Q&A WITH JACK BOGLE - Got a Question for Jack?

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Mel Lindauer
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Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by Mel Lindauer » Thu Jun 01, 2017 3:52 pm

Hello Everyone:

Once again I'll have the distinct pleasure of moderating a Question and Answer session with our friend and mentor, Jack Bogle. The Q&A will take place during our annual get-together with Jack at the 2017 Bogleheads Conference in Philadelphia on October 18-20.

Many of you won't be able to attend to ask your question in person, but you can still post your question(s) for Jack right here on this thread.

Even if you are registered and plan to attend the Conference, you should still post your question(s) for Jack here.

Shortly before the Conference, I'll consolidate all the accumulated questions by subject matter, and then ask Jack to respond to as many of your questions as time allows.

Fire away!

Best regards to all,

Mel

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by SgtSlaughter28 » Thu Jun 01, 2017 4:44 pm

Hi Mel,

Can we get Jack to expand on his comments (link below) regarding the market consisting of greater than 75% of indexers? What does this mean for the individual investor in terms of the indexing pathway?

viewtopic.php?f=10&t=220189

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by willthrill81 » Thu Jun 01, 2017 6:09 pm

I'd be interested to know what Jack believes regarding the relative performance of emerging markets and the U.S. market going forward in the long-term.

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by BackInTheBlack » Thu Jun 01, 2017 8:52 pm

SgtSlaughter28 wrote:Hi Mel,

Can we get Jack to expand on his comments (link below) regarding the market consisting of greater than 75% of indexers? What does this mean for the individual investor in terms of the indexing pathway?

viewtopic.php?f=10&t=220189
This is a very good point, and something that has concerned me for a few years. When you combine a majority of invested dollars being passively-managed, irrespective of value, with a surge in high-frequency-trading algorithms effectively dictating moves in large swathes of the stock market, then how much more likely are we to experience a repeat of the "Flash Crash" and other similar phenomena in the future? Wouldn't it also be fairly easy for another London-Whale type of investor to manipulate certain stocks at any given time, and effect a pump-and-dump strategy, knowing full well that index funds are invariably going to be along for the ride? I don't claim to understand how all of that really works, but it has been of increasing concern as fund flows have surged into the passive category. As Bogle inferred before, is it possibly too much of a good thing? I guess time will tell.
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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by jcf » Thu Jun 01, 2017 10:48 pm

Bogleheads are big on diversification. But, Warren Buffett once said, “Diversification is protection against ignorance. It makes little sense if you know what you are doing.”
What's his view on that? Ain't you limiting yourself by doing the diversification?

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by stemikger » Fri Jun 02, 2017 1:15 am

Hello Mr. Bogle "Jack"

Thank you for all you have done for the little guy.

I'm a 53 year old investor who is 100% in index funds.

If I were to include social security as part of my fixed income, what would be wrong with holding the balanced index fund for life.

My plan is to put it into this one fund and never look back.

P.S. I am one of the few who agree with you and don't think international is necessary and the balanced index fund gives me everything I need.

Do you think this is a solid plan for life?

Thank you Jack and thank you Mel

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Last edited by stemikger on Sun Sep 10, 2017 6:14 am, edited 2 times in total.
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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by BogleAlltheWay » Fri Jun 02, 2017 7:53 am

Other posted have alluded to Jack's comment on too many people indexing. My question(s) would be:

Do you believe the rich should invest in active funds and take lower returns for the benefits of keeping the market moving and allowing the less rich to take advantage of index funds?

If indexing keeps growing, would it be beneficial to hold a certain percentage of your allocation in low cost active funds?

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by Vanguard Fan 1367 » Fri Jun 02, 2017 10:51 am

I would appreciate your thoughts on what sort of returns to expect from Vanguard's Total Stock Market Index Fund in 2018.

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by triceratop » Fri Jun 02, 2017 11:26 am

I would thank Jack for his enormous gift to the individual investor.

The question involves the target date funds which I believe were asked about at the last Bogleheads Conference. What is the status on admiral shares as constituent funds there, as investor shares are still used as the underlying funds? Did Vanguard make progress since they were made aware ?

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by SimplicityNow » Fri Jun 02, 2017 4:36 pm

"Mr Bogle. Thank you for all you have done in order to help the individual investor. Thank you for providing that constant reinforcement through your books and interviews that allows me to feel confidant with my investment strategy.

