posting the quote. I have the book. I'll read more about it. Howard, I'll repeat my suggestion to change to title of this thread. You only need to edit your first message by clicking on the edit button which looks like this: http://drive.google.com/uc?e...
by Howard Donnelly
Fri Jul 12, 2019 5:56 pm
Forum: Investing - Theory, News & General
Topic: Index Fund Creator Jack Bogle Didn't Like ETFs Being Used For Speculation
Replies: 84
Views: 5938

Re: Why Index Fund Creator Jack Bogle Hated ETFs

wassabi wrote: Fri Jul 12, 2019 5:50 pm
stan1 wrote: Fri Jul 12, 2019 5:44 pm Two of these in 38 mintues?

viewtopic.php?f=10&t=285504&newpost=463 ... ead#unread

Seems like we are being trolled.
No, I believe the OP is posting in response to the other thread, in which many Bogleheads commented that Jack Bogle was wrong about ETFs. Howard Donnelly has been starting new threads about Jack Bogle lately that reiterate Bogle's philosophies, views, approaches to investing, etc. I think he's just opening this thread to further elaborate on Bogle's views on ETFs.
wassabi: You are correct. Thank you.
by Howard Donnelly
Fri Jul 12, 2019 5:52 pm
Forum: Investing - Theory, News & General
Topic: Index Fund Creator Jack Bogle Didn't Like ETFs Being Used For Speculation
Replies: 84
Views: 5938

Re: Index Fund Creator Jack Bogle didn't like ETFs to be used for speculation

longinvest wrote: Fri Jul 12, 2019 5:40 pm In his book The Clash of the Cultures, Jack Bogle wrote:
Rarely are my views on ETFs aptly characterized. So let me be clear: I remain positive on the concept, but only when the right kinds of ETFs are (a) used properly and (b) used for investment and not speculation.
He considered broad-market index ETFs as the right kind of ETFs, as opposed to narrow sector ETFs and leveraged ones.

I suggest changing the misleading title of this thread.
longinvest: That is very interesting. Thank you for posting the quote. I have the book. I'll read more about it.
by Howard Donnelly
Fri Jul 12, 2019 5:33 pm
Forum: Investing - Theory, News & General
Topic: Index Fund Creator Jack Bogle Didn't Like ETFs Being Used For Speculation
Replies: 84
Views: 5938

Index Fund Creator Jack Bogle Didn't Like ETFs Being Used For Speculation

[Thread merged into here, see post by jbranx below. --admin LadyGeek]

A few years ago at a conference of his devotees, known as Bogleheads, he said that “ETFs are like the famous Purdey shotgun. Great for killing big game in Africa and great for suicide.”

He loved to disparage the new, and frankly offbeat, indexes that have been invented to issue ETFs. “We have a vegan ETF,” he marveled. And he especially denigrated “reverse leverage” ETFs, where investors are betting against the market and magnifying their gambles with high debt. For him, this practice was a recipe for disaster.

“Trading,” he told Morningstar, “is the investor’s enemy.”


https://www.ai-cio.com/news/index-fund- ... ated-etfs/
by Howard Donnelly
Fri Jul 12, 2019 8:50 am
Forum: Investing - Theory, News & General
Topic: [From May 4, 2019] Vanguard Founder Jack Bogle's Investment Tips, 12 Years Later
Replies: 3
Views: 788

Re: [From May 4, 2019] Vanguard Founder Jack Bogle's Investment Tips, 12 Years Later

The article in turn references a 2007 article, written for Barron's by Bogle himself but not previously published: The Late Vanguard Founder Jack Bogle on 4 Simple Tips for Successful Investing . Nothing unfamiliar to Bogleheads. Four principles explained in four short paragraphs. With regard to simplicity and complexity, I was struck by a quotation from a very different writer, Nassim Nicholas Taleb, in Skin in the Game, p. 167: It is easy to scam people by getting them into complications--the poor are spared that kind of scamming. This is the same complication we saw in chapter 9 that makes academics sell the most possibly complicated solution when a simple one will do. Further, the rich start using "experts" and "consulta...
by Howard Donnelly
Fri Jul 12, 2019 5:28 am
Forum: Investing - Theory, News & General
Topic: [From May 4, 2019] Vanguard Founder Jack Bogle's Investment Tips, 12 Years Later
Replies: 3
Views: 788

[From May 4, 2019] Vanguard Founder Jack Bogle's Investment Tips, 12 Years Later

"'Successful investing doesn't require sophistication and complexity; all that’s necessary is a healthy dose of common sense,' Bogle wrote, according to Barron’s."

https://www.bloomberg.com/news/articles ... ears-later
by Howard Donnelly
Thu Jul 11, 2019 5:39 pm
Forum: Investing - Theory, News & General
Topic: Three most important elements of investment success
Replies: 67
Views: 10556

Re: Three most important elements of investment success

Rick Ferri wrote: Thu Jul 11, 2019 5:35 pm
Howard Donnelly wrote: Thu Jul 11, 2019 9:00 am I love it!

