Tributes to Jack Bogle

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trueson1
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Re: Tributes to Jack Bogle

Post by trueson1 » Thu Jan 17, 2019 9:18 pm

He lives on in all of those who have learned his investing philosophy. Godspeed!

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Re: ode to St. Jack

Post by Grt2bOutdoors » Thu Jan 17, 2019 9:23 pm

1210sda wrote:
Thu Jan 17, 2019 12:49 pm
Thanks so much for sharing, Larry. Enjoyed seeing the framed, handwritten note from Jack.
1210
+1 Same here.
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Re: Tributes to Jack Bogle

Post by aspirit » Thu Jan 17, 2019 9:31 pm

I saw the all knowing all seeing 'cnbc' mention him yesterday afternoon also. /shrug/ https://www.cnbc.com/video/2019/01/16/v ... at-89.html
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Taylor Larimore
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Re: Tributes to Jack Bogle by Bloomberg News

Post by Taylor Larimore » Thu Jan 17, 2019 9:36 pm

Bogleheads:

"Bloomberg News asked prominent investors and executives who knew Bogle to weigh in on both his legacy and personality. Here’s what they remembered":

REMEMBERING JACK BOGLE

Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

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Re: Tributes to Jack Bogle

Post by fortyofforty » Thu Jan 17, 2019 9:53 pm

Few can speak about Jack as a true friend, but I know you're one of them, Taylor.

Rest in Peace, Jack. Your legacy will live forever, and the good you've done is immeasurable.
Indexing works, not because of magic, but because of math. | Diligentia. Vis. Celeritas. - Jeff Cooper | Original Vanguard Diehard

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Re: Tributes to Jack Bogle

Post by Global100 » Thu Jan 17, 2019 9:57 pm

booch221 wrote:
Thu Jan 17, 2019 9:11 pm
Does anyone know what the expense ratio of the first S&P 500 index fund was when Jack Bogle created it in 1976?
The quotes below are from The First Index Mutual Fund: A History of Vanguard Index Trust and the Vanguard Index Strategy;
John C. Bogle, Founder and Chairman of the Board, The Vanguard Group.

https://www.vanguard.com/bogle_site/lib/sp19970401.html
In our final proposal to the Directors, in April 1976, we nervously prepared a draft prospectus. I sent the Board the articles referred to above and projected the costs of managing an index fund to be 0.3% per year in operating expenses and 0.2% per year in transaction costs. Since fund annual costs at that time appeared to be about 2.0%, I concluded that an index fund should reasonably be expected to provide an annual return of +1.5% above a managed fund.
The most enthusiastic press comments came from Professor (and later, Nobel Laureate in Economics) Paul Samuelson. Writing in his Newsweek column in August 1976, he expressed delight that there had finally been a response to his earlier challenge: "As yet there exists no convenient fund that apes the whole market, requires no load, and keeps commissions, turnover and management fees to the feasible minimum."

Now such a fund lay in prospect. "Sooner than I dared expect," he wrote, "my explicit prayer has been answered. There is coming to market, I see from a crisp new prospectus, something called the First Index Investment Trust." He conceded that the fund met only five of his six requirements: (1) availability for investors of modest means; (2) proposing to match the broad-based S&P 500 Index; (3) carrying an extremely small annual expense charge of only 0.20%; (4) offering extremely low portfolio turnover; and (5) "best of all, giving the broadest diversification needed to maximize mean return with minimum portfolio variance and volatility." His sixth requirement—that it be a no-load fund—had not been met, but, he graciously conceded, "a professor's prayers are rarely answered in full."

As it was to happen, Dr. Samuelson's final prayer would be answered just six months later. But until then, given our obvious need to enlist broker support for an underwriting, the Trust carried an initial sales charge (low by mutual fund standards in those days—6% on smaller investments, tapered down to 1% on investments of $1 million or more). However, Vanguard was soon to change its distribution strategy. In February 1977, after an extremely contentious Board meeting at which the day was carried by a close vote of 8 to 5, the funds in The Vanguard Group, after nearly a half-century of participation in a dealer-distribution system operated by Wellington Management Company, terminated Wellington's contract and eliminated all sales charges. The Directors of First Index Investment Trust and the other Vanguard funds had overturned their initial ban on Vanguard's providing distribution services and made an unprecedented conversion to a "no-load" distribution system.
Last edited by Global100 on Thu Jan 17, 2019 10:04 pm, edited 2 times in total.

