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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?

PRIIPs Regulation Printed On The Side Of A Ring Folder

PRIIPs: Why Europeans can’t buy fancy US funds anymore

Most retail investors that trade on their own already noticed since the beginning of 2018. As a European, it’s not possible to buy US Exchange Traded Funds (ETFs) anymore. If you were trying to find out how to buy US ETF in Europe, I hate to burst your bubble but there is no straight forward for this after a new regulation (no, options aren’t straightforward). The main culprit? One acronym: PRIIPs.
PRIIPs stands for Packaged Retail and Insurance-based Investment Products. Phew, that’s a mouthful, isn’t it? No wonder the abbreviation is used most of the time.

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A cold breeze is passing through and Halloween is right around the corner. Yep, it’s October. So it’s time I do something frighting. Why don’t I deposit an additional 10,000 EUR to my actively managed portfolio?

Active funds aren’t popular in the FIRE community or with anyone looking into investing themselves and who know of ETFs.
There is a reluctance to use these funds and with good reason given their entry and management fees. Even Warren Buffett is dismissive about them.

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