Taking into consideration your often quoted "age in bonds" as a starting point in determining one's fixed income asset allocation as well as there is less need or willingness to take risk as we age and that may suggest a greater allocation to bonds.

For a couple in retirement whose expenses are covered by pensions and social security and the purpose of their portfolio is primarily growth for heirs and charitable causes, does it make sense to become more aggressive and increase one's stock asset percentage even as they age?

If so, what would be a reasonable ratio of stocks to fixed income assets and should it ever exceed Benjamin Graham's no more then 75% or less then 25%?

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by selftalk » Fri Jun 02, 2017 4:55 pm

Does John Bogle presently feel the same about owning a total stock market international fund in that he has said in his book Common Sense On Mutual Funds and various interviews to stay away from owing ANY international investments in equities. He advocates owning no more than 20% rather reluctantly only "if you must."

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by chw » Fri Jun 02, 2017 5:08 pm

Thanks Mel for this opportunity. Could you ask Jack his thoughts on 2 active Vanguard funds- Wellesley & Wellington, and their roles if held as part of a retirees (or accumulators) asset allocation? It seems many indexers here do hold these active funds, and would be interesting to get Jack's perspective.

Thank you

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by CyclingDuo » Sun Jun 04, 2017 11:22 am

Mel Lindauer wrote:Hello Everyone:

Once again I'll have the distinct pleasure of moderating a Question and Answer session with our friend and mentor, Jack Bogle. The Q&A will take place during our annual get-together with Jack at the 2017 Bogleheads Conference in Philadelphia on October 18-20.

Many of you won't be able to attend to ask your question in person, but you can still post your question(s) for Jack right here on this thread.

Even if you are registered and plan to attend the Conference, you should still post your question(s) for Jack here.

Shortly before the Conference, I'll consolidate all the accumulated questions by subject matter, and then ask Jack to respond to as many of your questions as time allows.

Fire away!

Best regards to all,

Mel
Thanks for doing this, Mel.

Here's our question:

Jack, many of us at Bogleheads.org are teachers or educators here in the United States. The 403b plans we are offered by insurance companies have rather high administrative wrap fees charged by the insurance companies that administer them over and beyond the underlying fund ER fees. To quote an article entitled "How to Fix a Retirement Plan at a School or Nonprofit" written by Ron Lieber and Tara Siegel Bernard on November 4th, 2016 in the New York Times, they said "school districts often want plan providers to pay the cost of administering the programs, something Vanguard refuses to do but insurance companies are happy to take on."

Do you see Vanguard ever being able to step up to the plate and administer K-12 and Higher Education 403b plans with costs that undercut the current competition to help get these costs down for America's educators?

Thank you.

CyclingDuo

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by FBN2014 » Wed Jun 14, 2017 6:33 am

Mel, you should simulcast the meeting for those of us who won't be there. You can broadcast live on Facebook.

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by JPH » Wed Jun 14, 2017 7:05 am

Ask him why he doesn't put a proper link to Bogleheads on his "The Bogle Eblog" webpage. His link that leads to this forum retains the name DIEHARDS.ORG. A search of his site for "Bogleheads" returns nothing. Perhaps he is just too modest.

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by Mel Lindauer » Wed Jun 14, 2017 9:30 am

Any more questions for Jack? Fire away right here!
Best Regards - Mel | | Semper Fi

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by VictoriaF » Wed Jun 14, 2017 11:08 am

Jack,

What are you favorite topics in the Bogleheads Forum?

Victoria
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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by Mel Lindauer » Sat Jun 17, 2017 11:15 am

VictoriaF wrote:Jack,

What are you favorite topics in the Bogleheads Forum?

Victoria
I'm also looking forward to hearing Jack's answer to that one, Victoria.
Best Regards - Mel | | Semper Fi

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by Munir » Sun Jun 18, 2017 9:56 am

Dear Jack,

Does the Intermediate Bond Index fund (VBILX) which is about 50:50 corporate to US Government in its holdings meet your criteria for an optimum balance between these two components?

Can the Intermediate Investment Grade Bond fund (VFIDX) be suitable as the main bond holding in an IRA for a retiree or is it tilted too far (67%) towards corporate bonds?

Thank you for your continuing involvement and advice to investors.

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by selftalk » Mon Jun 26, 2017 6:29 pm

What does John Bogle think of equal weight S&P 500 funds compared to cap weighed S&P 500 funds ?