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Neil Cavuto's video tribute

Post by Taylor Larimore » Thu Jan 17, 2019 10:03 pm

Bogleheads:

You will enjoy this very nice eight-minute video tribute by Neil Cavuto, television news anchor:

Remembering the late Wall Street legend John Bogle"

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

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Re: Tributes to Jack Bogle

Post by moneywise3 » Thu Jan 17, 2019 11:23 pm

I'm a little worried who will speak for us now. It's like losing one of my own. RIP Mr Bogle. I don't have any handwritten notes of you, nor ever saw you in person, but you've touched my life a lot.

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Re: Tributes to Jack Bogle

Post by moneywise3 » Thu Jan 17, 2019 11:30 pm

Mr. Bogle, you're the reason I can tell my kids "yes we have enough money."

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Re: Who Will Speak for US?

Post by AlphaLess » Thu Jan 17, 2019 11:59 pm

NibbanaBanana wrote:
Thu Jan 17, 2019 9:44 am
Who will speak for us now that John Bogle is dead?
Is there anyone else in the financial services industry advocating for the individual investor?
Think of it this way: John Bogle started the revolution.
It is up to us to carry it forward.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.

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Re: Tributes to Jack Bogle

Post by Ever Ready » Fri Jan 18, 2019 1:02 am

Check out @BillClinton’s Tweet: https://twitter.com/BillClinton/status/ ... 88864?s=09
Jack Bogle was a brilliant and good man who proved that the measure of a successful life and career is more than wealth alone. His wisdom about creating long-term shared value instead of shortsighted personal profit is more important today than ever.

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Re: Who Will Speak for US?

Post by Miriam2 » Fri Jan 18, 2019 1:28 am

AlphaLess wrote:
NibbanaBanana wrote: Who will speak for us now that John Bogle is dead?
Is there anyone else in the financial services industry advocating for the individual investor?
Think of it this way: John Bogle started the revolution.
It is up to us to carry it forward.
Here's a common-man tribute to Jack Bogle as a revolutionary :D

"A Salute to John Bogle, A Real F**ing People's Hero,"
Half a trillion dollars that would have gone to Wall Street m**f** for no good reason has instead gone to Joe and Jane Average investors and retirees, thanks to John Bogle. . . . Wall Street hates this guy but I love him and so should you. . . Not all revolutionaries carry machine guns. Some carry knowledge of compound interest . . . Salute to you John Bogle. You are hardcore, my man.
This article was published on the 40th Anniversary of the Index Fund and is found on The Bogle eBlog. Jack enjoyed the article (and edited the title to be more "family friendly" 8-)

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Re: Neil Cavuto's video tribute

Post by champion_ham » Fri Jan 18, 2019 3:38 am

Taylor Larimore wrote:
Thu Jan 17, 2019 10:03 pm
Bogleheads:

You will enjoy this very nice eight-minute video tribute by Neil Cavuto, television news anchor:

Remembering the late Wall Street legend John Bogle"

Best wishes.
Taylor
Thanks for posting, Taylor. The video was very well done. Mr. Bogle was a great man.

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Re: Tributes to Jack Bogle

Post by RooseveltG » Fri Jan 18, 2019 6:44 am

Many great men or women make their mark with achievement, but very few combine that with humanism, caring, modesty and class. He defined what a man or woman should be. He was a role model for everyone and not just investors. He made all of us richer, and not just monetarily.

I feel fortunate to have basked in his glow.

Roosevelt.

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Re: Tributes to Jack Bogle

Post by ZumZabo » Fri Jan 18, 2019 7:02 am

If the investing world had a Mount Rushmore, Mr. Bogle would be front and center.
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Re: Tributes to Jack Bogle

Post by CarpeDiem22 » Fri Jan 18, 2019 7:10 am

Tribute to Mr. Bogle in India (where Vanguard doesn't have any footprint):

https://www.livemint.com/Companies/in8i ... -fund.html

When Warren Buffet said that Jack Bogle has done the most for American investors, he was a little incorrect. Mr. Bogle has done the most even for non-Americans; the non-US members on this forum being a proof of the same.

