Jack Bogle, the world's richest man

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MickeyBoy
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Jack Bogle, the world's richest man

Post by MickeyBoy » Sat Nov 18, 2017 1:46 pm

Now that Vanguard's assets under management close in on $5 trillion (see the Wall Street Journal article 'No sleeping giant, Vanguard grows'), perhaps it is time to honor Mr Bogle's decision to set up the Vanguard Group as a mutual company owned by the investors and dedicated to a passive, low-cost approach intended to benefit us all, not a small circle of owners or managers.

He has a simple answer to the question why he didn't set up his new company like Fidelity or DFA and become number one on the Forbes list: I have enough. (Clearly he is not in government. :D )

Sure, he has enough money, more than enough, but what else he has that makes him number one on my list is the gift that he has given to untold millions of people who have greatly benefitted from investing in Vanguard and other companies imitating Vanguard's success. His crusade to hold the investment industry accountable for poor treatment of investors has benefitted even more.

With Thanksgiving and Christmas approaching, what other possession could possibly equal the quiet satisfaction from this enduring gift to so many?

wesgreen
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Re: Jack Bogle, the word's richest man

Post by wesgreen » Sat Nov 18, 2017 5:15 pm

Well said. And it's nice to know he's around to see the fruits of his labor and accept people's gratitude. That's not always the case with our heroes.

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Re: Jack Bogle, the word's richest man

Post by pondering » Sat Nov 18, 2017 5:26 pm

I can think of plenty of more admirable people than Jack Bogle.

That being said, The world needs as many Jack Bogles as it can find.
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Re: Jack Bogle, the word's richest man

Post by NYCguy » Sat Nov 18, 2017 6:51 pm

Very well said. He is a great man and deserves the recognition for how much he has done financially for so many.
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Re: Jack Bogle, the word's richest man

Post by Miriam2 » Sat Nov 18, 2017 7:38 pm

In his wonderful little book "Enough," Jack Bogle wrote:
Enough for Me?

Let me open up my confession about what is enough for me by saying that, in my now 57-year career, I've been lucky to earn enough - actually, more than enough - to assure my wife's future well being; to leave some resources behind for my six children (as it is sometimes said, "enough so that they can do anything they want, but not enough that they can do nothing"); to leave a mite to each of my 12 grandchildren; and ultimately to add a nice extra amount to the modest-sized foundation that I created years ago.

The choice to share my financial blessings with those less fortunate reflects my profound conviction that each of us who prospers in this great republic has a solemn obligation to recognize his or her good fortune by giving something back.

I've been able to accumulate this wealth despite giving for about the past 20 years, one-half of my annual income to various philanthropic causes. I don't look at these contributions as charity. I look at them as an attempt to repay the enormous debts I've accumulated over a lifetime, including (in no special order) - -

- the spiritual strength enhanced by my church
- the hospitals whose guardian angels nursed me through my five-decade struggle with heart disease
- the Greater Philadelphia community through the United Way
- the magnificent National Constitution Center on Independence Mall in Philadelphia
- the educational institutions that paved the way for my adult life and my career

As it happens, most founders of investment firms (and often their successors, too) have accumulated truly enormous wealth. The lowest-ranking financial person on the list (Forbes 400) has wealth estimated at $1.3 billion, and the highest-ranking (Fidelity's Johnson family) is worth some $25 billion.

I have never played in that billion-dollar-plus major league; nor, for that matter, even in its hundred-milion-dollar-plus minor league. Why not? Simply because as the founder of Vanguard, I created a firm in which the lion's share of the rewards would be bestowed on the shareholders of the truly mutual mutual funds that compose the Vanguard Group.

In fact, cumulative savings to our shareholders vis-a-vis the shareholders of our peers will soon exceed $100 billion.

So, in comparison to nearly all, if not all, of my peers in this business, I'm something of a financial failure.
(passages from pgs. 231-237)

Jack Bogle is the richest man in character and I admire his life and work.

book lover
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Re: Jack Bogle, the word's richest man

Post by book lover » Sun Nov 19, 2017 11:19 am

How many people in the history of the world gave up billions to help others? I can think of only one.

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Re: Jack Bogle, the word's richest man

Post by Johnnie » Sun Nov 19, 2017 11:36 am

Image

"A toast to my big brother, Jack: The richest man in town."


Ding-ding, ding-ding...

:sharebeer
"I know nothing."

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Re: Jack Bogle, the word's richest man

Post by lazydavid » Sun Nov 19, 2017 11:44 am

book lover wrote:
Sun Nov 19, 2017 11:19 am
How many people in the history of the world gave up billions to help others? I can think of only one.
Nice thought, but not even remotely close.

