"MAN IN THE ARENA" -- A Gem

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Taylor Larimore
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"MAN IN THE ARENA" -- A Gem

Post by Taylor Larimore »

MAN IN THE ARENA, a book by Knut Rostad, is unlike my other “Financial Gems.” Although this book contains many important rules for successful investing, it is primarily about the financial industry and with testimonials describing the extraordinary character, wisdom and accomplishments (and photographs) of our great friend and mentor, Jack Bogle. These are excerpts:
“Jack Bogle has given investors throughout the world more wisdom and good financial judgment than any person in the history of markets.” –Arthur Levitt, former SEC chairman

“I rank this Bogle invention—the index fund—along with the invention of the wheel, the alphabet, Gutenberg printing , and wine and cheese.” –Paul Samuelson, Nobel Laureate

“Through your communications—both oral and written—you have saved American investors many billions of dollars.” Warren Buffett

“I admit it: Jack is my hero” – Andrew Golden, President, Princeton University.

“In 1999 Fortune magazine named Bogle one of the investment industry’s four “Giants of the 20th century.”

“I continue to be inspired by your common sense solutions for renewing America’s trust with a long-term economic vision. – Bill Clinton, President.

“Jack was the fortunate recipient of a heart transplant. So we can be assured that there is at least one Wall Streeter with a heart!” – David Cowen, president of The Museum of American Finance

“While some mutual fund founders chose to make billions, he chose to make a difference.” "Dedication to Mr. Bogle" in The Bogleheads Guide to Investing

“Bogle and Sauter share concerns about the many fringe investment products that have polluted the ETF space.”

“Too many people spend too much time trying to figure out what the next hot stock will be, and too little time trying to figure out what their asset allocation should be.”

“Rob Arnott looked at 20 years’ worth of mutual fund returns – 80% of the funds failed to match the pretax return of the Vanguard 500 Index Fund.”

“Investors are best served by figuring out the proper asset allocation and then just sticking with it over time.”

“Institutional money managers own some 70% of the stocks in the U.S. equity market.”

“Our financial system is plagued by a fundamental conflict of interest.”

“John Bogle has long been an outspoken advocate for the fiduciary standard. But it should not be surprising that the financial industry, in general, does not share Bogle’s enthusiasm.”

The Investment Advisor magazine named Mr. Bogle the most influential person in the investment adviser space over those 30 years.”

“Jack Bogle is best known for spreading the gospel of indexing. He supports this with very powerful, and very rigorous intensive research.”

“He brings common sense to a world that’s largely lacking it.”

“You proved your (indexing) case over and over again. Why doesn’t everybody believe it?” Paul Volker, former chairman of the U.S. Federal Reserve

“For me, the bond market is the essence of simplicity. If you simply take today’s yield on a given bond or a given bond portfolio, you have established a very reasonable expectation for returns on bonds over the next decade.” Bogle

“Our ability to govern ourselves is fading.” Bogle

“We need to give investors the right information about how the markets work and have them focus on the long term, low cost, diversification, and some kind of a reasonable asset allocation.” Bogle

“It‘s an honor being on this program in honor of Jack Bogle, who’s stuck with his very sensible comments and disciplines for year after year in a way that just is without precedent. Thank you.” Paul Volker, former Fed chairman

“Fiduciary values: candor, integrity, trust, and fair dealing for the bais for the policies guiding how Vanguard deals with clients.” K.Rostad

“I now hasten to salute your lifetime of achievement, physical courage and public service.” Wm. Donaldson, former SEC chairman and former CEO of the N.Y. Stock Exchange.

“After congregating for several years at a dedicated website on Morningstar.com, the Bogleheads launched their own website in 2007, and word of their mission spread like wildfire.”

“In 2006, three of the Bogleheads (Taylor Larimore, Mel Lindauer, and Michael LeBoeuf) got together to write a marvelous self-help book for investors, The Bogleheads' Guide to Investing, which quickly became a best seller.

“Being with these real, honest-to-God, down-to-earth human beings (at Boglehead Reunions) has been one of the brightest high-lights of my long career.” Bogle

“Candor is conspicuous by its absence from the mutual fund industry’s promotional materials and shareholder communications.” Bogle

Vanguard’s unique corporate structure, in which the financial benefits of our success accrue to the fund shareholder rather than to the management company, has eliminated many potential conflicts of interest.” Bogle

“My simple rule: ‘Do what’s right. If you’re not sure, ask your boss.” Bogle

“In the words of the motto I’ve tried to ingrain in the minds of our Vanguard crew members, ‘I believe that even one person can make a difference.’” Bogle

“While I haven’t run Vanguard for many years, I’m still in my office (Bogle Research Center) pretty much all day, every day.” Bogle

“Despite holding virtual control over corporate America—mutual funds now collectively own more than one-third of U.S. stocks—they lack the spirit and the will to perform this central role in corporate governance.” Bogle

“I marveled at your iron will and still do. Science alone does not account for the miracle of John Bogle.—You taught me that living a moral life can impart divinity on flawed human beings.” Dr. Bernard Lawn, Jack's heart-transplant physician.