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Re: Tributes to Jack Bogle

Post by RickBoglehead » Fri Jan 18, 2019 7:33 am

Jack built a company with a value system that most lack. Many years ago, I worked for Fidelity Investments. At the time, Fidelity was #2, Vanguard was in the far rear view mirror. Fidelity would run a full page ad, and Vanguard would run a small ad right opposite the page. I was leaving / had left (can't recall) Fidelity, and somehow got an interview at Vanguard (Marketing). My interview was with Bill McNabb, who eventually became President of Vanguard (long after my interview). During the interview, I did a very good job of showing him how I could use my skills, as I had at Fidelity, to dramatically increase new customer acquisition, customer retention, and reactivation. I then pushed how I helped drive the bottom line.

Bill smiled and said "we don't focus on the bottom line, we're non-Profit"... He then explained to me how he let Fidelity waste their advertising dollars in full page ads, and then got business by having the small ad right there on the opposing page. "We're letting them do the heavy lifting, and then we just take the business" he said (or something similar).

After the interview, Bill drove me in his car to a nearby hotel, so I could take their airport shuttle instead of a cab and save Vanguard money. Knowing that I had no chance of getting hired, I remarked how it was unusual to have an SVP of Marketing (I think) spend his time driving a candidate instead of working, versus having a less expensive employee do it. Bill smiled, thanked me for my time, and said goodbye at the hotel.

I believe that over the years Vanguard took things too far, underspending where they needed to. Current issues show that. But the culture of this company, created and literally rammed home by Jack, provided something to the industry that would never have existed without him. Whether you're a Boglehead or not, every Vanguard investor owes this man a debt of gratitude.
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Re: Tributes to Jack Bogle

Post by tennisplyr » Fri Jan 18, 2019 8:10 am

He should be proud to have impacted so many in a positive way!!
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Re: Tributes to Jack Bogle

Post by Elysium » Fri Jan 18, 2019 9:30 am

I stumbled across Vanguard and Jack Bogle when I started investing in the late 90's and I consider this the single most important thing that happend to me when it comes to investing my money.

Everyone remembers Jack Bogle as the father of indexing and low cost investing, although it gets forgotten that he actually gave active management a fair shake with low cost access to some of the best active managers in the industry. To me, this is an even bigger accomplishment, because indexing can be low cost just because there is no manager skill involved. When it comes to active management, the perception of skill allows them to charge as much as they feel is justified. Typically above 1% or more, before Bogle started active managed funds through Vanguard label and brought in world class managers to run funds like Primecap funds, the original Windsor, Windsor II, and Wellington / Wellesley funds.

These active managed funds have for the most part outperformed their peer group and even the index counterparts thanks in no small part to the low cost fees and the sub-advisor structure that was a unique concept introduced by Bogle.

When you bring this aspect into the picture, his contributions in revolutionizing the industry is truly massive. Who other than Bogle would give active management at such dirt cheap costs. Today there may be others like Schwab and Fidelity offeting index funds ar dirt cheap costs, however only Vanguard offers active menaged funds at dirt cheap costs. This is what Jack Bogle did, give active management a fair shake when no one else will do.

Thank you Jack!

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Re: Tributes to Jack Bogle

Post by nedsaid » Fri Jan 18, 2019 9:47 am

The question has been asked, who will speak for us? In the absence of Mr. Bogle, I suppose we will have to speak for ourselves. Such a big void has been left by Mr. Bogle that I don't think any one person will replace him.

I was just thinking about how much I loved Louis Rukeyser and Wall $treet Week. It was a great opportunity to hear from the greatest minds on Wall Street on a weekly basis, interviewed by Mr. Rukeyser himself who somehow made all of this fun. I do miss his good humor. Well, when good old Lou died, there just was no one to replace him. Wall $treet Week was taken over by Fortune Magazine and it was just never the same and it was mercifully canceled. Rukeyser started his own show and I switched to that. When he fell ill, the CNBC anchors took it over and did a very good job. But that was cancelled not long after Mr. Rukeyser passed. There have been other financial shows but nothing like Wall $treet Week with Louis Rukeyser.