One question please: Would you explain your statement: "Complexity is the mother of simplicity."?
My friend, Allan Roth (who is undergoing hip surgery today) often says, "There is complexity in finding simplicity".

Einstein says, "Out of complexity, find simplicity"

I said, "Complexity is the mother of simplicity."

OK, so, I'm not Einstein. :mrgreen:

Rick
Thank you, Rick.
by Howard Donnelly
Thu Jul 11, 2019 9:20 am
Forum: Investing - Theory, News & General
Topic: Why Warren Buffett makes Vanguard founder Jack Bogle feel like ‘one of the lucky ones’
Replies: 3
Views: 1413

Why Warren Buffett makes Vanguard founder Jack Bogle feel like ‘one of the lucky ones’

"As a result of developing the index fund, Buffett lauded Bogle for helping to put 'tens, and tens, and tens, of billions' into the pockets of investors. 'And those numbers are going to be in the hundreds and hundreds of billions over time,' he added."

https://www.cnbc.com/2018/04/16/warren- ... dship.html
by Howard Donnelly
Thu Jul 11, 2019 9:00 am
Forum: Investing - Theory, News & General
Topic: Three most important elements of investment success
Replies: 67
Views: 10556

Re: Three most important elements of investment success

I love it!

One question please: Would you explain your statement: "Complexity is the mother of simplicity."?
by Howard Donnelly
Wed Jul 10, 2019 10:46 am
Forum: Investing - Theory, News & General
Topic: What is a Boglehead and what Investing Lessons can you Learn?
Replies: 4
Views: 1046

Re: What is a Boglehead and what Investing Lessons can you Learn?

If you're new to the forum, you should read this one.

Best,
Howard
by Howard Donnelly
Wed Jul 10, 2019 9:01 am
Forum: Investing - Theory, News & General
Topic: Buffet says no to bonds - recommends equities and cash
Replies: 91
Views: 15898

Re: Buffet says no to bonds - recommends equities and cash

This article and thread are from 2013. What do you think of Warren Buffett's comments now, in hindsight? What is the current thinking on this subject?
by Howard Donnelly
Wed Jul 10, 2019 8:42 am
Forum: Investing - Theory, News & General
Topic: [2014 Interview with] Jack Bogle: Latest Investor Trends Are Just That--Trends
Replies: 20
Views: 1562

Re: Jack Bogle: Latest Investor Trends Are Just That--Trends

Thank you all for your responses. This is very interesting and helpful.
by Howard Donnelly
Tue Jul 09, 2019 2:40 pm
Forum: Investing - Theory, News & General
Topic: Why factor investing isn't working
Replies: 484
Views: 36883

Re: Why factor investing isn't working

Taylor Larimore wrote: Tue Jul 09, 2019 2:20 pm
matjean" wrote: It is people like you, Nisi, Taylor, etc. who are always barging in it seems to me.
matjean:

Sorry, I didn't realize we were "barging in" when trying to remind investors that this forum is about Jack's wisdom - not factor investing which he disapproved.

Best wishes.
Taylor
+1
by Howard Donnelly
Tue Jul 09, 2019 10:53 am
Forum: Investing - Theory, News & General
Topic: What is a Boglehead and what Investing Lessons can you Learn?
Replies: 4
Views: 1046

What is a Boglehead and what Investing Lessons can you Learn?

"The Bogleheads Investing Forum is one of the most active, and honestly one of the best, resources when it comes to investing Q&A."

https://thecollegeinvestor.com/4119/boglehead/
by Howard Donnelly
Sat Jul 06, 2019 5:37 pm
Forum: Investing - Theory, News & General
Topic: John Bogle says investors don't need to own international stocks​
Replies: 42
Views: 11477

John Bogle says investors don't need to own international stocks​

"'Everyone tells me I'm wrong,' Mr. Bogle said. 'In my book, Bogle on Investing, I said, for a lot of reasons, you don't need to own international stock.' His argument: International investing involves extra risk, ranging from currency risk and economic risk to societal instability risk."

https://www.investmentnews.com/article/ ... nal-stocks