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by 2015 » Mon Jun 26, 2017 7:09 pm

Mel Lindauer wrote:
VictoriaF wrote:Jack,

What are you favorite topics in the Bogleheads Forum?

Victoria
I'm also looking forward to hearing Jack's answer to that one, Victoria.
Conversely, do any topics in the BH Forum concern you (i.e., do you think any topics do more harm than good for the average investor)?

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by Taylor Larimore » Mon Jun 26, 2017 7:34 pm

Bogleheads:

In an earlier Boglehead conference, I submitted the written questions to Mr. Bogle. I asked him: "Would you like to prepare your answers by reading the questions in advance?" He replied: "No, I've spent a lifetime learning the answers"

Best wishes.
Taylor
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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by noco-hawkeye » Mon Jun 26, 2017 9:42 pm

I'd be interested in what his views are, when he looks at his life long accomplishments. Does he ever sit back and realize how many people he has impacted, for the better? How much he has impacted the investment industry? These impacts are huge, and I wonder what it must be like to contemplate his accomplishments.

And the follow on would be this - what would the next Jack Bogle be looking to change? Is there something that is ripe for a revolution, that we will see over the next 40 years?

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by rvs323 » Mon Jun 26, 2017 10:27 pm

I know Triceratop has already addressed the issue, but I'd like to second that concern as a holder of the LifeStrategy Funds. I'd like to know if any progress has been made on using Admiral shares in the underlying funds to drive down the expense ratio. Sure it's only .14%, but something under .10% should be doable and would definitely be appreciated.

Randy

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by book lover » Tue Jun 27, 2017 2:03 pm

Since Mr Bogle is a hero to people here on Bogleheads, I was wondering who his heros were ?

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by gkaplan » Tue Jun 27, 2017 3:45 pm

. . . .I'd like to second that concern as a holder of the LifeStrategy Funds. I'd like to know if any progress has been made on using Admiral shares. . . .

I would like to ask a similar question: Will Admiral shares become available in Vanguard FTSE All-World ex-US Small-Cap Index Fund (VFSVX?) in the near future.


Thank you.

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by selftalk » Thu Jun 29, 2017 5:45 am

How is J. Bogle able to "stay the course" and do nothing when he is exposed to the markets constantly by interviews etc. and not succumb to the temptations of buying the latest hot items which are doing so well while his do nothing market wise is not increasing in value.
Last edited by selftalk on Tue Jul 25, 2017 8:13 pm, edited 1 time in total.

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Re: Got a Question You'd Like to Ask Jack Bogle?

Post by B. Wellington » Thu Jun 29, 2017 6:11 am

chw wrote:Thanks Mel for this opportunity. Could you ask Jack his thoughts on 2 active Vanguard funds- Wellesley & Wellington, and their roles if held as part of a retirees (or accumulators) asset allocation? It seems many indexers here do hold these active funds, and would be interesting to get Jack's perspective.

Thank you
+1

Hi Mel, adding to this is how Mr. Bogle views a bond allocation in this "low" interest rate environment moving forward?

Especially those of us (near) retirement?

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by dtodd » Sun Jul 09, 2017 9:18 pm

Mr. Bogle:
I am a longtime fan of and investor with Vanguard.
My question is:
Assuming a portfolio holding a broadly diversified array of index funds (including S&P 500, small cap, mid cap, growth, value, REIT, bonds, etc.), are there any studies of the results of dollar cost averaging into "out of favor" (poorly performing) index sectors on, for example, a monthly basis, vs. just buying more total market index each month? Reversion to the mean of out of favor sectors would seem to make this a profitable DCA method, but I cannot find anything online that runs the historical numbers for this.
Thanks!

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by t27 » Tue Jul 25, 2017 5:47 pm

Hello Mr Bogle,

I am about to start investing monthly into an S&P 500 index fund over the course of 25-30 years. Each monthly contribution may not be of equal value. I live in Canada and plan to remain in Canada when I retire, in addition all my expenses and income are incurred in Canadian dollars. I am faced with the decision of purchasing a Canadian dollar hedged S&P 500 index fund or the non hedged equivalent. Would you recommend I invest in the hedged or non-hedged fund.

Thank you.