“Of all Jack Bogle’s accomplishments—among them, establishing the company that would become the world’s largest mutual fund provider, leading by example in stewardship by asset managers, and making available by far the lowest-cost funds that ordinary investors could own—perhaps his greatest was bringing the index fund to market.” Joe Mansueto, CEO, Morningstar

“You are one of my investment heroes (and the list is not long). When the accounts are settled to see who have truly helped individual investors, your name will be there in lights.” Wm. Sharpe, Nobel Laureate

“Over the past decade, fully 98% of all investment dollars flowing into equity funds was invested in Morningstar four-and five-star funds.”

“In the Fund Business, you don’t get what you pay for. You get what you don’t pay for!” Bogle

“For more than half a century no one has done more (than Jack Bogle) to protect shareholders, businesses, and America from the damage done by greedy and negligent CEOs, directors, money managers, and politicians.” Mario Cuomo, former N.Y. Governor

“The average mutual fund manager lasts for about six years. And 50% of mutual funds themselves go out of business every decade.” Bogle

“I shamelessly commend using an all-market index fund as the centerpiece of the savings they allocate to equities.” Bogle

“Let’s all raise our glasses to the marvelous, brutally honest, and passionately sensible Jack Bogle!“ Rostad

“If you look back at the record of international bonds, I for one don’t see much to write home about. I don’t like the credit risk. I don’t like the currency risk.” Bogle

“Better diversification is the last refuge of the scoundrel.” Bogle

“What people don’t get about gold and commodities in general is that they have no internal rate of return.” Bogle

“He’s still learning, still trying to improve the world, still making a difference, still reaching out and helping people with an almost superhuman vigor.” Wm. Bernstein, author and adviser

“There is no one in the industry I admire more.” Don Phillips, Morningstar

“There is no question that Jack Bogle is the most important investment figure of the past century.” Steve Galbraith, Morgan Stanley strategist.

“Jack Bogle drowns out the cacophony that is Wall Street’s self-serving, costly drivel.” Ted Aronson, Former Chairman of the CFA Institute

“The legacy of Jack Bogle will endure and benefit millions of investors.” Ed Haldeman, CEO Freddie Mac.

“At times investment practice has become too enraptured with the mathematical complexity and pyrotechnics of finance while the fundamentals are forgotten.” David Blitzer, Chairman of S&P’s Index Committee

“What makes Bogle unique in his industry is that his success is based on what is best for the individual investor—not on what is best for the industry or its top executives.” Nell Minow, editor of The Corporate Library

“Executive compensation has gotten totally out of hand. The median compensation for the 100 highest-paid CEOs was $14.4 million, 320 times the average American salary.” Bogle

“Good ethics are good business, part of that virtuous circle that builds our society.” Bogle

“Your service to the National Constitution Center and to the nation has been enormous and incomparable. We are all in your debt.” Richard Stengel, president of the NCC.

“We at Blair Academy would argue that your impact here—both in the very important tangible and in the abstract—is the purest and finest of all your visions for making the world a better place.” Chan Hardwick, headmaster

“I just can’t imagine owning a yacht, or jet plane, or a giant mansion on a grand estate. So I save and I give.” Bogle

“If there’s one word that explains the popularity of Jack Bogle’s books and his iconic status among investors worldwide, including purveyors of advice in the investment industry who scorn him publicly while admiring him privately—its Integrity.” Frank Martin, author and adviser.

“The joy of giving provides delightful pleasure. But giving is not only joy, it is a duty.” Bogle

“The members of the Bogleheads community add 12,000 to 25,000 posts on their website each month, with local chapters all over the world. They are smart, well-versed in investment principles, and simply interested in educating their fellow investors.” K.Rostad

“Jack Bogle has given me the wisdom to press on regardless in doing my small part to spread the word on just how simple investing should be.” Allan Roth, author and adviser

“Jack Bogle isn’t talking just about index funds; he’s talking about the lies, dishonesty, and unethical standards that define Wall Street and the mutual fund industry. He is describing my exact experience as a stockbroker!” Rick Ferri, author and adviser

“There is no one in the mutual fund industry with a greater combination of practical experience, perseverance, inventive genius, literary ability, kindness, modesty, desire to help others, and impeccable character.“ Taylor Larimore, friend and author.

