RIP Jack Bogle...
“John Bogle built a nonprofit business with $5 trillion under management. What would have been profit effectively went to retirees. He’s the biggest undercover philanthropist of all time.”
- Morgan Housel
I’m willing to bet none of you have met Jack but his impact on your life direct or indirect is immense. Because of him there is more money in your retirement account, your kid’s education account, or any other investment account you may own.
Jack started a firm called Vanguard in May of 1975. One of Jack’s achievements was starting the first index fund.
We discuss often controlling the things you can control. As the past 6 months have shown markets can’t be tamed or controlled. What can control is 1. The fees you pay for your investments, 2. How often you buy or sell, 3. How much you contribute.
Jack and Vanguard focused on item numbers one and two with an intense passion. Even if you don’t own Vanguard in your portfolio (Most of the RIM Family at least has one Vanguard fund in their holdings), the pressure he and his firm put on other funds by keep their fees low caused the competition to lower their fees.
Linked below is a tool Vanguard has on their site that shows the effects over time that fees have on your account.
Jack will be remembered as a kind, generous man who was unflinching in his beliefs who left behind a company that is built on the chassis of challenging the status quo.
My friend Josh Brown said, “John Bogle may not be the greatest investor of all time but he surely has a place on Mt. Rushmore.”
I couldn’t agree more.
Have a great weekend and TAKE THE LONG VIEW!