Bogle looked positively terrible in his last years. By contrast my parent who has massive responsibilities to contend with at the age of 89 looks much more viable. Those whose lives are spent in the narrow focus of moneygrubbing and money worship turn into gnomes, apparently.
1
The really smart people see very early what eventually becomes obvious to others much later.
What a visionary.
And he saved regular investors tons of $ in fees paid for non-performance
24
Like many others here, I too would like to express my gratitude. I regard him as a gift from America to the World. I do not know how long it would have been, but for Vanguard, for ordinary folks like me to participate in "market growth".
25
This guy was one of my heros. Smart, honest and well intentioned. I read his books, invest in his company, and respect his life. He taught me how to "stay the course". The financial world need more people like John Bogle.
26
Jack Bogle was one of the kindest, nicest people I've ever met. I knew him for over twenty-five years and he always inspired me to do my best. He needed two hearts because he loved more deeply than the average man and cared for others more than the average man and empathized with families facing hard times more than the average man - and that's what made him exceptional.
40
Wrong about many things, although he was certainly well intended. And his reasoning was good.
But Vanguard has always failed to be more than the place that S&P 500 funds were done, and now other firms do it for less. It's also convenient that he recommends no advice when he has a financial background himself.
I'm not against his points that many of the so called 'experts' get it wrong, but it's very ego satisfying to ignore the few who do get it right. If you only pay attention to the bad ones, then you can presume you're as good as the great ones, which is obviously not true.
Bogle was right in that since we throw our working populace into the investment world, and purposely they are given no advice, then probably they are better off investing like he suggests. You just have to ignore the obvious problems with that.
He's a theorist, and as that worth paying attention to. But nobody deserves to be worshipped in the financial world, and that includes John Bogle.
2
I don’t think I’d be wrong in saying that never in the history of the investment business has anyone garnered such universal admiration, and even reverence, as Jack Bogle. The accolades are very justly deserved. I feel as thought I’ve lost my greatest hero.
22
Sorry to see this absolutely GREAT person pass. He did live a long life, especially considering his very serious heart problems. I was aware of him, saw him on business shows now and then, but thought I could do better than index funds, and I do not own any of his mutual funds. I went to Fidelity (I had read Mr. Peter Lynch's book) and am very happy with the performance of what I buy and hold there. However, if I read his bio-obit back then, I would sure have chosen him, not only for his excellent academic credentials (he was no snake oil salesman flunky) and sound ideas, but also for his modest lifestyle and giving 50% of his salary to charity, something that somebody who was born with a silver spoon and inherited a ton of money can do far more easily than somebody like Mr Bogle, who made his money from his own sweat and brainpower.
My condolences to his family, he must have enjoyed having so many descendants. I hope some of them can continue his good work.
14
Thank you, sir, for helping so many others to help themselves. A straight shooter, philanthropist, truth teller and role model in a business that has all too few.
21
I have paid my respects to mr Bogle in a prior post. I wanted to add that his advice has the added benefit that you do not need to be a genius or have extreme luck to manage an index fund, while all the champion mutual funds, (the few among the 10,000 of them who way outperform the index funds) do NOT do that all the time, but only when their stellar managers are still at the job, when they leave, these mutual funds usually suffer.
I say this also from my own experience. I was seduced by Peter Lynch's narrative, and his stellar performance, and invested in Fidelity Maggelan way back then, and held my investment until today, but when Lynch decided to take early retirement and enjoy his well-deserved millions, the fund was run by a series of incompetents who did a lot of harm.
Something like this may well happen to the Fidelity Contrafund, one of the more stellar mutual funds today, with huge assets (over 100 bill) in it.
4
Jack Bogle: a decent human being who thought in terms of "we", not "I". A life worth living. Rest in Peace.
16
Jack was always a gentleman with all that implies.
14
RIP Jack Bogle.
You rejected the established industry's greedy ways. You enabled Moms & Pops to prudently invest and avoid high fees. And you had the generosity to share with those less fortunate.
A posthumous thank-you for all you did.
18
RIP
4
Understandably much of the discussion regarding Jack Bogle's life centers on his impact on investing, with mention of his penchant for charitable donations. It's also mentioned that he graduated from Blair Academy. In fact, serving as a Blair trustee (and twice as Board Chair, if memory serves), Mr. Bogle was absolutely instrumental in elevating Blair to a higher level. He took an engaged role that serves as a working example of great stewardship. As a son, nephew and uncle of Blair alumni (and as a graduate and former trustee of another boarding school), I marvel at the transformation that he facilitated. His financial legacy at Vanguard is matched by his educational legacy at Blair. Either would be the hallmark of a life well lived; the combination is extraordinary.
11
Rest in Peace, John Bogle, a great social contributor, and a fine and decent man. I was chief economist at the SEC 1992-1995, and met a great many people in the financial services business, including Mr. Bogle. For the most part, this business does not attract saints. But Bogle is a saint, and his success in promoting constructive and honest financial services is a great gift to all of his customers, and I am proud to number among them.