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by selftalk » Wed Jul 26, 2017 4:50 pm

Ask Mr. Bogle how he feels about being misquoted in both written (7/20/17 on marketwatch.com by Paul Merriman) and broadcast (6/28/17 Paul Merriman`s podcast) interviews. Both differed quite a bit from Bogel`s books and his live interviews.

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by Kaktus » Sat Aug 12, 2017 4:20 pm

Dear Mel,
It would be very interesting if Jack could share some thoughts on the prospect of Vanguard starting subsidiaries overseas with the same business model within the coming years. Here in Europe the financial markets do really need more efficient competition as Vanguard managed to establish in the US. Obviously he cannot say anything about any actual plans but perhaps in more general terms what the main challenges would be and about the development of the fund business in general in other parts of the world than the US.

With best regards,
Torkel Werge

Stockholm

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by Munir » Sun Aug 13, 2017 8:44 am

Is the relatively new Vanguard Core Bond Fund (VCOBX) suitable in an IRA for a retiree in a distribution phase?

Can you please name suggested Vanguard intermediate bond funds for such a retiree?

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by tj218 » Sun Aug 13, 2017 8:53 am

Does Mr. Bogle view Vanguard's current Target Retirement funds with 40% international to be in investors best interests or is it more for marketing and competition purposes?

Follow-up: Are the glide paths on these funds too risky for what they should be? If he were in charge of these funds what would he change?

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by Lancelot » Tue Aug 15, 2017 8:32 pm

I would be interested to know Mr. Bogle's thoughts on "Five American Funds disprove the Index Myth."

https://www.americanfunds.com/advisor/i ... .html.html

Personally I'm a big fan of Vanguard and their index funds. I would just like to hear Mr. Bogle's reply.
No Where for Very Long...

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by heybro » Wed Aug 16, 2017 12:45 am

Jack,
I love you. When should a person, who never really wants to fully retire, feel safe to start working part-time?
Thank you.
Mark

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by Wind_Reaver » Wed Aug 16, 2017 10:20 pm

At the time the convention gets underway, it will be about a year since the rollout of money market reform. Interested to know Jack's thoughts on the current state of money market funds.

Also, would second tj218's follow-up question to Jack regarding risk level of the Target Retirement glide path.

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by triceratop » Thu Aug 17, 2017 9:23 am

gkaplan wrote:
Tue Jun 27, 2017 3:45 pm
. . . .I'd like to second that concern as a holder of the LifeStrategy Funds. I'd like to know if any progress has been made on using Admiral shares. . . .

I would like to ask a similar question: Will Admiral shares become available in Vanguard FTSE All-World ex-US Small-Cap Index Fund (VFSVX?) in the near future.


Thank you.
You can call Vanguard directly and ask them this, and they would know more than Mr. Bogle in all likelihood. Last year the answer was "no" when I asked.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by gkaplan » Thu Aug 17, 2017 7:47 pm

triceratop wrote:
Thu Aug 17, 2017 9:23 am
gkaplan wrote:
Tue Jun 27, 2017 3:45 pm
. . . .I'd like to second that concern as a holder of the LifeStrategy Funds. I'd like to know if any progress has been made on using Admiral shares. . . .

I would like to ask a similar question: Will Admiral shares become available in Vanguard FTSE All-World ex-US Small-Cap Index Fund (VFSVX?) in the near future.


Thank you.
You can call Vanguard directly and ask them this, and they would know more than Mr. Bogle in all likelihood. Last year the answer was "no" when I asked.

I think you quoted the wrong person. I don't own, and never have owned, LifeStrategy Funds.
Gordon

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by triceratop » Thu Aug 17, 2017 8:05 pm

gkaplan wrote:
Thu Aug 17, 2017 7:47 pm
triceratop wrote:
Thu Aug 17, 2017 9:23 am
gkaplan wrote:
Tue Jun 27, 2017 3:45 pm
. . . .I'd like to second that concern as a holder of the LifeStrategy Funds. I'd like to know if any progress has been made on using Admiral shares. . . .

I would like to ask a similar question: Will Admiral shares become available in Vanguard FTSE All-World ex-US Small-Cap Index Fund (VFSVX?) in the near future.


Thank you.
You can call Vanguard directly and ask them this, and they would know more than Mr. Bogle in all likelihood. Last year the answer was "no" when I asked.