In a similar fashion, there just is no one out there that will fill Bogle's shows. He has left behind Vanguard and left behind a legacy of low cost index investing which has been copied by Fidelity and the discount brokers. Bill Bernstein would come the closest, his work has a similar timeless quality to it that Bogle's work had, but he just is not as well known.

One reason that Jack will be so hard to replace is that no one else that I can think of changed the investment industry in such a dramatic manner as he did. Charles Schwab comes probably the closest. He got a kick out of giving interviews and he made himself available, I think he enjoyed being an old guy that people still wanted to hear from. I suppose that when I reach age 89 that hardly anyone will care about what I think about anything.

I remember him discussing that he had a walking stick and not a cane. He said something like if someone called it a cane that he would give him three good whacks. I laughed over that and that comment seemed so characteristic of him. Plain spoken.
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Re: Who Will Speak for US?

Post by staythecourse » Fri Jan 18, 2019 10:02 am

ReformedSpender wrote:
Thu Jan 17, 2019 10:06 am
bottlecap wrote:
Thu Jan 17, 2019 9:48 am
We will.

We are the consumer. We hold the power. We know what we want, thanks to Jack Bogle.

JT
Not to contradict you, however, institutional agents hold the power by a long shot. In the 50's, individual investors held over 90% of U.S. equities vs the roughly 30% or less held today. Institutions make up the majority vote for corporate America.

Regardless, the precedent has been set thanks to the likes (and work) of Bogle and Vanguard in my opinion. I do not see momentum of Boglehead Principles such as indexing, low costs, diversification, etc. regressing any time soon.
I do agree in life all that matters is MONEY when it comes to power. The good thing is if you look to see where the money is going (Vanguard and now fidelity due to zero ER funds) it is a good sign.

What I think we will be missing with Mr. Bogle passing away more then anything else is his voice and intellect and him being able to see a pig through the lipstick. The financial industry is SO INTELLIGENT they know that index funds are what is demanded buy the public so now they are on a mission to generate profits through adding fees somehow onto those index funds. That knowledge that Mr. Bogle has AND his easy way of presenting it to the general mass AND his sterling reputation simply can not be replaced. Heck he had to make himself THE Jack Bogle over a lifetimes work so it isn't easy.

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle

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Re: Who Will Speak for US?

Post by staythecourse » Fri Jan 18, 2019 10:03 am

ReformedSpender wrote:
Thu Jan 17, 2019 10:06 am
bottlecap wrote:
Thu Jan 17, 2019 9:48 am
We will.

We are the consumer. We hold the power. We know what we want, thanks to Jack Bogle.

JT
Not to contradict you, however, institutional agents hold the power by a long shot. In the 50's, individual investors held over 90% of U.S. equities vs the roughly 30% or less held today. Institutions make up the majority vote for corporate America.

Regardless, the precedent has been set thanks to the likes (and work) of Bogle and Vanguard in my opinion. I do not see momentum of Boglehead Principles such as indexing, low costs, diversification, etc. regressing any time soon.
I do agree in life all that matters is MONEY when it comes to power. The good thing is if you look to see where the money is going (Vanguard and now fidelity due to zero ER funds) it is a good sign.

What I think we will be missing with Mr. Bogle passing away more then anything else is his voice and intellect and him being able to see a pig through the lipstick. The financial industry is SO INTELLIGENT they know that index funds are what is demanded buy the public so now they are on a mission to generate profits through adding fees somehow onto those index funds. That knowledge that Mr. Bogle has AND his easy way of presenting it to the general mass AND his sterling reputation simply can not be replaced. Heck he had to make himself THE Jack Bogle over a lifetimes work so it isn't easy.

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle

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Re: Tributes to Jack Bogle

Post by Rager1 » Fri Jan 18, 2019 10:06 am

Rest in peace, Jack. You've done your job on earth in the most remarkable fashion.

As Bogleheads, we can never thank you enough for all you have done to make our lives richer in every way, It's been a true privilege to have you as our mentor and King of Hearts. We will "stay the course" and will never forget you.