33
A colleague at work in the early 80s told us about Vanguard. It was the best and only investment advice that we ever had or needed.
When I retired seventeen years ago I rolled my IRA over into a number of Vanguard funds and the low expense ratio of the funds and their performance have served us very well.
Bogle was also a tribute to modern medicine; living that long with a heart transplant is amazing.
He also had character and the insight that making billions would not make him happier or a better person.
There is not much of that around in board rooms today.
19
As an early, young investor in Vanguard encouraged by my father who admired Mr. Bogle's approach and philosophy, I learned how to research their mutual funds and shockingly did quite well, with no business/investing background. It's uplifting to read about Mr. Bogle, his values, and wise advice. Exactly what we need today: business leaders who have an interest in contributing and not just taking.
13
A great book of Mr. Bogle's not mentioned, is Battle for the Soul of Capitalism - which also represents what an amazing person he was. Mr. Bogle had the courage to make transparent many (not all) of those dirty dark secrets of the financial industry.
I am sorry to see the passing of this champion. I'm also sorry to see that he was not recognized more for his honesty, integrity, and as a moral compass that our unfettered capitalistic system needs so badly. He spoke the truth and had the insights to back it up, yet he did not look for the honors and the media affirmations to feed an oversized ego (sound familiar?). To me, that is a true hero, and I wish more publications, including the Times, would give him the recognition he deserves.
16
A good man, worthy of the respect he is being shown. Thank you, Mr. Bogle, for doing the right thing.
9
We need more leaders like Bogle and Buffett. After all, how much money do you need to accumulate to be happy. Buffett has been asking billionaires to donate half their wealth to charity. Getting resistance from too many, he said his next book was going to be "How to make it on half a billion dollars."
15
Thank you John Bogle for your humanity in an investment world that will sorely miss your core values.
9
One of the great finacial minds of our times. He did so much for the "citizen investor". He will be missed.
9
An amazing man. If someone asked me to name a "true American" who embodies the Founders' values, I'd name John Bogle.
10
I'm surprised that the New York Times articles mention nothing about Mr. Bogle's criticism of CEO compensation. In his 2005 book ``The Battle for the Soul of Capitalism,'' Mr. Bogle noted the compensation of the average chief executive officer in 1980 was 42 times that of the average worker and that by 2004 the ratio had soared to 280 times that of the average worker. He reiterated his concerns about soaring CEO compensation a couple of years later in an excellent article titled ``Reflections on CEO Compensation,'' concluding it is ``seriously out of line.'' Mr. Bogle was a rare American business titan with a conscience and deserves all the accolades he's receiving. I know I wouldn't have been able to retire when I did without Vanguard's low fees and index funds. May God bless his soul. And may Mr. Bogle inspire other CEOs to shun greed and adhere to higher truths like he did.
25
I was just out of college in the early 1990’s and stumbled across “Bogle on Mutual Funds”. It changed my life and allowed me and my wife to retire at 47. I met Mr. Bogle at the Bogleheads conference 10 years ago and he was smart and always with a sparkle in his eyes. Great man that impacted my life and most likely yours too. Rest In Peace Mr. Bogle and condolences to your family.
30
As the article stated, Bogle gave half of his earnings to charity! Contrast that with all of the rest in the investment business, and our current politicians, including but not limited to our current self-aggrandizing President today!!!
53
Guys like this should have TV shows and political influence.
Is it just our stupid human nature that gives us the braggarts and cads as figureheads? Is it curable?
34
John C. Bogle was the embodiment of what every capitalist should aspire to be. He was transparent and honest, he endeavored to deliver exceptional value at a reasonable price. His intelligence and desire to do right prevailed over the temptations of greed that has such a propensity to corrupt our society.
A true visionary in every sense of the word.
50
Mr. Bogle is and and was a hero to small time investors like myself. His focus on providing quality products and amazing management at fair prices opened the doors for those of us with low net worth to access products that would benefit us as much as someone with $10M to invest.
His philosophy and practice was the antithesis to that of 99% of managers on Wall Street whom are out to enrich themselves at the expense of their investors. I was saddened to learn that he had passed and give my sincerest condolences to his family and friends. I never knew or met Mr. Bogle but his company and his practices have provided a great service to my family.
30
What a role model. He could never have been president of the United States. Truputin, are you listening. I doubt it.
19
I truly don't know how close they were, but John Bogle and Warren Buffet represented th highest of integrity in a field strongly devoid of it. Mr. Buffet enthusiastically recommended John Bogle's book 20 years ago when everybody was investing crazily during the tech boom. From then on, Warren Buffet always pointed towards index funds when it came to advising th little guy who just wanted to get started in investing; even though Berkshire Hathaway has a lower priced, relatively affordable, version of their incredibly successful shares.
I truly hope, here in these days of such ridiculous inequality, that some younger investment bank managers take some inspiration from these two gentlemen and start a turnaround in an industry in dire need of it.
