{"id":8094,"date":"2019-05-05T07:58:10","date_gmt":"2019-05-05T06:58:10","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=8094"},"modified":"2020-07-18T07:55:46","modified_gmt":"2020-07-18T06:55:46","slug":"john-c-bogle-proud-he-was-a-billionaire","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire\/","title":{"rendered":"John Bogle &#8211; Proud He Was a Billionaire"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire\/#Who_was_John_Bogle\" >Who was John Bogle?<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire\/#By_Guy_Avtalyon\" >By Guy Avtalyon<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire\/#What_did_John_Bogle_uncover\" >What did John Bogle uncover?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire\/#John_Bogle_was_fired_from_Wellington\" >John Bogle was fired from Wellington.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire\/#When_did_The_Vanguard_Group_start\" >When did The Vanguard Group start?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire\/#When_the_first_retail_index_fund_was_created\" >When the first retail index fund was created?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire\/#What_did_John_Bogle_criticize\" >What did John Bogle criticize?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire\/#John_Bogle_didnt_like_that_concept\" >John Bogle didn&#8217;t like that concept<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire\/#Bogle_as_a_public_speaker\" >Bogle as a public speaker<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Who_was_John_Bogle\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-8095\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire.jpg\" alt=\"John C. Bogle - Proud he was a billionaire\" width=\"800\" height=\"450\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire-300x169.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire-768x432.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire-370x208.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire-760x428.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/john-c-bogle-proud-he-was-a-billionaire-424x239.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Who was John Bogle?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><span class=\"ez-toc-section\" id=\"By_Guy_Avtalyon\"><\/span><a href=\"https:\/\/www.linkedin.com\/in\/guy-avtalyon-67941b54\/\">By Guy Avtalyon<\/a><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p><span style=\"font-weight: 400;\">John C. Bogle, also is known as Jack, was born \u00a0May 8, 1929, in Montclair, New Jersey. Also, known as one of the Bogle Boys. <\/span><span style=\"font-weight: 400;\">He had twin brother David Caldwell and older brother William Yates III called Bud. <\/span><span style=\"font-weight: 400;\">John Bogle studied at Princeton University and in 1951 got a degree in economics. <\/span><span style=\"font-weight: 400;\">But he didn&#8217;t stop his education road. He attended evening and weekend courses at the University of Pennsylvania.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After graduating his main interests were banking and investments. <\/span><span style=\"font-weight: 400;\">Bogle got a job at Wellington Fund. <\/span><span style=\"font-weight: 400;\">He worked in administration, marketing and distribution, securities analysis, and <a href=\"https:\/\/traders-paradise.com\/recommends\/trading-with-success-guide-for-beginners\">shareholder<\/a> relations. <\/span><span style=\"font-weight: 400;\">Thanks to his knowledge he climbed very fast in the company&#8217;s hierarchy. He became an assistant manager in 1955. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">That was a wonderful opportunity for such an analytical mind. <\/span><span style=\"font-weight: 400;\">He got full access to examine the company and the investment activity. <\/span><span style=\"font-weight: 400;\">He was ambitious. John Bogle had the initiative. He wanted more and better. Jack Bogle wanted a new fund. And finally, Wellington management changed its strategy of focusing on a single fund. That was Bogle&#8217;s first victory and the turning point in his work. <\/span><\/p>\n<p>In 1964, by age 35, John Bogle became a CEO, and six years later a chairman of Wellington in 1970. <span style=\"font-weight: 400;\">He managed this company with a strong hand. Also, many of his associates claimed that he was rigid.\u00a0 <\/span><span style=\"font-weight: 400;\">What was all that about?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bogle insisted the firm diversify its product list in 1958 with the introduction of the all-equity Windsor Fund. <\/span><span style=\"font-weight: 400;\">He was an innovator. <\/span><span style=\"font-weight: 400;\">The other innovations followed this one. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But be patient, this is a tale about one of the most brilliant minds among investors.\u00a0 <\/span><span style=\"font-weight: 400;\">He made a revolution creating the world&#8217;s first index mutual fund in 1975. Also, this man changed investing eternally with index funds. <\/span><span style=\"font-weight: 400;\">He invented the index fund as a form for retail investors in order to provide them to be able to participate in the market with the professionals. <\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_did_John_Bogle_uncover\"><\/span><strong>What did John Bogle uncover?