In the summer of 2012, I called John C. Bogle to discuss his favorite subject: index funds and the plight of rank-and-file investors. He had urged me to reach out to him “anytime I needed him,” and I took him up on that offer regularly.
This time, it took a while to reach him. When I finally got through, he immediately apologized.
“I’m sorry, I’ve been having a hard time,” he said. I replied I was sorry to hear that and asked what the problem was.
“It’s my heart,” he said. “You’ve reached me in the hospital.”
Jack was 83 then. Sixteen years earlier, after six heart attacks, he’d had a heart transplant. That was no secret. “I’ve got a young man’s heart,” he would say. “It’s wonderful.”
But now, Jack told me that his body periodically reacted against the heart, and that he sometimes needed urgent treatment. This was one of those times.
“It’s happened before,” he said. “I’ll be all right. And now, what can I do for you?”
We talked at length, and his voice got stronger as he launched into a lecture on “the relentless rules of arithmetic” for mutual funds. He said they amounted to this: The fees charged by brokerages, fund companies and advisers were sapping the returns of millions of hard-working people who were trying to save for retirement. Reduce the fees and give the money to the people who need it, he said. That, he said, was what his career was all about.
After a few minutes, he faltered, and we agreed to resume the conversation a week or two later. Jack asked me not to reveal that stretch of weakness and hospitalization — or other bouts that occurred later — and I didn’t, while he was alive.
Now, after the announcement of his death on Wednesday, I believe it’s fair to let people know how strong he was, and how idealistic.
[Read the obituary of Mr. Bogle.]
The basic biographical details are well known. A poor boy and a brilliant student, he discovered an interest in asset management — and the burden of fees on investors — while an undergraduate at Princeton. He had his ups and downs in the fund business but made history by popularizing the index fund and creating Vanguard, giving up his chance at great wealth by eschewing ownership of the company.
The Vanguard Group, as he structured it, was owned by its mutual funds, which were owned, in turn, by fund shareholders and dedicated to low-cost investing. He was paid well and accrued what would be a great fortune for most of us — he told me last year his assets were “well below 0 million” — but it’s small change by the standards of money management.
Consider that Vanguard says today it has .9 trillion under management. If Jack Bogle, and his heirs, were the main shareholders of a company as large and profitable as Vanguard, they would surely be billionaires many times over.
Jack was proud he was not a billionaire, though he didn’t say so publicly.
“I feel funny about it,” he told me. After all, in the United States, titans of industry are supposed to be rich. People are so often measured by the size of their financial assets, he said, and his were not really awesome.
“I don’t share those values,” he said, “but I’ve still been influenced by them.” In fact, he said, he was sure some rich people wouldn’t really respect him if they knew he wasn’t as wealthy as they were.
But that’s the point, of course. He built something bigger than personal wealth: a reasonable way for great masses of people to get a more equitable share of the world’s financial pie.
His index funds have multiplied at Vanguard and been copied and transformed by many others. The funds aren’t perfect. Jack acknowledged that if index funds became dominant enough, they might distort the marketplace. That is a problem others will have to deal with.
He wasn’t a doctrinaire indexer, either. In his personal portfolio, Jack held shares of actively managed funds, including Vanguard’s Wellington fund, founded by his mentor and former boss, Walter L. Morgan. But Wellington’s fees have always been low and are now only 0.17 percent, according to Morningstar, among the lowest for any actively managed fund.
As Jack told me in 2012: “My ideas are very simple. In investing, you get what you don’t pay for.” He popularized those ideas, and put them into practice, at some personal sacrifice.