26
This man deserves far more media tributes and coverage than was wrongly bestowed on George H. W. Bush (or for that matter Nancy Reagan).
26
Vanguard, as it exists today, does not resemble Bogle's Vanguard. I know several people, myself included, who pulled all of their retirement funds out due to customer service so inept as to appear calculated.
It is nearly impossible to retrieve one's money from Vanguard, and one can spend months trying to accomplish a simple transaction that takes 5 minutes at Fidelity or Schwab.
Forty-five-minute wait times to chat with a customer service rep, who ends up not being able to help with much of anything, are normal.
I encourage you to read the one-star reviews on Yelp and on other consumer sites. You may love the concept of Vanguard funds, and you may have a lot of money there 'on paper,' but have you ever attempted a transaction that involves moving your funds or accessing your funds?
The customer-focused Vanguard of John C. Bogle died long before he did. Rest in peace to them both.
6
dga - Your comment perplexes me. I have no idea what kind of accts you have that would cause such problems. I have Vanguard and Fidelity brokerage accts (both modest) and I have found Vanguard to be much faster with money transfers and every other transaction. That and the low fees are the reasons why I (and many others) moved assets to Vanguard. That and low fees. I have found customer service to be a wash, I don't expect much service from anyone nowadays but your general statement that "It is nearly impossible to retrieve one's money from Vanguard" is simply not true.
23
I've never had a problem. I think it's a great company.
17
@dga I also have money invested in Vanguard funds and I have NEVER experienced any difficulty when I needed service. Ever.
22
Thank You Mr. Bogle and Vanguard. You have made
investing for retirement a pleasure. RIP
13
RIP John Bogle. I will be able to retire in a couple of years thanks to the company he founded, and his advice to "stay the course."
15
Mr. Bogle was absolutely right that the ONLY thing we can control in our financial lives are the FEES we pay.
There are no active money managers (traditional, quantitative or alternative) who can GUARANTEE returns that keep up with the markets, or beat average returns.
He was also a wonderful counterpoint to the relentlessly predatory and self-serving cycle of Wall Street innovations that predictably benefit brokers far more than investors. As the founder of a $5 trillion investment firm Mr. Bogle's ideas are timeless and his credentials are impeccable.
15
I always liked hearing John Bogle talk. He had a great voice and sounded so youthful even into his late 80’s.
12
I would suggest a letter to your Senator and House representative, asking them to approve the awarding of the Congressional Gold Medal to John (Jack) Bogle. His selfless efforts have revolutionized the financial advisory business, and his creation of index fund investing, as well as his dedication to philanthropy are epic and honorable.
It requires a 2/3 majority of both the House and Senate to approve this highest of civilian awards.
31
If all of us ordinary folks listened to his advice, the looming retirement savings gap would be significantly smaller. Unfortunately, a lot of us still seem to fall for the carnival barkers and snake oil salesperson.
17
Wish more people were like him. We really need someone like Mr. Bogle in the health insurance industry where there is a rampant lack of morality and abundance of greed.
35
The smartest thing my wife and I ever did was to totally embrace the Vanguard "Kool-Aid." We moved all of our money from a Scottrade account and from the worthless administration of my wife's "financial planner" and dumped it all into a Vanguard account where the fees of our various index funds average a mere .06% per year. As a result of this we're secure financially, and I was able to retire at 62. Thank you, Jack Bogle!
21
I agree. It was very difficult disengaging from Merrill Lynched (oh, the promises!)but I did it in 1992 and have always been grateful to Vanguard, Bogle and the 500. Thanks a million, John. Never forget you.
4
Fidelity and Vanguard are the two largest 401k administartors. My once old neighbor left BASF and asked on what he wanted to do with his 401K, I asked him to let it be in Vanguard Index. He saved a lot of Money in Fees. I did attend a Convocation address at Blairs Academy by Mr. Bogle. While Prudential can claim to be "The Rock", Mr. Bogle is Kryptonite to the Speculators.
11
@Peter Aterton See, how do you know he 'saved'? I mean, presuming you are only comparing like to like, in other words 500 funds to 500 funds.
But other than that, you can't say that anyone is saving money.
Not knocking the idea of less fees, but just pointing out that if something does outperform by more than its fees, then you didn't 'save' you 'lost'. It's true that over half the professional managers do not beat the index, but that's not the end of the sentence...many do. But it isn't very ego satisfying to focus on that. I also blame the financial industry for making it as hard as they can to find out who those managers are, but....here's a terrible truth....if someone is making money, they aren't going to just go out there and want a lot of other people to catch onto what they are doing...
1
Like many people, I have two words to say, which, regardless of how many times we say them, will never be sufficient: Thank you.
21
Call it luck, call it smarts, call it a good father who taught me how to save and invest, I have done O.K. on my own. I discovered mutual funds when they were just getting started but decided to keep away from them, because I liked the fact that making my own decisions meant that I was not handing off personal responsibility for buying, holding and selling to anyone else but me.
