John C. Bogle
John Clifton "Jack" Bogle (born May 8, 1929) is the founder and retired CEO of The Vanguard Group. He is known for his 1999 book Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor, which became a bestseller and is considered a classic.
Early life and education
Bogle was born in Montclair, New Jersey. His family was affected by the Great Depression. He attended Blair Academy on a full scholarship, earned his undergraduate degree from Princeton University in 1951, and attended evening and weekend classes at the University of Pennsylvania.
Upon graduation he went to work for Walter L. Morgan at Wellington Management Company. After successfully climbing through the ranks, he was named chairman of Wellington but was later fired for an "extremely unwise" merger that he approved, a poor decision that he considers his biggest mistake, stating "The great thing about that mistake, which was shameful and inexcusable and a reflection of immaturity and confidence beyond what the facts justified, was that I learned a lot."
Bogle founded The Vanguard Group in 1974. Under his leadership, the company grew to be the second-largest mutual fund company in the world. Influenced by the works of Eugene Fama, Burton Malkiel, and Paul Samuelson, Mr. Bogle founded the Vanguard 500 Index Fund in 1975 as the first index mutual fund available to the general public. He continues to be active in The Vanguard Group.
Bogle is a member of the board of trustees at Blair Academy. He is also an advisory board member of the Millstein Center for Corporate Governance and Performance at the Yale School of Management. Bogle received an honorary doctorate from Princeton University in 2005.
Bogle also serves on the board of trustees of the National Constitution Center in Philadelphia, a museum dedicated to the U.S. Constitution. He had previously served as chairman of the board from 1999 through 2007. He was named chairman emeritus in January 2007, when President George H.W. Bush was named chairman.
Bogle is famous for his insistence, in numerous media appearances and in writing, on the superiority of index funds over traditional actively managed mutual funds. He contends that it is folly to attempt to pick actively managed mutual funds and expect their performance to beat a low-cost index fund over a long period of time, after accounting for the fees that actively managed funds charge.
- Select low-cost index funds
- Consider carefully the added costs of advice
- Do not overrate past fund performance
- Use past performance to determine consistency and risk
- Beware of stars (as in, star mutual fund managers)
- Beware of asset size
- Don't own too many funds
- Buy your fund portfolio - and hold it
Awards and distinctions
- Named one of the investment industry's four "Giants of the 20th Century" by Fortune magazine in 1999.
- Awarded the Woodrow Wilson Award from Princeton University for "distinguished achievement in the Nation's service" (1999).
- Named one of the "world's 100 most powerful and influential people" by Time magazine in 2004.
- Institutional Investor's Lifetime Achievement Award (2004).
Bogle and his wife Eve have six children and are grandparents. They reside in Bryn Mawr, Pennsylvania.
- Bogle on Mutual Funds: New Perspectives for the Intelligent Investor (McGraw-Hill, 1993), ISBN 1-55623-860-6
- Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor (John Wiley & Sons, 1999), ISBN 0-471-39228-6
- John Bogle on Investing: The First 50 Years (McGraw-Hill, 2000), ISBN 0-07-136438-2
- Character Counts: The Creation and Building of The Vanguard Group (McGraw-Hill, 2002) ISBN 0-07-139115-0
- The Battle for the Soul of Capitalism (Yale University Press, 2005), ISBN 0-300-10990-3
- The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (John Wiley & Sons, 2007), ISBN 978-0-470-10210-7
- Enough : True Measures of Money, Business, and Life (John Wiley & Sons, 2008), ISBN 978-0-470-39851-7
- Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition (John Wiley & Sons, 2009), ISBN 0-470-13813-0
- Don't Count on it!: Reflections on Investment Illusions, Capitalism, "Mutual" Funds, Indexing, Entrepreneurship, Idealism, and Heroes (John Wiley & Sons, 2010) ISBN 978-0-470-64396-9
- The Clash of the Cultures: Investment vs. Speculation (John Wiley & Sons, 2012) ISBN 978-1118122778
- David Brancaccio (October 10, 2003). "John Bogle". NOW on PBS.
- Scott Burns (March 13, 2010). "A visit with John Bogle". Seattle Times.
- Slater, Robert. John Bogle and the Vanguard experiment : One Man's Quest to Transform the Mutual Fund Industry. Chicago: Irwin Professional Pub., 1997. (ISBN 0786305592)
- Boyle, Matthew (December 17, 2007). "Fortune Magazine interview". CNN. Retrieved 2007-12-17.
- Amy Barrett and Jeffrey M. Laderman (January 7, 1999). "That's Why They Call It Vanguard". Business Week.
- Sigma Investing. Review of Common Sense on Mutual Funds.
- TIME 100 Most Influential People, 2004
- Biography at Vanguard.com
- World Wide Speakers Group - John Bogle
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- John C. Bogle Papers at the Seeley G. Mudd Manuscript Library, Princeton University
- Official website
- Biography at Bogle Financial Markets Research Center
- Remarks before the Harvard Club of Boston, January 14, 2003
- Venture Voice podcast interview, February 23, 2006
- "Books of Our Time" interview with John Bogle, January 2007
- Roberts, Russ (April 9, 2007). "Bogle on Investing". EconTalk. Library of Economics and Liberty.
- Video: Speech at Pepperdine University
- Investopedia Profile
- Biography of Bogle