A Message from Jack

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jack bogle
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A Message from Jack

Post by jack bogle »

HI, BOGLEHEADS!

Thank you all for coming to this year’s reunion, number XII. It was as fun and enlightening a three days as I’ve ever had. (I hope all those scores of photo ops worked out as well!)

I hope to have the slides from my talk available within a week. In the meantime I wanted to share a few things with you. First, the Wall Street Journal op-ed describing Prof. Eugene Fama’s recent Nobel Prize selection, which incorrectly claims that “one high-profile beneficiary of Mr. Fama’s insight was John Bogle…” even though I’ve never subscribed to the EMH.

Second, my letter to the editor, prominently published last Saturday, pointing out my reliance on the CMH, and noting that my true inspiration for the index fund was another Nobel Laureate, Paul Samuelson. The author of the op-ed immediately issued a mea culpa, sending me a note stating, simply, “I blew it.” The link below will take you to the original op-ed and my response, as well as the two articles noted below.

One of these articles is Dr. Samuelson’s 1976 Newsweek column in which he enthusiastically endorsed the creation of the first index fund. “Sooner than I dared expect, my implicit prayer has been answered. There is coming to market, I see from a crisp new prospectus, something called the First Index Investment Trust.”

Finally, it was a great honor to be presented with a bust of Philadelphia’s favorite son, Benjamin Franklin, which now reposes on my mantelpiece alongside previous gifts presented by you Bogleheads. It was particularly appropriate given the Philadelphia Inquirer’s 2006 article, “Our latter-day Ben Franklin,” which compared me (favorably!) to the wise Dr. Franklin, the final article on the link.

Thanks again to Mel and his crew of volunteers for putting together such a terrific event. And special thanks to the great Taylor Larimore for making the trip, and continuing, in person, our long and deep friendship, and his inspiration for bringing us together.

Best, always,

Jack

http://johncbogle.com/wordpress/wp-cont ... 0-2013.pdf
Silence Dogood
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Re: A Message from Jack

Post by Silence Dogood »

Jack,

I was not able to go to the Bogleheads reunion, but I would like to personally thank you for give me, an ordinary investor, a fair shake.

Keep fighting the good fight.
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VictoriaF
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Re: A Message from Jack

Post by VictoriaF »

Hi Jack,

Thank you for inspiring these reunions, providing your updates and participating in the discussions. Looking forward to seeing you and Taylor next year and for many more years.

Victoria
Last edited by VictoriaF on Tue Oct 22, 2013 3:55 pm, edited 1 time in total.
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Woodshark
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Re: A Message from Jack

Post by Woodshark »

Although I did not attend the conference, I would like to take this opportunity to thank you for all that you have done to help common everyday investors (like me) achieve our financial milestones and goals. It took me many years but I've finally come to understand (I think Taylor said originally) the majesty of simplicity.
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White Coat Investor
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Re: A Message from Jack

Post by White Coat Investor »

It was great to finally meet you in person at the conference Jack. The WSJ letter turned out nice.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
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EternalOptimist
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Re: A Message from Jack

Post by EternalOptimist »

I'm so grateful to have found this group and its marvelous contributors :wink:
"When nothing goes right....go left"
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ruralavalon
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Re: A Message from Jack

Post by ruralavalon »

I was not an attendee.

Thank you for what you have done for the retail investor, which is enable us to invest wisely at low expense, and be able to retire (in spite of not having any traditional pension) in the age of the self-funded defined contribution plans.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
3504PIR
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Re: A Message from Jack

Post by 3504PIR »

Sir,

Thanks for your contributions to the average investor. They will continue to contribute to the financial success and independence of generations as long as we invest.

I agree also with your position regarding the EMH. At least there are two of us registered here!
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stemikger
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Re: A Message from Jack

Post by stemikger »

I wish I was there to meet you. You are a true inspiration to the regular guy!!
Last edited by stemikger on Tue Oct 22, 2013 4:30 pm, edited 1 time in total.
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abuss368
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Re: A Message from Jack

Post by abuss368 »

Thank you Mr. Bogle for giving individual investors the chance to earn their fair share and always telling us to stay the course!

Best.
John C. Bogle: “Simplicity is the master key to financial success."
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Taylor Larimore
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A reply to Jack.

Post by Taylor Larimore »

Jack:

Thank you for your message posted on your aptly named, Bogleheads Forum. I believe we are now the largest non-commercial financial forum on the internet. Most important, we will continue to carry on your Crusade -- To give ordinary investors a fair shake."