2
Stanton's sure-fire twelve-point primer on successful investing for retirement.
1. Be an investor in companies that have been around for many years. Buy and hold common stocks that produce products that people want and need such as food, drugs and oil. Never invest money in tech stocks that you don’t understand. Fundamentally this means all of them.
Boring companies that produce products like chemicals. pharmaceuticals and food are safer and will often do much better in the long run.
2. Favor dividend-paying stocks. Avoid cash, bonds and annuities like the plague they are.
3. Reinvest dividends, whenever possible.
4. Don’t pay other people to handle your investment decisions. That job is yours.
5. Keep informed about the state of your investments, but do not obsess about them.
6. if you cannot tolerate risk, move into a police station. Life is risky.
7. Sell only when your brain and all your instincts tell you to. Otherwise hold, hold and hold.
8. Gold can be a good investment. But only in the sense that stocking up on guns, ammunition, canned goods and bottled water can be a good investment.
9. Save early and save late. And then save some more.
10. Live modestly and avoid debt, flashy cars, flashy people and expensive houses and apartments. In the long run, a healthy stock portfolio will keep you saner than any of those things.
11. Find a man or a woman who agrees with you on these things and marry-up with them.
12. Be lucky and remember to pray.
18
After decades of seemingly trivial returns on 401k, the Frontline piece on PBS with many interviews of Mr. Bogle pulled the wool over my eyes off as to the reason. The extremely high fee investment company we were tied to happened to have our CEO on the board too. Our company was so stingy as to not match but to then reap profits on the back door through the absurd fees is as unethical as it comes. But given the shady deals by our CEO it is not surprising.
I finally was able to consolidate my investments to Vanguard after the Frontline story and the returns certainly materialized year after year - yes, thanks to Obama too but comparing to previous decades of fantastic returns that never materialized in my account.
Bogle's $80 million net worth, fabulously wealthy, is deserved for increasing the net worth of millions of average investors. Those with net worth in the 9, 10, 11 or 12 digits off the the backs and pockets of the masses is absurd and obscene.
20
Good Morning: His ideas helped me achieve financial independence and retire in my 50s. Always wanted to meet him and thank him.
12
He shined a big light on the big lie of the financial services industry
26
A great man. Demonstrated that you don't have to be a greedy crook to be a capitalist.
47
One of the good ones. R.I.P.
17
I understand that Mr Buffett has directed that when he dies his wife’s shares should be sold to buy the Vanguard 500 index. Two ethical men recognizing each other
21
“Enough” by John Bogle should be read by everyone, not only investors. He was a great man, whose greatness transcended his investing skills, which were legendary.
12
Bogle put thousands of people out of work. Mutual fund managers, stock analysts, stockbrokers, RIA's. Bogle caused the investing public to start saying to these people, "Prove that you are adding value."
Wall street is a leaner place these days, partly because of Bogle.
And that's exactly what Bogle intended. Let's be frank: Bogle was out to get these people. In a sense, he was a predator.
5
@James Ribe Really? I'd like to know where you draw these stats from.
Thousands....perhaps, but he's not the reason. That's a myth and a very convenient one. I admore Bogle, don't get me wrong, he had his theories, and he was charitable, everyone can strive to be that.
But you're buying into a propped up myth. There are more people working in the financial industry today than ever before, there are analysts, financial advisors, investment bankers, and yes, even, shock, high fee mutual funds.
If you think about it, proving that you are adding value doesn't have to do with just fees. The people who deserve to be out of work, for sure, are the ones charging too much and offering nothing back. But what people don't like to hear, is that despite the bad, there are those, even if in the minority, who are good. It's not a Hollywood version out there, of bad evil wall street being taken down by the Bogle in the white hat. And that's fine too. It doesn't mean John Bogle wasn't awesome.
Just tired of hearing how he walks on water. He was a good, regular, human being as far as I can see.
2
@James Ribe
In that sense, Bogle preyed on the professional predators (brokers and fund managers) who preyed on amateur investors.
1
Hats off for Mr. Bogle. He could have been just another greedy plutocrat but he had a heart. Thanks for a life well-lived.
16
Thank you sir. Your company is the reason I'm not working 2 jobs in my retirement.
14
A thoughtful, careful, man of conscious. He gives big business an otherwise undeservedly good name... if only Wall Street operated that way, we would have had no financial crisis.
13
I learned of Vanguard funds from Scott Burns, financial writer at the Dallas Morning News, who praised John Bogle's concepts of investing. Burns, an MIT grad, devised a series of investment portfolios based on Bogle's work and named them according to the amount of time and effort required to manage them. For the beginner there was the Couch Potato portfolio. All one needed to be able to do, in Burns's words, was fog a mirror held beneath one's nose and, once a year add two numbers then divide by 2. The Couch Potato held two index funds: one equities and one bonds. For these two funds, he recommended Vanguard's Index 500 and its Intermediate Bond Index funds. Put half your investment money, current and future, in each. The first of January each year, add up the total of the two funds, divide that number by two, then shuffle assets as needed from one to the other to make them equal. Then sit back and do nothing until next year.