Ed and Patti

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Re: Neil Cavuto's video tribute

Post by Triple digit golfer » Fri Jan 18, 2019 10:09 am

Taylor Larimore wrote:
Thu Jan 17, 2019 10:03 pm
Bogleheads:

You will enjoy this very nice eight-minute video tribute by Neil Cavuto, television news anchor:

Remembering the late Wall Street legend John Bogle"

Best wishes.
Taylor
Taylor,

That is a wonderful tribute by Neil Cavuto with some great clips of Mr. Bogle. What a remarkable, good man with the utmost integrity who has made doing so much for so many people his life's work at the expense of being worth tens of billions of dollars. What a hero and a godsend.

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Re: Tributes to Jack Bogle

Post by jwillis77373 » Fri Jan 18, 2019 10:53 am

A couple years ago I won a lottery, showed up for breakfast one morning.. and there was this really cool guy in line behind me.

HIs name was Jack Bogle, a sharp as a tack, brilliant conversationalist with fresh and new ideas far beyond Index Investing. I found him through his early ideas and then the Bogleheads, but never forget he was an active researcher to the very end. His work was never done.

But we live in special times, by his estimate Indexing would still be a viable approach for individuals and institutions for many decades to come regardless of its recent growth.

We tend to keep looking 'for the next great thing'.. to find an edge or, find something no one else has thought about.. his greatest insight was.. in plain sight.. its do what's right.

And don't speculate.

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Re: Tributes to Jack Bogle

Post by Barry Barnitz » Fri Jan 18, 2019 11:17 am

Here is American Enterprise Institute's Mark Perry's tribute to John Bogle: A tribute to the legendary investor and Vanguard Group founder John Bogle with some charts and quotations.

You might enjoy this elaboration of a common trope:
Here’s a golf analogy from Burton Malkiel:

It’s true that when you buy an index fund, you give up the chance to boast at the golf course that you picked the best performing stock or mutual fund. That’s why some critics claim that indexing relegates your results to mediocrity. In fact, you are virtually guaranteed to do better than average. It’s like going out on the golf course and shooting every round at par. How many golfers can do better than that? Index funds provide a simple low-cost solution to your investing problems.

As I’ve reported before, I’ll extend that analogy even further: Investing index funds is the equivalent of being a “scratch golfer” and shooting every round at par without even having to practice, buy expensive golf clubs, or take lessons from pros. And there’s more: you also get the additional benefit of paying much lower green fees (or private club fees) than most golfers who do practice incessantly, invest in the best golf equipment and pay to take private lessons hoping they could someday come close to being a “scratch golfer”! Sign me up for that deal!
regards,
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Re: Tributes to Jack Bogle

Post by GAAP » Fri Jan 18, 2019 11:38 am

Knowledge@ Wharton obituary http://knowledge.wharton.upenn.edu/arti ... -indexing/.
In 2003, while the country was at war, unemployment was up and the economy was teetering, Bogle gave this advice to investors: Stay the course. Don’t make decisions based on emotion. Stick to low-cost, buy-and-hold investing for the long run, according to an interview with Knowledge@Wharton. Sixteen years later, his timeless advice continues to hold up well.
The image credit is from The Institute for Fiduciary Standard -- a fantastically appropriate choice that also has additional links to Bogle tributes.
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Re: Tributes to Jack Bogle

Post by ryuns » Fri Jan 18, 2019 12:20 pm

Planet Money's The Indicator podcast dedicated a whole (albeit short) episode to Mr Bogle:
R.I.P. Jack Bogle, Democratizer Of Investing
He was a giant in the financial industry but in a way, his legacy is not about what he did for the financial sector, but rather about the ways that he tried to prevent the financial sector from ripping people off.
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Re: Tributes to Jack Bogle

Post by newcollegeman » Fri Jan 18, 2019 12:52 pm

So thankful for a fine man who did so much good for so many.

A real loss to all Bogleheads & beyond!