Bill Gates donated $4.6 Billion in a single month (June 2017) to combat malaria. This is part of a decades-long history of philanthropy. The foundation that he and his wife started in 2000 has already distributed $40 Billion to various humanitarian causes, nearly all of which (somewhere in the mid-$30 Billion range) was contributed by Gates himself. The foundation has committed to eradicating Polio by 2020. This past Monday (11/13/17), he donated $100 million to Alzheimer's research.

In 2016 alone, Mark Zuckerberg spent $3 Billion towards his audacious goal of eradicating all childhood diseases in the next decade. He and his wife have pledged to donate 99% of their wealth to charitable causes within their lifetime.

I could go on, but these are two very current examples of people who have given up billions to help others. Jack is a great man, but let's not delude ourselves that he is a lone saint in this world.

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Re: Jack Bogle, the word's richest man

Post by abuss368 » Sun Nov 19, 2017 2:19 pm

MickeyBoy wrote:
Sat Nov 18, 2017 1:46 pm
Now that Vanguard's assets under management close in on $5 trillion (see the Wall Street Journal article 'No sleeping giant, Vanguard grows'), perhaps it is time to honor Mr Bogle's decision to set up the Vanguard Group as a mutual company owned by the investors and dedicated to a passive, low-cost approach intended to benefit us all, not a small circle of owners or managers.

He has a simple answer to the question why he didn't set up his new company like Fidelity or DFA and become number one on the Forbes list: I have enough. (Clearly he is not in government. :D )

Sure, he has enough money, more than enough, but what else he has that makes him number one on my list is the gift that he has given to untold millions of people who have greatly benefitted from investing in Vanguard and other companies imitating Vanguard's success. His crusade to hold the investment industry accountable for poor treatment of investors has benefitted even more.

With Thanksgiving and Christmas approaching, what other possession could possibly equal the quiet satisfaction from this enduring gift to so many?
Hi MickeyBoy -

A very nice and well written post.

Thank you for he kind words regarding Jack Bogle who has made it his life goal to help the little guy earn their fair share of stock and bond market returns.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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zaplunken
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Re: Jack Bogle, the word's richest man

Post by zaplunken » Sun Nov 19, 2017 3:46 pm

Jack Bogle and Vanguard are the 9th wonder of the modern world.

Mr. Bogle has done more for me than Zuckerberg or Gates ever have or ever will. :sharebeer

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Re: Jack Bogle, the word's richest man

Post by dccboone » Sun Nov 19, 2017 4:55 pm

lazydavid wrote:
Sun Nov 19, 2017 11:44 am
book lover wrote:
Sun Nov 19, 2017 11:19 am
How many people in the history of the world gave up billions to help others? I can think of only one.
Nice thought, but not even remotely close.

Bill Gates donated $4.6 Billion in a single month (June 2017) to combat malaria. This is part of a decades-long history of philanthropy. The foundation that he and his wife started in 2000 has already distributed $40 Billion to various humanitarian causes, nearly all of which (somewhere in the mid-$30 Billion range) was contributed by Gates himself. The foundation has committed to eradicating Polio by 2020. This past Monday (11/13/17), he donated $100 million to Alzheimer's research.

One clarification - The world's 1.2 million Rotarians, in combination with the World Health Organization (WHO), have led the way in the battle to rid the world of polio since 1986. The Gates Foundation has been a welcome partner, but their work has been more recent. Together, we will rid the world of this dreadful disease once and for all hopefully in the next few years.

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Re: Jack Bogle, the word's richest man

Post by MrNewEngland » Mon Nov 20, 2017 1:35 pm

pondering wrote:
Sat Nov 18, 2017 5:26 pm
I can think of plenty of more admirable people than Jack Bogle.

That being said, The world needs as many Jack Bogles as it can find.
zaplunken wrote:
Sun Nov 19, 2017 3:46 pm
Jack Bogle and Vanguard are the 9th wonder of the modern world.

Mr. Bogle has done more for me than Zuckerberg or Gates ever have or ever will. :sharebeer
Not everyone can be Noam Chomsky. With that said Bogle has done more for the common man than most people.

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Re: Jack Bogle, the word's richest man

Post by mickeyd » Mon Nov 20, 2017 3:18 pm

We are all kids of Jack. Thanks, dad.
Part-Owner of Texas | | “The CMH-the Cost Matters Hypothesis -is all that is needed to explain why indexing must and will work… Yes, it is that simple.” John C. Bogle

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Re: Jack Bogle, the word's richest man

Post by Nate79 » Mon Nov 20, 2017 5:45 pm

In reference to the title, what word?