Burns's other funds, the Margaritaville, which consisted of three funds (total US stock market index fund, total international index fund, US inflation protected securities) with 1/3 of assets held in each and annually rebalanced, were more calculator oriented and recommended for those who were, by degrees, more OCD.
I started with the Couch Potato and, in my sloth, failed to follow even the annual rebalancing chore. I graduated to the Margaritaville, again with the same inattention. It still worked.
My wife and I are quite comfortable.
10
A few years ago, the PBS award-winning series, FrontLine, did a story about the fraudulent retirement investment industry. The series producer was told by his accountant that his own retirement account was not in the $750K range as he has thought. It was less than $500K after the fund manager took its fees. This prompted a FrontLine investigation into the retirement fund industry which was aired on PBS and reprised a few times owing to intense viewer interest.
In interviews with various fund managers, they tried — and failed — to explain the mysteriously "high management fees" one finds within those monthly statements. They stuttered and stammered to explain why someone's retirement fund was depleted by 30 percent or so, because of those fees. The proverbial cat was out of the bag. Another metaphor: FrontLine had exposed "the secrets of the reef."
It was John C. Bogle who exposed and explained how those frauds on Wall Street managers stole from retirement funds to pad their own retirement. Bogle's index funds had amazingly low management fees for various collections of retirement funds. Mostly conservatively chosen, his clients' index funds suffered far less when the economy took a hit.
One can only hope Mr. Bogle's legacy will be a lasting one for the sake of those who hope to retire with predictable comfort.
14
I know little of the finance world but have read some of Mr. Bogle’s writings, enough to know this was a moral, intelligent, compassionate, creative, hard-working man. So few people seem to be able to raise those bars as he did in the face of bottom-line mentality.
May his inspiration live on.
17
RIP Jack Bogle. Thanks for caring about the helping the person on “Main Street.” You may not have been a billionaire, but your legacy of Bogleheads speaks to the inspiration you have been (and will continue to be) for generations.
13
I loved that man. I will surely look for him when I pass.
10
"Mr. Bogle regularly gave half his salary to charities.
“ 'My only regret about money,' he said in 2012, 'is that I don’t have more to give away.'”
Wow. Doesn't that say it all? A man of integrity, honesty, empathy and generosity. And vision.
120
I joined a group led by a retired engineer whose hobby was investing. He taught us about investing but never told us what to invest in. He did tell us about Vanguard. I read Bogle’s book, The Little Book of Commonsense Investing”. I developed enough confidence to fire our financial investor and do it myself. I moved all our money to Vanguard. I’ve never looked back. Gradually I sold all the high feed funds we’d been put into and replaced them with Vanguard funds and ETFs. Jack Bogle’s brilliance and generosity make him a rare breed in the investment world. “May his memory forever be a blessing.”
22
I'll remember Mr Bogle as a determined and gracious patient and, before that, as the one who said yes to Joseph Torsella, now Pennsylvania's Treasurer. Mr Torsella was newly appointed Director of the drowning-in-debt, nonexistent National Constitution Center and asked Mr Bogle to help as Board Chair. Mr Bogle took direction from Mr Torsella in those early days and was vital in building Philadelphia's National Constitution Center.
6
How rare is it that a man of such integrity should emerge from an industry whose main goal seems to be taking advantage of the ignorance of uninformed investors?
If not for John Bogle, myself and countless others would have seen their investments dwindle and perhaps disappear due to onerous fees and the churning of our accounts for no other reason than the greed of unscrupulous financial advisors.
The whole world should mourn the death of this giant of a man, who had a vision, and took the necessary steps to accomplish it. We are all in his debt, a bill we can satisfy by paying it forward whenever possible.
19
@Yakker
I am one of those retirees barel holding on because I did not know about John Bogle and Vanguard.
Though my retirement funds grew dramatically during the 1990s, it was during the lead up (around 2004 and beyond) to the Great Recession when I realized my broker had been charging huge "management" fees while my funds were tanking at a staggering rate.
I take responsibility for not monitoring my accounts more closely. Looking back when I was in my early 60s, my chances of recovering those losses were pretty slim.
All of this to say, I have advised my daughter, who is about to receive a PhD, and a nice job, to look into Vanguard to secure her retirement decades away.
12
@David Ohman My story is similar to yours, but please bear in mind that it is never too late to turn that ship around in order to avoid that iceberg. My IRA was held by the same mega-advisory firm that managed my 401k, a transition that seemed logical at retirement, especially when prompted by their half-truths. They failed to mention their fees, or the negative impact over time however.