I thoroughly enjoyed reading the four newspaper articles in your link. I notice that you didn't waste time responding to David Henderson's article in the Wall Street Journal.

David Henderson was mistaken by giving Eugene Fama credit (instead of Paul Samuelson) for inspiring you to introduce the first index mutual fund to the public, but Mr. Henderson was absolutely correct when he wrote these important words:
"Over the past four decades millions of investors who buy index funds from Vanguard and its competitors have saved hundreds of billions of dollars for dubious investment advice."
I am honored with your concluding remarks about me. Bogleheads know that my contributions on this forum, and the Morningstar forum (43,937 total posts), simply reflect what I have learned from you. Most important, by your own example, you have taught all of us that Character Counts!

I am continually amazed how you manage to maintain your back-breaking schedule: Answering correspondence, writing books, making speeches, appearing on TV and radio, and attending conferences like this one (moved near your home to conserve your strength). I think, and I am sure Eve agrees, that you should slow down. The world needs to keep you around.

With love and best wishes.

Taylor (who lives in the home that Jack built.)
"Simplicity is the master key to financial success." -- Jack Bogle
rokidtoo
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Re: A Message from Jack

Post by rokidtoo »

abuss368 wrote:Thank you Mr. Bogle for giving individual investors the chance to earn their fair share and always telling us to stay the course!

Best.
I'd like to second that sentiment. Thank you Mr. Bogle.

Incidentally, I also love your wine. 8-)
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LadyGeek
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Re: A Message from Jack

Post by LadyGeek »

Hi Jack,

It was good to see you again and I look forward to next year.

True to Bogleheads form, we posted your letter in the forum a few hours after WSJ published it: Jack Bogle's Letter to the WSJ Concerning Fama and Indexing
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BTDT
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Re: A Message from Jack

Post by BTDT »

Jack,

I was truly an honor to meet you. You and Taylor are my 'heroes' and I look forward to seeing both of you again next year.

John Clark
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lindisfarne
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Re: A Message from Jack

Post by lindisfarne »

Dear Mr. Bogle:

Thank you for your integrity and your willingness to fight for all investors, including the "little" ones. I've become aware of your advice gradually (and I wish it had been years earlier), but once I found this forum, I learned a lot very quickly from all those who have learned from you. You understand investing like most of us never will, since you've worked in the industry so long and obviously, have a great deal of insight most others do not. Thank you for being willing to share what you've learned. Your willingness to share really does make a huge difference to the small investor. What you've shared and done in your life will end up making my retirement a much more comfortable one (and this is true for many, many people). I don't think it's possible to overstate the impact you've had on investors.

I also very much enjoyed the 2012 article in INC and I loved the story about the woman who asked for the name of your supervisor so that you could be commended!

The gratitude I have for what you've done for so many cannot be stated too strongly. Thank you for fighting for investors, and your mantra of "stay the course"!
RenoJay
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Re: A Message from Jack

Post by RenoJay »

Jack, just wanted to say what an honor it is to hear your voice this forum.
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Re: A Message from Jack

Post by sschullo »

EmergDoc wrote:It was great to finally meet you in person at the conference Jack. The WSJ letter turned out nice.
Same here, after seeing you at the L.A. investment conference many years ago and talking to you on the phone via bob brinkers radio show!
Steve
"We have seen much more money made and kept by “ordinary people” who were temperamentally well suited for the investment process than by those who lacked this quality." Ben Graham
gailcox
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Re: A Message from Jack

Post by gailcox »

As always, it was a thrill and honor to see you again. The Fireside Chat, your presentation, your personal Q/A session and the Q/A session with the experts was wonderful and engaging. When I left PHL on Friday what came to my mind on the way to the airport was, "Jack Bogle is an extraordinary man who has done extraordinary things for plain people like me". I am so grateful to you, Vanguard and this community.

Gail
Dasnyc
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Re: A Message from Jack

Post by Dasnyc »

"Thank you" does not do justice, but I could not let this opportunity pass. Like many of us, I began my investing life by making many of the classic mistakes...until I happened upon your writings, this forum and the Bogleheads postings on Morningstar. I have read all of your books, followed your interviews and postings, and am currently listening to an audio reading of your 'Little Book of Common Sense Investing'.

