Jack Bogle

“There's gonna be lots of funds that you can be in that will outperform in fits and starts, but if you wanna be the, in the upper decile, After 40 years, then it turns out owning the market with no fees is an almost surefire way to do it.”

“Because of Vanguard's relentless cost-cutting and low fees, Vanguard has saved investors over five hundred billion dollars in fees and trading costs since its founding in 1975, and as a recent book The Bogle Effect argues, Vanguard's actions also forced the ha…”

“Back in 1951, Jack was a little ahead of his time because professional fund managers were a small, small minority at the market back then. There were a lot of other players, mostly unsophisticated players, mostly retail traders, and so it really is not inconce…”

“Well, so Jack's Jerry Maguire moment here is he gives a speech to the whole firm where he throws out this idea that, hey, maybe we should actually mutualize The firm's funds. Dissolve the management company or have the fund itself acquire the management compan…”

“Jack had the insight that running a successful mutual fund is actually not a differentiated product. It is a commodity. What you are seeking is the highest possible long-term return on your capital. That is not like buying a unique piece of jewelry. It is like…”

“I think this may be the most extreme example of counterpositioning ever. Bogle did something that was essentially non-economic. There's no economic incentive to create this company in the first place. Their ownership and fee structure was an advantage that can…”

“He waits a 128 days in the hospital waiting for a heart transplant. And he keeps working the whole time. He hasn't officially transitioned out of the CEO role and given it to Brennan yet.”

“He was born with a rare genetic heart disease called arrhythmogenic right ventricular dysplasia, or ARVD. And that means that Jack suffers his first heart attack in 1960 at age 31.”

“99% of Vanguard's AUM came after Jack stepped down.”

“There actually is no built-in incentive or obligation to grow. With a structure like Vanguard. The only reason to do so is if you believe the mission of the company either As set up by Jack, or as it should be today, is to bring the service to as many people a…”

“At the time of his death, Vanguard managed an aggregate of five trillion dollars over twenty million clients.”