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Re: Jack Bogle, the word's richest man

Post by ChowYunPhat » Mon Nov 20, 2017 6:34 pm

I'm so thankful for Jack Bogle, and wonder why there aren't other "mutual" mutual fund companies of such scale. Other billionaires may be generous, but none sought to enrich the common man from the outset and for this we should hold Jack Bogle with special regard. I tremble at the thought of the investment industry, absent a Vanguard-ish company to hold other for-profit institutions accountable to their customers and compete on price. I spent $80,000 for a master's degree in finance, and the most valuable learning was the existence of Vanguard and how to partner with such a company to grow wealth.
A wise man and his money are friends forever...

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Re: Jack Bogle, the word's richest man

Post by TheHouse7 » Mon Nov 20, 2017 7:02 pm

Watching current youtube of his commentary makes me feel so privileged to see him for what he is, a man, and humble at that.
"PSX will always go up 20%, why invest in anything else?!" -Father-in-law early retired.

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Re: Jack Bogle, the word's richest man

Post by Kenkat » Mon Nov 20, 2017 7:31 pm

lazydavid wrote:
Sun Nov 19, 2017 11:44 am
book lover wrote:
Sun Nov 19, 2017 11:19 am
How many people in the history of the world gave up billions to help others? I can think of only one.
Nice thought, but not even remotely close.

Bill Gates donated $4.6 Billion in a single month (June 2017) to combat malaria. This is part of a decades-long history of philanthropy. The foundation that he and his wife started in 2000 has already distributed $40 Billion to various humanitarian causes, nearly all of which (somewhere in the mid-$30 Billion range) was contributed by Gates himself. The foundation has committed to eradicating Polio by 2020. This past Monday (11/13/17), he donated $100 million to Alzheimer's research.

In 2016 alone, Mark Zuckerberg spent $3 Billion towards his audacious goal of eradicating all childhood diseases in the next decade. He and his wife have pledged to donate 99% of their wealth to charitable causes within their lifetime.

I could go on, but these are two very current examples of people who have given up billions to help others. Jack is a great man, but let's not delude ourselves that he is a lone saint in this world.
The only difference is that those guys earned it first and then gave it back. Jack Bogle was crazy enough to never charge for it to begin with. (I mean crazy in the best way possible)
Last edited by Kenkat on Mon Nov 20, 2017 7:53 pm, edited 1 time in total.

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Jack Bogle -- What others say.

Post by Taylor Larimore » Mon Nov 20, 2017 7:48 pm

Bogleheads:

Jack Bogle is my hero, my friend and my mentor. No one in the mutual fund industry has a greater combination of impeccable character, practical experience, knowledge, inventive genius, wisdom, perseverance, literary ability, kindness, modesty, and desire to help others.

This is what others say:
William Allen, former Chancellor of the State of Delaware: "Jack Bogle is a great businessman because he has changed the world in a way that confers huge benefits on countless citizens, allowing them to better achieve their goals."

William Bernstein, author of The Four Pillars of Success: "I've found over the years, that disagreeing with Jack Bogle is a good way of eventually being proven wrong."

Alan S. Blinder, former Chairman of the Federal Reserve Board: "For decades Jack Bogle's relentless voice, sharp pen, and indefatigable energy have been prodding the mutual fund industry in particular, and the financial industry more generally, to embrace higher business, fiduciary, and ethical standards."

Bloomberg: Jack Bogle's legacy is rooted in the concept that investing should be conducted solely in the interest of shareholders and investors.

The Bogleheads' Guide to Investing: "While some mutual fund founders chose to make billions, he chose to make a difference."

Warren Buffett: "If a statue is ever erected to honor the person who has done the most for American investors, the hands down choice should be Jack Bogle."

William Clinton, 42nd President of the United States: "With his own impeccable credentials in finance, Bogle reminds us that the United States was built upon a tradition of hard work, temperance, and duty."

JL Collins, author of The Simple Path to Wealth: , I can’t imagine anyone more deserving of The Presidential Medal of Freedom.

In 1999, Fortune magazine named Jack Bogle: One of Four Investment Giants of the 20th Century.

Joel Galbraith, former Market Strategist, Morgan Stanley: "There is no question that Jack Bogle is the most important investment figure of the past century."

Arthur Levitt, former Chairman of the SEC: "Jack Bogle has given investors throughout the world more wisdom and good financial judgment than any person in the history of markets."

Burton Malkiel, Author of A Random Walk Down Wall Street: "Jack Bogle is the greatest friend the individual investor has ever had."

Tyler Mathison, Managing Editor of CNBC Business News: Bogle is not only the conscience of the mutual fund business, but its poet and prophet."

Money magazine awarded Jack Bogle its "Money Hero Award" for investor education.