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>John Bogle uncovered a system for retail investors to approach the market but at a much cheaper cost than the mutual fund. <span style=\"font-weight: 400;\">And, you know, if you want something to be done and have a vision and you know that other people can&#8217;t see the same goals as you, and you know that they are wrong or tiny-minded, you must be rigid. Especially if you want to succeed. <\/span><span style=\"font-weight: 400;\">That&#8217;s how John Bogle became the titan of low-cost investing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bogle was strongly competing from his early days. His battle-fields were all, tennis yards (what a strong drop shot he had) or crossword puzzles or business and markets. <\/span><span style=\"font-weight: 400;\">His habit was to complete crosswords from the New York Times in ink and later compared his time needed to finish to his children and brothers. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is a competitive temper! <\/span><span style=\"font-weight: 400;\">But we have to stay on the course! <\/span><span style=\"font-weight: 400;\">Bogle&#8217;s career had ups and downs. Not a lot of downs, but important to be mentioned. <\/span><span style=\"font-weight: 400;\">So, the asset management wonder-man made a crucial slip. <\/span><span style=\"font-weight: 400;\">He approved merger Wellington with Thorndike, Doran, Paine &amp; Lewis. It was an offensive mutual fund company from Boston. <\/span><span style=\"font-weight: 400;\">Institutional Investor magazine named this new energetic crew of five young managers &#8220;The Whiz Kids.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In 1974, the bull run was over. <\/span><span style=\"font-weight: 400;\">The bear market of 1973-74 led to bad achievement for Wellington&#8217;s funds. <\/span><span style=\"font-weight: 400;\">The merger was characterized as extremely unwise and was approved by Bogle himself. <\/span><span style=\"font-weight: 400;\">It caused conflicts between the associates. <\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"John_Bogle_was_fired_from_Wellington\"><\/span><strong>John Bogle was fired from Wellington.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Later, he rated it as his biggest mistake, stating, &#8220;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.&#8221;\u00a0 <\/span><span style=\"font-weight: 400;\">Also, he called it &#8220;the most heartbreaking moment&#8221; of his career.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He was 44, six children. Bogle was out of a job and sick, he had a weak heart. The doctors had told him he had a few years living and advised him to retire to the seaside. <\/span><span style=\"font-weight: 400;\">He didn&#8217;t accept that. <\/span><span style=\"font-weight: 400;\">But still, he was chairman of 11 Wellington&#8217;s funds and he used them to build Vanguard, a new branch concentrated on Wellington fund management.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bogle offered a new mutual company.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"When_did_The_Vanguard_Group_start\"><\/span><strong>When did The Vanguard Group start?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Vanguard Group started services on May 1, 1975. <span style=\"font-weight: 400;\">With $1.8 billion in assets and staff of less than 50. <\/span><span style=\"font-weight: 400;\">Bogle gave this name to the new mutual company in memory to Lord Nelson&#8217;s flagship and the famous British victory against Napoleon&#8217;s fleet at the Battle of the Nile in 1798. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bogle later said he &#8220;wanted to send a message &#8230; that our Vanguard would be, as the dictionary says, &#8216;the leader in a new trend.&#8217; &#8220;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;Our challenge at the time,&#8221; Mr. Bogle evoked, &#8220;was to build, out of the ashes of major corporate conflict, a new and better way of running a mutual fund complex. &#8216;The Vanguard Experiment&#8217; was designed to prove that mutual funds could operate independently, and do so in a manner that would directly benefit their shareholders.&#8221;<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"When_the_first_retail_index_fund_was_created\"><\/span><strong>When the first retail index fund was created?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It was 1976 when the first retail index fund was created. <span style=\"font-weight: 400;\">Very soon, it bought every stock in the S&amp;P 500 index and established the market\u2019s average return. The result was totally sales droop. Only a small number of investors wanted a guaranteed average. \u00a0Everyone like highs. Big returns, great profits!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bogle had a lot of critics. It took time for the strategy to be adopted and recognized as a revolutionary type of investing.\u00a0 <\/span><span style=\"font-weight: 400;\">For the past 5 decades, academics have been discussing the \u201cEfficient Market Hypothesis.\u201d <\/span><span style=\"font-weight: 400;\">In its most radical mode, EMH states that you might select stocks with a dartboard because they are reasonably priced. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Wall Street responded with what they call &#8220;pockets of inefficiency.&#8221; <\/span><span style=\"font-weight: 400;\">Bogle, intelligently, gave up the discussion. <\/span><span style=\"font-weight: 400;\">His point was that you don\u2019t have to believe the EMH. You just can see things his way, he said. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bogle believed in what he called the CMH: the Cost Matters Hypothesis. <\/span><span style=\"font-weight: 400;\">To beat the market you need money.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/en.wikipedia.org\/wiki\/The_Vanguard_Group\">Vanguard&#8217;s<\/a> first index fund was taunted as an &#8220;a sure path to mediocrity,&#8221; according to the firm. The index fund makes up 70% of Vanguard&#8217;s $5.1 trillion in assets today. <\/span><span style=\"font-weight: 400;\">He was a great proponent of the mutual fund as an investment vehicle, \u00a0but at the same time, Bogle was the mutual fund industry&#8217;s severe critic.