Slowly but surely, by applying the principles that you shared with us all, I have managed to salvage my 401k and IRAs, and just recently hit a major financial milestone.

This is my first posting. I am so grateful to you for your contributions over the years. I will never be 'rich' in the classic sense, but thanks to you and the Bogleheads, I will always have 'Enough', and look forward to a safe and financially secure retirement.

Thank you always.
bondsr4me
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Re: A Message from Jack

Post by bondsr4me »

Jack:

I am a fairly recent "Boglehead", so I missed this year's "reunion".
I am a big fan of yours and currently reading "The Clash of the Cultures".
You have done more good for the individual investor than anyone on Wall Street.
It's people like you, Warren B., and Benjamin G. that all of us TRUST and look up to...and I am a series 7 guy.
Trustworthy people in this business can be very hard to find, but you certainly have earned it from investors.
Keep on going; we NEED people like you to be public.
Best wishes for good health,
Don B.

p.s. I will make it a point to be at next years reunion; I am not that far away from the VG campus. (Greencastle, PA)
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ofcmetz
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Re: A Message from Jack

Post by ofcmetz »

I read the original Wall Street Journal article crediting Eugene Fama with inspiring you, but had missed your letter to the editor. Thanks for posting this as well as the original article that inspired you.

I missed the bogleheads reunion, but love reading about it on this forum every year. Thanks again Mr. Bogle for all you have done as well as your many books which have inspired my investing.

Jeff
Never underestimate the power of the force of low cost index funds.
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Mel Lindauer
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Re: A Message from Jack

Post by Mel Lindauer »

Hi Jack:

Thanks for dropping by and sharing your comments about BH12, Thanks, too, for attending our events and making them so special. We all look forward to seeing you each year, and we hope you'll continue participating for many more years to come.

And thanks for the kind words for all of the Boglehead volunteers who I have the pleasure of working with each year. Without them, I simply wouldn't be able to put this together. It's a labor of love, and we have no shortage of folks who step up and offer to help in any way they can. However, special thanks goes to my "dream team" who work with me all year long, year after year (Paul and Linda Globerson, Ed and Patti Rager, Gail Cox and Mel & Kathy Turner. It's a real honor and pleasure to lead this team.

Finally, as you noted, Taylor's presence made this event so very special. I'm so honored to call both you and him my friends.

See you next year.
Best Regards - Mel | | Semper Fi
pingo
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Re: A Message from Jack

Post by pingo »

Thank you caring and for taking the time to share with us.

I told a colleague that you occasionally post here and his response was: Yeah, right!

That's okay. We'll have more of you for ourselves.

P.S. Look, ma! I'm in a thread with Jack Bogle! :D
(*This may be the closest I get to one of those coveted photo ops.)
Pizzasteve510
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Re: A Message from Jack

Post by Pizzasteve510 »

Please add my personal thanks to the group posting here, who were unable to attend the event.

In addition to my gratitude for your championship of wise personal investment, I would like to thank you for inspiring me to critically examine the behavior of others in management, particularly those on 'Wall Street.'

As a young business school graduate with attractive skills, my early career was filled with business choices where I did not fully understand the organizational and human dynamics. I grew up in a family business and was horribly naive about corporate politics. When I had to make some hard choices with respect to right and wrong, your leadership style was an inspiration for me. Thankfully, I was able to stand against 'management practices' which lacked professional integrity.

Thank you for encouraging business professionals to 'chart the right course.'
tibbitts
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Re: A Message from Jack

Post by tibbitts »

Pizzasteve510 wrote:Please add my personal thanks to the group posting here, who were unable to attend the event.

In addition to my gratitude for your championship of wise personal investment, I would like to thank you for inspiring me to critically examine the behavior of others in management, particularly those on 'Wall Street.'

As a young business school graduate with attractive skills, my early career was filled with business choices where I did not fully understand the organizational and human dynamics. I grew up in a family business and was horribly naive about corporate politics. When I had to make some hard choices with respect to right and wrong, your leadership style was an inspiration for me. Thankfully, I was able to stand against 'management practices' which lacked professional integrity.

Thank you for encouraging business professionals to 'chart the right course.'
You're aware this instance of the event was a year ago? There are other posts on the 2014 event.
Gill
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Re: A Message from Jack

Post by Gill »

tibbitts wrote:You're aware this instance of the event was a year ago? There are other posts on the 2014 event.
I hadn't noticed either until reading the entire thread and getting to your post. :oops:
Gill
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