After discovering the forum at bogleheads.org, and doing the suggested reading, I transferred everything to Vanguard and stopped the bleeding. My yearly costs went from over $20,000 a year to a little over $800, and the gain in my portfolio reflected that. Changing everything to broad based index funds also resulted in a more stable gain and less volatility. Now I rarely even check my self-managed account, which I did coincidentally two days ago, pleasantly confirming that the philosophy of Jack Bogle helps me to weather all storms.
The previous advisors (I had two) tried desperately to keep my business, but they were at a loss to justify their methods of churning my investments constantly as well as the inflated ER's (expense ratios) that dominated my investments at their hands.
When they offered me a $2,500 tax free addition to my portfolio to stay I pointed out that their offer was a fraction of the yearly fees they had been charging me during the preceding 5 years. The silence which ensued was deafening.
“My only regret about money,” he said in 2012, “is that I don’t have more to give away.” What a great sentiment, something to strive for (easier for the rich, but still a good sentiment). Very interesting how his company structure kept him wealthy, but not as insanely, grossly wealthy as his competitors. Seems perhaps the greed gene was a bit on the recessive side for him, which is nice to see.
12
Reading this memorial/biography of Mr. Bogle, I wonder what it is that makes a person stand back, see the effects of his/her work on the wider society, and commit to making things better for the general populace. Many other - perhaps most - equally smart and advantaged people aim only to amass more for for themselves. What creates a Jack Bogle versus the archetypal self-aggrandizing mogul?
If anyone has the answer to that query, let's bottle it. The world could surely use more of what Jack Bogle had.
13
@DG
Perhaps this will explain why there are so few who mirror Jack Bogle's morality.
It was during a 2009 interview between Bill Moyers and the 80-something poet/novelist/philosopher Wendell Berry when Mr. Berry was asked (and I paraphrase for Moyers), "What do you think caused this massive recession?" Mr. Berry responded, "The problem is, too many people in America are trying to make a killing, instead of making enough."
What more must be said? It's all about greed and its predatory greedlings.
10
20 years ago I was waiting outside to be seated at a small restaurant with my family. I was with my 3 daughters, 6,4, and 1 and pointed to Mr. Bogle sitting on a bench. I told my daughters that man over there will help you go to college and he did.
29
I wish there were more men like Mr. Bogle in the business world and otherwise. A man of integrity...rest in peace.
17
If you have never heard of Jack Bogle, I strongly recommend you read about his messages, or preferably, get your hands on his short book, The Little Book of Common Sense Investing. Bogle's message is an essential one to American workers who have been moved from defined benefit pension plans to defined contribution 401(k) plans and want to be able to retire. By empowering common investors with the ability to bet on the casino rather than on a given hand of blackjack, he has secure the retirement of hundreds of thousands of Americans.
I am very sorry to hear of his passing, but hope that it is an opportunity for more Americans to familiarize themselves with his ideals. People should heed to his message and demand from employers that their retirement plans include low-cost index mutual funds to ensure that the lion's share of their retirement savings wind up in their pockets, and not in Wall Street.
This is indeed very sad, but as Mr. Bogle would always say, we must stay the course.
12
I don't know exactly how much Jack Bogle was worth, though I'm certain he was very well off. However one thing that is certain is that he would have been one of the richest men in the world had he taken a sizeable ownership stake in Vanguard. Instead, he decided to structure Vanguard so that it is owned by its own funds, which in turn means the company is owned by its customers. If the C Suite is doing their job correctly in trying to maximize the value of the company for its owners, that means keeping the fees they charge as low as possible so their customers can keep as much money as they can.
This man easily gave up billions so middle and working class individuals can keep more of their money.
23
Nearly all of my money is in Vanguard funds.
I was just speaking with a friend the other day who is only beginning to understand her retirement fund and how to invest it. I explained the many ways in which Vanguard is superior.
An extremely smart man, thinking about all the people, not just himself.
I'll miss hearing his distinctive "peppery" voice in radio interviews.
10
One of the most honorable men ever lived in the business world and for that matter in America. Dearly miss his bravery, ingenuity and unmatched integrity especially in today's world.
7
I was fortunate to be a neighbor of Jack Bogle. As a relatively-recent transplant from Boston, I am embarrassed to say that until yesterday, I had no idea of his legacy as an industry titan. While I did not know him well, I ran into him on the one day of the year that most neighbors get a chance to catch up - Halloween. My fondest memory of Jack was one Halloween a few years ago. Trick or treating in the neighborhood was always a "cost / benefit analysis" because the houses are far apart. The Bogle's house was especially problematic because I could not see the porch light to know if they were home. One Halloween only a few years ago, Jack greeted us at the door, and he invited us in. He asked each of the kids to tell him about their costume and why they had chosen it. He was present, laughing and taking a real interest in our kids. Our kids for their part got rewarded with yet more candy for their effort. I just hope that when my kids are old enough that I no longer am escorting them on Halloween, I will take a similar interest when handing out candy to my neighbors' kids.
