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Ultra low Long-term interest rates: what this means

You’ve probably heard this word a few times in the news already, especially in lieu of the financial crisis and later the euro crisis. It probably also came up recently because it went below zero in your country as it did in mine not too long ago. I’m of course talking about long-term interest rate and their low (even negative) level.

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Learning Economics And Finance

The uncommon sense of investing

Occasionally, I go out for drinks with some friends from my martial arts club. Sometimes we get side-tracked into talking about more serious topics. Such a time was two weeks ago on an after-training-drink-Friday. We ended up getting into personal finance.

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John C. “Jack” Bogle has just passed away at age 89 [1]. I write this post as a thank you for his accomplishments. He rightfully earned the title of “father of index investing”. The book I drew important lessons I learned from, The Marvelous Simplicity of Index Investing, illustrates this perfectly by using various quotes and data from his book, Common Sense on Mutual Funds.
Thanks to him, millions today have better retirements, hundreds of thousands of college funds are fuller, charities are well funded, and many more of our aging grandparents have more capital to enjoy their old age[2].

My original idea was to write a piece about his life and achievements, but there are already many well-written articles subsequent to his death.
I’d rather share with you the ones, I believe, do justice to the legacy of John C. “Jack” Bogle:

Instead of writing an article of my own, I’ll share some of the more and lesser known quotes made by him:

The courage to press on regardless—regardless of whether we face calm seas or rough seas, and especially when the market storms howl around us—is the quintessential attribute of the successful investor."

— Speech at the Trinity University Policymaker Breakfast Series, April 16, 2001
John C. "Jack" Bogle
Founder of Vanguard, Father of index investing

Don’t look for the needle in the haystack. Just buy the haystack.”

The idea that a bell rings to signal when investors should get into or out of the market is simply not credible. After nearly 50 years in this business, I do not know of anybody who has done it successfully and consistently.”

Beating the market is a zero-sum game for investors. Money managers, as a group, must provide the market return... But that return comes only before their exorbitant fees, operating expenses, and portfolio turnover costs are deducted. The zero-sum game before costs becomes a loser’s game after costs.”

— Gilbert Lecture, Princeton University, Feb 21, 2013
John C. "Jack" Bogle
Founder of Vanguard, Father of index investing

The greatest enemy of a good plan is the dream of a perfect plan.” Stick to the good plan.”

Do you have a favorite quote of him? Or is there an anecdote you wish to share about the books and articles you read regarding Mr. Bogle?

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