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_did_John_Bogle_criticize\"><\/span><strong>What did John Bogle criticize?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>John Bogle criticized high costs, dishonest advertising, and product conception during his whole career. <span style=\"font-weight: 400;\">His radical ideas secured him a reputation as &#8220;the conscience of the industry.&#8221;<\/span><\/p>\n<p>&#8220;If a statue is ever erected to honor the person who has done the most for American investors, the hands-down choice should be Jack Bogle,&#8221; said Warren Buffett.<\/p>\n<p><span style=\"font-weight: 400;\">Bogle hadn\u2019t been delighted with the form the market adopted his idea. <\/span><span style=\"font-weight: 400;\">After Bogle&#8217;s death on January 2019, Jeff Cox wrote for CNBC:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;When he put together the First Index Investment Trust, it was a mutual fund, which prices at the end of the day and cannot be traded during normal market hours. What has happened to passive investing since has been quite a big difference.&#8221; <\/span><span style=\"font-weight: 400;\">Almost half of the passive field is filled by ETFs now.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They offer lower fees than most mutual funds. <a href=\"https:\/\/traders-paradise.com\/recommends\/how-to-trade-options\">Investors are able to trade<\/a> them through the day. That ability makes them subject to the impulses of the market&#8217;s liquidity matters.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"John_Bogle_didnt_like_that_concept\"><\/span><strong>John Bogle didn&#8217;t like that concept<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">He hated it so much that he called people who deal in ETFs \u201cfruitcakes, nut cases and the lunatic fringe.\u201d <\/span><span style=\"font-weight: 400;\">Bogle wanted to explain his opinion about this issue in his final book, \u201cStay the Course, The Story of Vanguard and the Index Revolution\u201d (Wiley, 2018).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He claimed that ETFs are principally the sphere of speculators with \u00a0the \u201crapid trading\u201d in ETFs \u201cdone by financial institutions that use them to hedge or equitize cash reserves.\u201d \u201cThe arithmetic suggests that only about one-sixth of ETF assets are held by investors with a focus largely on the long-term,\u201d Bogle wrote in his book.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Well, his conclusion at the end of that chapter in the book is that he can support the funds as long as they are wide-based and not used for speculation.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bogle_as_a_public_speaker\"><\/span><strong>Bogle as a public speaker<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Jack Bogle was a pleasant and internationally desired speaker. He would spend hours writing and rewriting his notes. His speeches to the Vanguard crew were legendary. You can read them in his book &#8220;Character Counts: The Creation and Building of The Vanguard Group.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, he was a philanthropist, from organ donation to the National Constitution Center. With his brothers, he established &#8220;Bogle Brothers Scholarships&#8221; at their former college they also attended Blair Academy and Princeton University. <\/span><\/p>\n<p>Bogle was a frequent commentator on the financial markets for media, giving advice to individual investors. <span style=\"font-weight: 400;\">He wrote 12 books. His best-selling is Bogle on Mutual Funds (1994). About this book, Warren Buffett said it is &#8220;the definitive book on mutual funds.&#8221; <\/span><\/p>\n<p><span style=\"font-weight: 400;\">His last book &#8220;Stay the Course: The Story of Vanguard and the Index Revolution&#8221; was published in 2018. <\/span><span style=\"font-weight: 400;\">Bogle suffered many heart attacks. He had a heart transplant on February 21, 1996. <\/span><span style=\"font-weight: 400;\">Eight weeks later, he was back at work in his Valley Forge office and received a Fund Leader of the Year award.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Incredible and fascinating story, don&#8217;t you think! <\/span><span style=\"font-weight: 400;\">It is impressive how he managed to stay alone with his ideas while everyone was against him. Even his health. <\/span><span style=\"font-weight: 400;\">But Bogle had self-confidence and strongly believing in his ideas. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">That power, that strength to continue despite the opponents, to create something completely new is impressive. <\/span><span style=\"font-weight: 400;\">He was a real revolutionary.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You have to admire it.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Who was John Bogle? By Guy Avtalyon John C. Bogle, also is known as Jack, was born \u00a0May 8, 1929, in Montclair, New Jersey. Also, known as one of the Bogle Boys. He had twin brother David Caldwell and older brother William Yates III called Bud. John Bogle studied at Princeton University and in 1951 [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":8097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1017,1012],"tags":[945,946,947,948,949,950],"class_list":["post-8094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-how-to-start-trading-beginners","category-traders-secrets","tag-index-fund","tag-jack-bogle","tag-john-bogle","tag-low-cost-investing","tag-vanguard-group","tag-wellington-fund"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>John Bogle, biography. 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