20
Mr. Bogle was a class act. I read Common Sense on Mutual Funds soon after graduating from college and his philosophy and down to earth advice gave me some peace of mind. I wrote him a short thank you note and only a few weeks later received a hand written response. That note will be the forever bookmark in my edition of Common Sense. Thank you Mr. Bogle.
12
My family has been putting funds in the same Vanguard index fund for over 25 years. Nothing more than weekly deposits and year end tax refunds. To date, our return is close to 19%
Thank you Mr. Bogle for helping us ordinary folks achieve what at times seems so elusive - a comfortable future and retirement.
May you rest in peace knowing that you made the world a better place. I wish there were more like you.
9
@skater242
I suggest you re-do your math. It is humanly impossible to get 19% return from weekly deposits to index funds, even if they had a 0.0% fee.
I am 99.99% sure you did not even make a 12% return, if you calculate it correctly. I KNOW, because my best investment, where I have been putting equal monthly amounts in my supplementary 401k, is a specialized mutual fund focused on Biotechnology, and over 35 years it has returned 13.6%, which is an AMAZING return for such LONG time interval. I put $100 a month in the biotech fund and $300 in an index fund, and despite the 3 to 1 advantage, the index fund has LESS today than the focused Biotech find.
None of what I say takes anything away from the Great Late Mr Bogle's Achievements, btw.
3
RIP Mr. Bogle, and thank you for your legacy of honesty, integrity, and innovation in the investment world. The light you shed with your books, and the investment capabilities you provided to the average investor, improved many, many lives, including mine.
5
Ten years ago, after decades of being taken advantage of by the likes of Drexel Burnham Lambert, Paine Webber, Merrill Lynch, and UBS, I moved all of my investments to Vanguard. I read Bogle's first book and used it as my investment bible going forward. To this day Vanguard is the gold standard, and John Bogle is the reason. May he rest in peace knowing that he changed the landscape of investing for millions of people.
8
A great loss. Thanks to Mr. Bogle and Vanguard I will have paid for my two kids college education and have a very comfortable retirement. All this while only working part time.
10
At 76, I am feeling secure, and that's thanks to Jack Bogle. Like millions of others, I owe him a profound debt of gratitude.
52
Low-cost index funds are better options for retail investors, and so it's good of Bogle to have made those available and to popularize them.
I wonder, though, if it's really good for the industry or society? Why do we have investment at all? In large part, it's to aggregate price information and to allocate resources to industries with comparatively low investment given demand. When investors increasingly concentrate in passively managed index funds, you get less price information. Consumers or the investment managers they hire aren't sharing their views about the underlying value of a security; they're just buying an amount proportional to that securty's market capitalization, amplifying the price signals of other people's buying and selling. If you think investing has a valuable social function, you could think of passively-managed index funds as allowing retail investors to free ride on the performance of that function by active investors.
Now, you might think: this won't have a bad impact because the market will correct for any changes this makes to overall market behavior. If passively managed funds cause price distortions, then these will be arbitrage opportunities for active investors, who will make money off of the inefficient investments of passive funds. But if that were to happen, then passive funds look less nice for consumers: they'd contribute to the sense that the market is a casino rigged in favor of the house (active investors at major investment banks).
2
"Vanguard’s advantage came from the unusual corporate structure that Mr. Bogle adopted. Vanguard managed its indexed mutual funds at cost, charging investors fees that were far lower than those of virtually all of its rivals."
A conscious decision was made to NOT rip off its customers.
A man with a conscience.
A man with a heart.
A man of the people.
What a great American businessman.
Thank you, John C. Bogle.
227
@Socrates
Completely agree. My investments through work and my Roth IRA are mainly into Vanguard Funds. I trust them with my retirement more than anyone.
19
@Socrates Yes indeed. He actually made Capitalism work for the many and not just the few.
5
What a Gentleman. In the finance industry a leader, or indeed anyone, with a moral compass and the best interests of the common people is a rarity. In an environment where lack of regulation leads to more and more ridiculous financial instruments being created to swindle and dupe the masses for corporate profits someone like Bogle was a breath of fresh air.
57
I knew that the late Mr. Bogle had a good reputation, but I didn't realize what a wonderful man he was until I read this obit. I wish I could have known this man personally - a good and decent man who succeeded in an industry filled with ruthless and greedy individuals. Rest in Peace.
99
He made a lot of people in the investment business uncomfortable with his scolds about performance and costs…while they couldn't say it openly, they knew he was right
96
An honest man, one of the few in the mutual fund industry who could be completely trusted.
28
Thank you, Jack. Personal investing and investors are much better off because of your efforts.
34
An example to all of us in financial industries.
20
A good man who did good for the common good.
RIP
23
Glad this is where my IRA monies are. So impressed with his "only" regret. My condolences to his family.
47
The reason Bogle is a millionaire while his counterpart at Fidelity is a Billionaire is that Vangard takes less of your money. The hidden fee that the financial markets take in from your savings is hideous.