I think you quoted the wrong person. I don't own, and never have owned, LifeStrategy Funds.
I don't think so. I quoted this post verbatim (which includes broken quote tags), and I was referring to your inquiry about Vanguard Intl. Small Cap Index. They told me last year there were no plans for an Admiral shares version of the fund.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by gkaplan » Thu Aug 17, 2017 8:17 pm

triceratop wrote:
Thu Aug 17, 2017 8:05 pm
gkaplan wrote:
Thu Aug 17, 2017 7:47 pm
triceratop wrote:
Thu Aug 17, 2017 9:23 am
gkaplan wrote:
Tue Jun 27, 2017 3:45 pm
. . . .I'd like to second that concern as a holder of the LifeStrategy Funds. I'd like to know if any progress has been made on using Admiral shares. . . .

I would like to ask a similar question: Will Admiral shares become available in Vanguard FTSE All-World ex-US Small-Cap Index Fund (VFSVX?) in the near future.


Thank you.
You can call Vanguard directly and ask them this, and they would know more than Mr. Bogle in all likelihood. Last year the answer was "no" when I asked.

I think you quoted the wrong person. I don't own, and never have owned, LifeStrategy Funds.
I don't think so. I quoted this post verbatim (which includes broken quote tags), and I was referring to your inquiry about Vanguard Intl. Small Cap Index. They told me last year there were no plans for an Admiral shares version of the fund.

The way you formatted your post seems to say, to me, that I owned Life Strategy Funds, which, as I said, I never have. I do own the Vanguard International Small-Cap Index Fund, though.
Gordon

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by triceratop » Thu Aug 17, 2017 8:21 pm

I don't say that you've owned Lifestrategy funds; again, I'm speaking only of VSS/VFSVX. Look at your post: viewtopic.php?f=10&t=220191&view=unread#p3425489 the quotes in your post are broken which is why my post is formatted that way...
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by rgs92 » Thu Aug 17, 2017 9:44 pm

For Jack: What about the North Korea situation (as far as how it may affect one's investments)?
[Note I do not want this to be discussed here, I just want to hear Mr. Bogle's take on the problem from an investing perspective.]

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by MarkVH0518 » Fri Aug 18, 2017 2:05 pm

I'd like to propose yet another follow up question regarding a market with lots of index investors:

Could we reach a point where index funds managers are required to take up the role of board management
because there is no one else is performing that role?
Or perhaps rephrased more ominously, if the shareholder are all passive are the executives free to loot the firm?

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by Jonathan » Fri Aug 18, 2017 3:10 pm

Mr. Bogle: What is your opinion on bitcoin?

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by vthokie100 » Thu Aug 24, 2017 11:53 pm

Mr. Bogle,

In light of the recent discussions about whether passive index investments may reach a total percentage that is too high, what should an average retirement investor do? And how may such an average retirement investor be impacted in the long term?

Thank you for your valuable guidance.

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by Escape Velocity » Sat Aug 26, 2017 11:42 am

This question relates to soon-to-be and new or recent retirees.

What actions would Mr. Bogle recommend to mitigate a poor sequence of returns risk, just prior-to or in the early years after retirement.

Would he recommend a change in asset allocation (and to what: 50/50?, 40/60? 30/70?), followed by a reverse glide path back to something more aggressive?

Would he recommend segregating some number of years (how many?) expenses into cash or short-duration bonds?

Does he believe there are effective strategies to mitigate against early poor sequence of returns? What else would he recommend?

Thanks in advance from a 1st-year early retiree (made possible by Jack's vision -- publicly available index funds).

EV

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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by LadyGeek » Thu Sep 07, 2017 9:45 pm

FYI - New member marshallhawkes has a question which I've moved into a stand-alone thread: [Just setup Vanguard account, looking for good strategy]
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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by Mel Lindauer » Sat Sep 16, 2017 9:05 pm

Final call for questions for Jack Bogle's Q&A session at the 2017 Bogleheads Conference.

I've collected the questions up to here and will be locking this thread down very soon, so speak up now or get shut out.
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Re: Q&A WITH JACK BOGLE - Got a Question for Jack?

Post by rick2427 » Sat Sep 16, 2017 9:28 pm

Could Mr. Bogle or any other panelist please comment on the differences and benefits of investing in different kinds of Index funds viz:

Cap Weighted Index Funds
Fundamental Weighted Index Funds.
Equal Weighted Index Funds.

Thank you,
Rick

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