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Re: Tributes to Jack Bogle

Post by LadyGeek » Fri Jan 18, 2019 1:02 pm

I merged Kathleen Ryan's thread into the on-going discussion. Out of necessity to keep this forum focused on investing, please post all tributes here.
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Re: Tributes to Jack Bogle

Post by BolderBoy » Fri Jan 18, 2019 1:08 pm

Several folks have asked, "Who will speak for us...", now that Jack Bogle is gone.

I think Jack was a catalyst and it is now up to us to employ Bogle-speak to continue and advance the cause.

Remember Group Theory 101. Threaten a diverse group of people and they will unite against a common foe, in this case, the financial services "industry". This is what Mr Bogle taught us.

I already miss Mr Bogle... Our words and actions going forward will keep him alive in all of us.
"Never underestimate one's capacity to overestimate one's abilities" - The Dunning-Kruger Effect

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Re: Tributes to Jack Bogle

Post by npups3 » Fri Jan 18, 2019 1:24 pm

I'm so thankful for this man. I'm 25 and just started my investing career. So glad I found this site and the kind wisdom and philosophies from Mr. Bogle and his followers. I'd probably fall into some dumb ponzi scheme without it.

Something to think about: is there a better way to live life than Jack Bogle? He was incredibly financially successful, he died knowing he made a real positive impact on people, and (possibly most important) much of his legacy is that he was right! Right about staying the course, right about index funds, right about about long-term passive investing. The amount of financial "gurus" that he successfully proved wrong is staggering. Talk about leaving this Earth with real fulfillment!

None of us know exactly what our financial futures will look like, but thanks to Jack we can all sleep a little better at night.

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Re: Tributes to Jack Bogle

Post by Faith20879 » Fri Jan 18, 2019 3:00 pm

The world has lost a good man.

He practiced what he believed, from which I benefited. Forever I am grateful.

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Re: Tributes to Jack Bogle At Facebook Bogleheads

Post by Kathleen Ryan » Fri Jan 18, 2019 3:01 pm

If you get a chance, please check out the tributes to Mr. Bogle at our Facebook Bogleheads site also.

To date, over 70,000 people have been reached with the initial article we posted about Mr. Bogle's passing.

BUSINESS
John Bogle, who founded Vanguard and revolutionized retirement savings, dies at 89
by Art Carey and Erin Arvedlund, Updated: January 16, 2019


Here is a link - Go to, "Posts", then scroll down to the first-(earliest) article.

https://www.facebook.com/pg/Bogleheads/ ... e_internal


Here is a story you may particularly like from a previous employee at Vanguard:

"Colleen Fitzpatrick When I had lunch with Mr Bogle a year or so before I left Vanguard he told a few stories about the Bogleheads & if I recall correctly how he pretty much stormed the campus with a group so they could get a tour. He was a wonderful man."

Love · Reply · Message · 19h


Bogleheads.org "Hi Colleen Fitzpatrick, From what you describe, that was the 2nd Bogleheads Conference, which was the first one I attended. I think we had about 50 people and yes, we were given a special private tour of Vanguard by Mr. Bogle himself! We got to see the boardroom, which was locked and Taylor Larimore quipped, "Jack, it looks like they locked you out." He shortly gained entrance for all of us. We also saw his office, and his desk, with a slide rule on top of it. I remember all of us going up some stairs, and a painting of his mentor, Walter L. Morgan hung on the wall. A ship model of, "The HMS Vanguard" was in the lobby. We were so spoiled to have a tour of Vanguard, by the man who founded the company. It is a highlight I've remembered all my life, and I love to tell people this story. The Vanguard Campus is larger now. We also got to take photos with Mr. Bogle, by his bronze statue that is located in the outside courtyard."
Last edited by Kathleen Ryan on Sun Jan 20, 2019 11:07 am, edited 1 time in total.
Best wishes, | Kathleen

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Re: Tributes to Jack Bogle

Post by Benjamin Buffett » Fri Jan 18, 2019 4:00 pm

I greatly appreciate his invention of the index fund and his many years of solidly good advice. I respect him as much or more than Warren Buffett, and will miss his candid and useful advice.

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Re: Tributes to Jack Bogle

Post by rhythm » Fri Jan 18, 2019 5:03 pm

RIP Jack.
Your research and community have helped me understand some profoundly important financial aspects.