We owe him for all of the fees we’re not paying for.B:
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【宙】【斯】。 【跪】【下】【了】！ 【雷】【神】【索】【尔】【傻】【眼】【了】！ 【炽】【天】【使】，【懵】【逼】【了】！ 【张】【婉】【清】【此】【时】【也】【是】【睁】【开】【了】【眼】，【傻】【傻】【的】【看】【着】，【自】【己】【儿】【时】【敬】【畏】【的】【宇】【宙】【之】【主】，【骇】【然】【欲】【死】！ 【宇】【宙】【之】【主】，【给】【他】【们】【跪】【下】【了】！？ 【或】【者】【说】，【给】【古】【玄】【跪】【下】【了】！！？ 【不】【可】【思】【议】！ 【然】【而】，【宙】【斯】【面】【色】【并】【没】【有】【任】【何】【的】【不】【妥】，【抬】【起】【头】【来】，【看】【着】【古】【玄】，【道】：“【九】【玄】【魔】
“【冀】【宁】~【你】【上】【个】【厕】【所】【怎】【么】【还】【不】【出】【来】？【外】【面】【好】【像】【出】【事】【了】，【一】【堆】【警】【茶】【冲】【了】【进】【来】……” 【边】【说】【话】【边】【进】【来】【的】【人】【正】【是】【之】【前】【拉】【走】【冀】【宁】【的】【那】【位】【红】【毛】【男】，【他】【一】【开】【始】【没】【抬】【眼】，【进】【了】【男】【厕】【望】【见】【冀】【宁】【被】‘【刘】【轩】’【用】【如】【此】【爱】【魅】【的】【距】【离】【怼】【在】【墙】【上】【时】……【他】【不】【淡】【定】【了】…… “【我】、【握】【草】！” “【刘】【轩】【你】【牠】【妈】【是】【畜】【牲】【吗】，【你】【就】【这】【么】【喜】【欢】【男】【人】【啊】！【之】【前】排排三开奖结果今天【苏】【毅】【行】【痛】【心】【疾】【首】【地】【看】【着】【薛】【铭】【皓】【离】【开】，【忍】【了】【许】【久】【之】【后】【依】【旧】【意】【难】【平】，【敲】【开】【了】【苏】【宝】【宝】【的】【房】【门】【抱】【怨】【说】【道】：“【妹】【啊】，【你】【今】【天】【放】【跑】【了】【一】【个】【冤】【大】【头】【你】【知】【道】【吗】？” 【苏】【宝】【宝】【面】【无】【表】【情】【说】【道】:“【冤】【大】【头】【是】【冲】【我】【来】【的】，【我】【愿】【意】【把】【他】【放】【走】【怎】【么】【着】【吧】。” 【苏】【毅】【行】【一】【口】【老】【血】【憋】【在】【胸】【口】，【酝】【酿】【了】【很】【久】【之】【后】【说】【道】:“【妹】【啊】，【你】【现】【在】【真】【的】【是】【一】【点】【都】【不】【可】
“【未】【来】【佛】【祖】！” 【听】【到】【佛】【魔】【巨】【像】【之】【内】【的】【人】，【乃】【是】【大】【梵】【摩】【罗】【宗】【的】【未】【来】【佛】【祖】，【青】【云】【道】【老】【祖】【的】【脸】【上】【却】【是】【直】【接】【变】【了】【颜】【色】。 【似】【乎】【是】【看】【出】【了】【他】【的】【异】【样】，【金】【刚】【门】【元】【婴】【老】【祖】【不】【禁】【好】【奇】【开】【口】【道】：“【玉】【阳】【子】，【这】【未】【来】【佛】【祖】【是】【什】【么】【来】【头】？【把】【你】【吓】【成】【这】【副】【鸟】【样】？” 【看】【着】【金】【刚】【门】【元】【婴】【老】【祖】【讥】【笑】【的】【模】【样】，【若】【是】【平】【时】，【这】【位】【被】【称】【作】【玉】【阳】【子】【的】【青】【云】
【最】【终】，【方】【缘】【以】1800w【的】【价】【格】，【买】【下】【了】【生】【命】【宝】【珠】。 【同】【时】【在】【后】【台】【取】【走】【生】【命】【宝】【珠】【的】【时】【候】，【方】【缘】【与】【训】【练】【家】【协】【会】【签】【订】【了】【合】【约】。 【理】【论】【上】，【生】【命】【宝】【珠】【是】【禁】【忌】【道】【具】，【无】【论】【是】【使】【用】【还】【是】【研】【究】，【都】【有】【着】【很】【严】【格】【的】【标】【准】。 【因】【为】【一】【旦】【过】【度】【使】【用】，【就】【会】【严】【重】【伤】【害】【到】【精】【灵】，【甚】【至】【让】【精】【灵】【失】【去】【生】【命】，【生】【命】【宝】【珠】【的】【使】【用】【规】【范】，【是】【方】【缘】【和】【训】【练】
【神】【域】【世】【界】【出】【现】【通】【往】【黑】【海】【的】【通】【道】，【修】【看】【着】【无】【数】【梦】【魇】【速】【递】【公】【司】【员】【工】【的】【角】【色】【分】【身】，【朝】【毁】【灭】【者】【发】【起】【进】【攻】。 “【叮】，【加】【入】【创】【造】【阵】【营】，【给】【予】【梦】【魇】【系】【统】【五】【级】，【阵】【营】【功】【勋】【或】【者】【系】【统】【积】【分】【可】【以】【升】【级】【梦】【魇】【系】【统】！” 【即】【使】【知】【道】【面】【前】【的】【这】【些】【家】【伙】，【是】【自】【己】【的】“【战】【友】”，【但】【是】【修】【发】【现】【竟】【然】【没】【有】【一】【个】【人】【理】【会】【他】，【哪】【怕】【他】【是】【神】【帝】【级】【的】【强】【者】！ 【而】【这】