Forbes List- Jack Bogle among 100 Greatest Business Minds

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MFInvestor
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Joined: Mon May 02, 2016 7:28 pm

Forbes List- Jack Bogle among 100 Greatest Business Minds

Post by MFInvestor » Thu Oct 05, 2017 10:05 am

On Reinvention
Jack Bogle
Index Fund Popularizer: Founder, Vanguard, World's Largest Mutual Fund Company

"To celebrate Forbes’ centennial, we amassed an A-to-Z encyclopedia of ideas from 100 entrepreneurs, visionaries and prophets of capitalism—the greatest ever collection of business essayists and greatest ever portrait portfolio in business history."

https://www.forbes.com/100-greatest-bus ... jack-bogle

From the article:

"I had to find a way for Vanguard to take on the investment management and distribution of our funds. I had done some work on index funds in my senior thesis at Princeton in 1951. I had experienced the failure of active management firsthand. And I had just read an article by Nobel Laureate Paul Samuelson, saying, in essence, "Somebody, somewhere, please start an index fund." I took the idea to the board and they said "You can't get into investment management," and I said, "This fund has no investment management." They bought it, and there's where the index revolution began. Then I decided we couldn't allow Wellington and its sales force to continue to distribute the funds'so we eliminated all sales commissions and went no-load overnight. The directors said "You're not allowed to take over distribution," and I said "We're not taking it over; we're eliminating it." They bought it, again.

When a door closes, if you look long enough and hard enough, if you're strong enough, you'll find a window that opens. "

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nedsaid
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Re: Forbes List- Jack Bogle among 100 Greatest Business Minds

Post by nedsaid » Sun Oct 22, 2017 11:42 am

John Bogle is a good example of what hard work and perseverance can do. He took the disaster he presided over at Wellington and turned it into a great success with the new Vanguard company. He certainly revolutionized the mutual fund industry.
A fool and his money are good for business.

Lynette
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Re: Forbes List- Jack Bogle among 100 Greatest Business Minds

Post by Lynette » Sun Oct 22, 2017 12:00 pm

I found him to be a fascinating speaker at the Boglehead's Conference. He has interacted with some of the greatest minds in the past 60 years. He still seems to remember a great deal. He is still extremely sharp at 88 and knows immediately when there is something wrong with the charts he is discussing. He even called out a spelling mistake. He has a self-deprecating sense of humor despite all of the honors he has received and continues to receive. He has strong opinions about what he believes. I was slightly amused at his dislike of ETF's and prefers what he calls TIFs - Traditional Index Funds. He even said that TIFS are coming into their own again from 2017 - ?? I'm not entirely sure why he dislikes ETFs. Maybe it is because there are so many weird ones that have been developed and it does not encourage investors to buy and hold.

dbr
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Re: Forbes List- Jack Bogle among 100 Greatest Business Minds

Post by dbr » Sun Oct 22, 2017 12:05 pm

Lynette wrote:
Sun Oct 22, 2017 12:00 pm
I found him to be a fascinating speaker at the Boglehead's Conference. He has interacted with some of the greatest minds in the past 60 years. He still seems to remember a great deal. He is still extremely sharp at 88 and knows immediately when there is something wrong with the charts he is discussing. He even called out a spelling mistake. He has a self-deprecating sense of humor despite all of the honors he has received and continues to receive. He has strong opinions about what he believes. I was slightly amused at his dislike of ETF's and prefers what he calls TIFs - Traditional Index Funds. He even said that TIFS are coming into their own again from 2017 - ?? I'm not entirely sure why he dislikes ETFs. Maybe it is because there are so many weird ones that have been developed and it does not encourage investors to buy and hold.
Yes, it seems that he is concerned that ETFs encourage traders. I'm not sure if he really thinks that encourages BH investors to trade. In any case it is not a concern wherein he is advising people like us not to hold ETF share classes of index funds.

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nedsaid
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Re: Forbes List- Jack Bogle among 100 Greatest Business Minds

Post by nedsaid » Mon Oct 23, 2017 9:36 pm

Lynette wrote:
Sun Oct 22, 2017 12:00 pm
I found him to be a fascinating speaker at the Boglehead's Conference. He has interacted with some of the greatest minds in the past 60 years. He still seems to remember a great deal. He is still extremely sharp at 88 and knows immediately when there is something wrong with the charts he is discussing. He even called out a spelling mistake. He has a self-deprecating sense of humor despite all of the honors he has received and continues to receive. He has strong opinions about what he believes. I was slightly amused at his dislike of ETF's and prefers what he calls TIFs - Traditional Index Funds. He even said that TIFS are coming into their own again from 2017 - ?? I'm not entirely sure why he dislikes ETFs. Maybe it is because there are so many weird ones that have been developed and it does not encourage investors to buy and hold.
He is one of those people that the more you see him, the more you like him. He wears well.
A fool and his money are good for business.

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