"Don't think that you know more than the market; no one does." - The Little Book of Common Sense Investing

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Re: Tributes to Jack Bogle

Post by catdude » Fri Jan 18, 2019 6:26 pm

Here's a tribute to Mr. Bogle from the Washington Post's Helaine Olen...

https://www.washingtonpost.com/opinions ... c47866d502
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Re: Tributes to Jack Bogle

Post by Epont » Fri Jan 18, 2019 6:59 pm

Because of the books that Mr Bogle wrote and all the talks that he gave I was fortunate to learn all that I needed to feel very secure in the handling of my own money since I retired in 1998. I’ve ridden through the ups and downs without panic or fear. I thought that I might make twenty years before I had to worry about living on minimum money but that is not the case. I am so grateful to this man. Bless him

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Re: Tributes to Jack Bogle

Post by nisiprius » Fri Jan 18, 2019 7:33 pm

Helaine Olen in The Washington Post: John Bogle made investors richer — and the financial industry poorer.
He exposed to the masses the lie that is market timing, demonstrating that investors who didn’t seek to beat stock market indexes and instead simply match them would do better in the end than those who sought a major score. But perhaps most important is this: Bogle made investing tolerable for people who don’t like to invest.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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Re: John Bogle has died at age 89

Post by LadyGeek » Fri Jan 18, 2019 9:11 pm

Every year at the Bogleheads Conference, we presented Jack with a token of our appreciation.

A few years ago, it was becoming more difficult for Jack to walk. So, we presented him with a cane. Mel Lindauer stated "We are presenting this cane to you. When we needed help, we leaned on you. If things ever get rough, you can use the cane to lean on us."

Jack is now leaning on us to continue his mission. We will press on, regardless.

(Jack absolutely hated the word "cane", so we called it a "walking stick". He used it every year since, including the latest conference.)
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Re: John Bogle has died at age 89

Post by jeff mc » Fri Jan 18, 2019 9:25 pm

Thanks for that background. Love this story... Canes are for old people.. but sure, I'll use the walking stick. Love it. It's so Jack. "Lean on me" is a great memorial song for him. https://www.youtube.com/watch?v=qkaexjc-1os

Sometimes in our lives
We all have pain
We all have sorrow
But if we are wise
We know that there's always tomorrow
Lean on me!
When you're not strong
And I'll be your friend
I'll help you carry on
For it won't be long
'Til I'm gonna need
Somebody to lean on
Please! (please)
Swallow your pride (pride)
If I have things
You need to borrow
(For) for no one can fill
Those of your needs
That you wont let show
So just call (call) on me brother (hey)
When you need a hand (When you need a hand)
We all need (need) somebody to lean on!
(I just might have a problem)
I just might have a problem that you'll understand
We all need somebody to lean on!
Lean on me (hey)
When you're not strong (When you're not strong)
I'll be your friend (I'll be your friend)
And I'll help you carry on (help you carry on)
For it won't be long (oh it won't be long)
'Til I'm gonna need somebody to lean on
When you need a hand (when you need a hand)
We all need (need) somebody to lean on! (somebody to lean on)
(I just might) I just might have a problem that you'll understand
We all need somebody to lean on!
(Oh) lean on me
If (if)
There is a load! (there is a load)
You have to bare (you have to bare)
That you can't carry
I'm (I'm higher) right up the road
I'll share your load
If you just call me
It won't be long 'til I'm gonna need somebody to lean on, lean on, lean on
Lean on lean on lean on me (when you need a friend)
Lean on lean on lean on me lean on me
You can lean on me
I'm gonna need (somebody) somebody to lean on
I'm gonna need somebody to lean on (somebody to lean on)

LadyGeek wrote:
Fri Jan 18, 2019 9:11 pm
Every year at the Bogleheads Conference, we presented Jack with a token of our appreciation.

A few years ago, it was becoming more difficult for Jack to walk. So, we presented him with a cane. Mel Lindauer stated "We are presenting this cane to you. When we needed help, we leaned on you. If things ever get rough, you can use the cane to lean on us."

Jack is now leaning on us to continue his mission. We will press on, regardless.