129
An example for the new generations, money is not enough
23
He did his bit to make the World a better place than he found it at his birth.
33
A big man for the little guy.
47
A giant in investing is lost. He taught Americans the truth and attempted to help others on how to save for retirement.
If only more Americans follow his advice we would be in a better place.
14
Some day we may see another John Bogle. Personally, I doubt we ever will. Such a mix of courage and conviction are rare. RIP.
17
A true patriot and visionary who has likely done as much as anyone ever has to help generations of citizens to have better lives.
23
Thank you Mr. Bogle. You truly effected change in an industry which abhors transparency.
21
I am old enough to remember start of this index funds - though I don't remember precise year - probably 1978 when I first became aware.
I had recently joined Getty - their thrift plan had offered this Vanguard choice which was very novel.
Those were the days of ticker tape - stock prices in fractions. One Wall Street Journal page covered most of the stocks.
So. I know power of Mr Bogle concept - low cost index funds.
Fidelity came next - but not with such low costs.
Recently, that same thrift plan has been taken over by Fidelity after almost 50 years of patient Vanguard.
I tell younger folks - save and invest early in your life - and stay with it. Not buy and sell.
Many of my friends used to tell me they feel it in their guts to buy this or that stock - most end up getting punched in the gut.
My attitude is I have a specialty thanks to my Caltech education - I best leave financial investing to specialists.
So, Mr Bogle - thank you - you did a great service to America.
37
While Mr.Bogle is rightfully recognized for his contributions to the individual investor, it should be added that anyone participating in a 401(K) should be equally thankful since comparison to Vanguard fees are now the standard in that industry as well.
70
Mr Bogle's regret (that he did not have more money to give away) makes one imagine he and Alexandria Ocasio Cortez might have been allies in returning to the pre-Reagan post-WWII progressive income tax when the middle class flourished, immigrants were welcomed rather than despised and the government was trusted. That just might "make America great again".
38
Mr. Bogle revolutionized the investment world for millions of average, everyday folks. Providing access to mutual funds with solid returns, without punitive fees.
It sure would be nice if Wall Street behaved this way on a daily basis.
39
John Bogle is a man of a bygone era, an era when the stakes of customers (investors, in this case), employees and corporate shareholders were balanced. Having a net worth of 80 million is impressive but he's a pauper as compared with modern CEOs who line their pockets with every cent they can, putting shareholders second and employees last.
77
He did a wonderful thing for the average investor. I like the fact that he gave half his salary to charity. A great man.
30
One of the great minds and men of our time. He will be missed by all and certainly I owe to him my own financial foundation and security. He will hopefully survive as a model to others on what a good life of service looks like in a trade so often defined my short term gain and greed.
32
The death of a giant in the investment world. Bogle, Buffet and a very few others combine deep financial wisdom with and "ah shucks" persona that make them larger than life. Mr. Bogle is almost certainly the handmaiden of millions of American's retirement assets. The difference between Bogle's net worth at death of around $80 million and Ned Johnson's $7.4 billion (Fidelity) has largely been distributed to Vanguard investors and I for one, thank him.
159
In our current climate, it's unlikely we'll see a man of such vision and seeming decency anytime soon. I thank him for paving a way for the little guy, like me, to attain some financial security.
54
Thank you, Mr. Bogle. You were an ethical entrepreneur who helped me and millions of other individual (and mostly small) investors achieve some level of financial security. A great man appropriately proud NOT to be a billionaire !
23
I want to thank Mr. Bogle's surviving family for his incredible contribution he made to the average working family in American who had an IRA/401k post circa 1980.
Unlike almost all other firms, Vanguard did not bleed the investors dry with outrageous fees.
It helped me retire very well, financially secure. I am not a millionaire but also not in dire straits like many retired seniors.
It is a prime example of what capitalism should be, not the greed first and the consumer second like with so many other firms,
64
I don’t think it’s possible today to retire “very well” if you are not a millionaire. A million doesn’t go very far anymore.
5
@DRS-Thank you for your reply. Of course "very well" like beauty is in the eyes of the beholder.
I guess you are not too far from the truth. I am not a millionaire but thanks to Mr Bogle, I do pretty well.
9
Amazing man. May he rest in peace.
17
Mr. Bogle has been my "guru" for years. His mantra for uncertain times, "stay the course", has served me well. Rest in peace Mr. Bogle.
26
A great American who saw through the predatory practices of the established financial industry. He created a clear path and vision that is helping so many people move towards a more secure future. What an amazing legacy this man leaves behind.
16
We all owe a great deal of gratitude to Mr. Bogle. His idealism, struggles and tremendous effort in bringing his ideas to fruition in Vanguard have massively benefited me and millions of others. Thank you good sir!
24
Investors have lost a wise and passionate champion.Mr.Bogle did not work to amass a fortune, he worked to devise a program that would give the average investor a reasonable return on his investment.He was an impressive spokesman and an outstanding example of doing well by doing good.I don't know who will fill his shoes.
52