Tom Peters, co-author of "In Search of Excellence": "Vanguard's founder is, like his company, world-class in performance and straightforward and unaffected in manner."

Don Phillips, Morningstar Managing Director: "A long-time student of the fund industry, Bogle is both its harshest critic and its greatest friend, He is, in effect, the conscience of the industry."

Jane Bryant Quinn, Author of Making the Most of Your Money: "I date my success as an investor from the day I met Jack Bogle and learned about index funds."

Knut Rostad, President of the Institute for the Fiduciary Standard: "Bogle's prescriptions are straightforward, constant, and valuable, enriching ordinary investors at the expense of the personal wealth of fund managers (his own included).

Paul Samuelson, Nobel Laureate: "I rank this Bogle invention--the index fund--along with the invention of the wheel, the alphabet, Gutenberg printing, and wine and cheese."

Gus Sauter, former Vanguard Chief Investment Officer: "Many, many investors are much better off today because of Jack's contributions."

William Simon, former Secretary of the Treasury: "Superior in intellect, character, and performance, Jack Bogle is the investment genius who defied conventional wisdom and proved his critics wrong."

David Swensen, Chief Investment Officer at Yale University: "Jack Bogle deserves the profound gratitude of the American Public. First, he devotes enormous amounts of time and energy to showing investors how to navigate the treacherous marketplace for financial services. Second he created Vanguard, a rare financial institution that places the interest of the investor front and center."

Chris Taylor, Reuters (Oct 6, 2016): "If the world of finance has anything close to a Pope, Jack Bogle is probably it.

"Paul Volker, former Chairman of the Federal Reserve: "Jack Bogle's basic conviction that the mutual fund investor is entitled, in his words, to a fair shake" should serve as the motto of every mutual fund."

Bryron Wien, Chief U.S. Investment Strategist, Morgan Stanley: "Jack Bogle is one of the great pioneer/visionaries of the Investment Business."
Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

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Mel Lindauer
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Re: Jack Bogle, the word's richest man

Post by Mel Lindauer » Mon Nov 20, 2017 9:01 pm

Like Taylor, I'm so very honored to call Jack my friend and mentor. He certainly deserves all the accolades that we and others shower upon him.
Best Regards - Mel | | Semper Fi

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Re: Jack Bogle, the word's richest man

Post by Buddtholomew » Mon Nov 20, 2017 9:08 pm

Can we change the misspelling?
"The first principle is that you must not fool yourself and you are the easiest person to fool" --Feynman.

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Re: Jack Bogle, the word's richest man

Post by book lover » Tue Nov 21, 2017 12:51 pm

Kenkat: Thank you for an improved articulation of my post, much appreciated.

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Re: Jack Bogle, the word's richest man

Post by Mel Lindauer » Tue Nov 21, 2017 6:18 pm

Buddtholomew wrote:
Mon Nov 20, 2017 9:08 pm
Can we change the misspelling?
Changed the OP. This and any subsequent responses will show the corrected post title.
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Mel Lindauer
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Re: Jack Bogle, the word's richest man

Post by Mel Lindauer » Tue Nov 21, 2017 6:19 pm

Buddtholomew wrote:
Mon Nov 20, 2017 9:08 pm
Can we change the misspelling?
Changed the OP. Any subsequent (non-quoted) responses will show the corrected post title.
Best Regards - Mel | | Semper Fi

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Re: Jack Bogle, the word's richest man

Post by lazydavid » Tue Nov 21, 2017 8:20 pm

Kenkat wrote:
Mon Nov 20, 2017 7:31 pm
The only difference is that those guys earned it first and then gave it back. Jack Bogle was crazy enough to never charge for it to begin with. (I mean crazy in the best way possible)
I'd categorize that as a distinction without a difference, but I see where you're coming from.

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Re: Jack Bogle, the world's richest man

Post by randomizer » Tue Nov 21, 2017 10:15 pm

Jack Bogle is incorruptible. Many others would have fallen prey to greed in his place, and at his age, I don't see him turning to the dark side now!

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Re: Jack Bogle, the world's richest man

Post by Dinosaur Dad » Tue Nov 21, 2017 11:03 pm

Let me add one simple thing: just think about everyone who, as a result of learning and following Mr. Bogle's sound principles to achieve a modicum of financial stability, was able to extend a helping hand to their families, friends and communities. For me, that meant starting from nothing to subsequently see my widowed mother through 10 years of illness and decline with dignity while taking care of her financial affairs, helping my son make it through college without the burden of debt, helping several relatives during hard financial times, increasing my ability to fund charities I believe in, and now (hopefully) passing those principles to the next generation. I'll bet there are countless other stories out there just like mine. That cascading legacy cannot be measured in dollars and cents.

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