(Jack absolutely hated the word "cane", so we called it a "walking stick". He used it every year since, including the latest conference.)

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Re: Tributes to Jack Bogle

Post by LadyGeek » Fri Jan 18, 2019 9:29 pm

^^^ I moved our posts into the Tributes thread. I'm listening to that song as I type. :(
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Re: Tributes to Jack Bogle

Post by nisiprius » Sat Jan 19, 2019 6:51 am

Vanguard has a nice tribute page... wonderful collection of photographs of John C. Bogle at different ages:

John C. Bogle: A look back at the life of Vanguard's founder

Interesting detail to me:
At Mr. Bogle's urging, the firm diversified its product lineup in 1958 with the introduction of the all-equity Windsor Fund.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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Re: Who Will Speak for US?

Post by motorcyclesarecool » Sat Jan 19, 2019 7:58 am

goingup wrote:
Thu Jan 17, 2019 10:43 am
I'm not sure Mr. Bogle would appreciate this comparison, but I think about Ralph Nader and his crusade to improve automobile safety. He famously opened consumer eyes to the dangers of car travel and manufacturers reluctance to improve safety. A combination of increased consumer awareness and government intervention changed the automobile marketplace. Safety features became a major selling point for cars.
Nader was a critic. He got headlines, laws passed, and products banned.

Bogle was a visionary who created a company in line with his vision. He brought new, better choices into the market. Bogle proved the effectiveness of his vision and many players in the industry followed suit. He didn’t have to get anything banned in order for his vision to succeed.
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.

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Re: Tributes to Jack Bogle

Post by misterlucky » Sat Jan 19, 2019 10:45 am

2 additional notable quotes:
Motto of HMS Vanguard: We Lead.

"Reversion to the mean" explaining the future fate of high priced financial wizards who tout a winning streak.

I had the pleasure of talking with Jack at a past Bogleheads conference. I was astounded at how kind, approachable, and open he was. He created an entity based on integrity and fairness allowing regular people to invest without the fake complexity and greed of the financial industry. Job well done.

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Re: Tributes to Jack Bogle

Post by slowmoney » Sat Jan 19, 2019 12:54 pm

Rest in Peace, Mr. Bogle.

I did not have the chance to meet Mr. Bogle but I did read several of his books and posts on this site. I am inspired by his “Press on Regardless”. When he was fired as a young man and learned about his heart condition, I can only imagine that he was at a lost. However, lucky for us, he “Pressed on Regardless”

Lastly, it is in vogue now to talk about market failures. Is Vanguard a market failure? I think not. Mr. Bogle and his index fund has done more to reform, re-structure and improve the financial markets that any sort of regulation.

THANK YOU, JACK!

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Re: Tributes to Jack Bogle

Post by BlueSkies » Sat Jan 19, 2019 1:08 pm

My tribute is in the blog I'm writing (anonymously) to help novice investors learn the Bogle Way. See Post #15. The blog is dedicated to Mr. Bogle.
https://grandmasinvestingforbeginners.blog/
Grandma Sylvia

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Re: Tributes to Jack Bogle

Post by FreeAtLast » Sat Jan 19, 2019 2:23 pm

This weekend's Wall Street Journal. The "Exchange" Section, at the bottom of page B1.

"For Jack Bogle, Life Was A Near-Death Experience", by Jason Zweig. He provides some fascinating background about Jack that I had never heard of before.

(I buy the WSJ every weekend, so I cannot provide a link). :(
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Re: Tributes to Jack Bogle

Post by Peculiar_Investor » Sat Jan 19, 2019 3:27 pm

FreeAtLast wrote:
Sat Jan 19, 2019 2:23 pm
This weekend's Wall Street Journal. The "Exchange" Section, at the bottom of page B1.

"For Jack Bogle, Life Was A Near-Death Experience", by Jason Zweig. He provides some fascinating background about Jack that I had never heard of before.

(I buy the WSJ every weekend, so I cannot provide a link). :(
The article title on their website is different, What Drove Jack Bogle to Upend Investing - WSJ
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Re: Tributes to Jack Bogle

Post by LadyGeek » Sat Jan 19, 2019 4:01 pm

Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

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