“I stumbled upon the Bogleheads forum. Wow! Who were these people who are being so helpful, so generous with their time and knowledge? I’ve decided to do whatever I can to help spread financial literacy—on YouTube, The Boglehead wiki, and my website at http://www.FinancingLife.org.” Rick Van Ness.

“We came to the States literally with nothing but clothes on our back. Thanks largely to you, this poor Vietnamese girl is completely debt free and has a very sizable portfolio. The effect you’ve had on me will positively impact my family for generations.” Letter from a Vanguard shareholder.

“Jack Bogle is certainly a man who has changed an industry and countless lives with the power of his message—a pontificating, pugilistic persuader to fight the fight that had to be won and to convince a skeptical and largely apathetic investor population that there was a better way.” Jeremy Duffield, founder of Vanguard Investments Australia.

“The same surgeon general who required cigarette packages to say: ’Warning, this product may be dangerous to your health’ ought to require that 99 out of 100 books written on personal finance carry that same label.” Paul Samuelson, Nobel Laureate

“A wry sense of humor can’t quite disguise, and shouldn’t disguise, Bogle’s sense of frustration—even outrage—about some practices that permeate the industry that has been his life’s work and personal passion.” Paul Volker

“The existence of the Vanguard philosophy has forced other funds to reduce their fees and costs materially. It would be difficult indeed to estimate how many billions of dollars of savings go into the retirement savings of working men and women across this country today as a result of Mr. Bogle’s vision.” Wm. Allen, chancellor State of Delaware

“Without Jack Bogle’s efforts, Americans would face a financial landscape nearly barren of attractive alternatives.” David Swensen, Yale chief investment officer
Thank you, Jack.

More Investment Gems:

Best wishes for the Holiday.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle
jebmke
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Re: "MAN IN THE ARENA" -- A Gem

Post by jebmke »

Ranking even with wine and cheese pretty much says it all.
When you discover that you are riding a dead horse, the best strategy is to dismount.
Sriracha
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Re: "MAN IN THE ARENA" -- A Gem

Post by Sriracha »

jebmke wrote:Ranking even with wine and cheese pretty much says it all.
Darn, you beat me to it. Well, cheese ... maybe. But wine? :D
Don't reach for yield.
abracadabra11
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Re: "MAN IN THE ARENA" -- A Gem

Post by abracadabra11 »

I thought you meant the REAL Man in the Arena...
It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.
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Taylor Larimore
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Re: "MAN IN THE ARENA" -- A Gem

Post by Taylor Larimore »

abracadabra11 wrote:
It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.
Abracadabra:

Your quote perfectly describes Jack Bogle, our forum's mentor.

Thank you and best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle
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zed
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Re: "MAN IN THE ARENA" -- A Gem

Post by zed »

abracadabra11 wrote:I thought you meant the REAL Man in the Arena...
It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.
+1
Love that quote. I revisit it often
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Re: "MAN IN THE ARENA" -- A Gem

Post by Sriracha »

Taylor:

If I might ask, what did you think of the book in general? I've read Brahams's The House that Bogle Built, and of course several of the books authored by the man in the arena himself. I'm mulling over a purchase, but don't really need a recap of all the great things I know already.

Many thanks. Enjoy the Holiday Season!
Don't reach for yield.
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Mel Lindauer
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Re: "MAN IN THE ARENA" -- A Gem

Post by Mel Lindauer »

Sriracha wrote:Taylor:

If I might ask, what did you think of the book in general? I've read Brahams's The House that Bogle Built, and of course several of the books authored by the man in the arena himself. I'm mulling over a purchase, but don't really need a recap of all the great things I know already.

Many thanks. Enjoy the Holiday Season!
If you're on the fence, perhaps this 55% discount offer will help: http://www.bogleheads.org/forum/viewtop ... 2#p1873372
Best Regards - Mel | | Semper Fi
Sriracha
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Re: "MAN IN THE ARENA" -- A Gem

Post by Sriracha »

Mel Lindauer wrote:If you're on the fence, perhaps this 55% discount offer will help: http://www.bogleheads.org/forum/viewtop ... 2#p1873372
I saw your post with that generous offer, Mel. Many thanks and Happy Holidays.
Don't reach for yield.
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Sunny Sarkar
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Re: "MAN IN THE ARENA" -- A Gem

Post by Sunny Sarkar »

“I rank this Bogle invention—the index fund—along with the invention of the wheel, the alphabet, Gutenberg printing , and wine and cheese.” –Paul Samuelson, Nobel Laureate
Loved this quote! Three cheers :sharebeer
...and I didn't know about The John C. Bogle Legacy Forum either.
"Buy-and-hold, long-term, all-market-index strategies, implemented at rock-bottom cost, are the surest of all routes to the accumulation of wealth" - John C. Bogle
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