Jack Bogle

“And they brought in a group of young managers from Boston and basically blew the fund up, and they went from, you know, top decile to lower, to lowest decile, and this is a true story.”

“It was in, ah, maybe Clash of the Culture is one of his books, where he spoke about, he started a fund based on technical analysis, and obviously, ah, it didn't do so well.”

“Jack Bogle had a view of Really, you should index everything, and over the long term, you'll get there at much lower fees, and everything will compound, but the reality is, is that most institutions can't invest that way for just by their very structure, or by…”

“Whereas Jack Bogle opposed automation because it costs too damn much. Well, you know, the capital cost of a computer is a lot, but over time it saves enough money to pay for itself. Jack Bogle just honestly didn't catch that, but Brennan understood it, and he …”

“Then when he got to combine with Wellington and Thorndike, Doran, Payne, and Lewis to create the merger made in heaven, as he would have described it at the time. And within a couple of years, it just didn't work out because it was a culture clash of the worst…”

“Well, he thought he'd raise a hundred and fifty million dollars and go into the retail index fund business. In fact, it didn't raise a 150, it didn't raise a hundred, didn't raise 50, and you could just see the expectations coming down as the road show went fa…”

“At this time, he had the guy who invented ETFs, Nathan Most, came to Jack and said, this is just right for you. And Jack looked at him and said, no, it's not. It's speculative. I'm not going to have anything to do with it. And so for years, Vanguard wouldn't t…”

“Jack was at the old fashioned mutual fund, balanced fund manager, Wellington management, and he was terrific at doing what was traditional in the trade at those days. Selling, selling, selling, selling. Most of the things that he would now be known for, he was…”

“The only thing that's a real common denominator is Jack had this wonderful vision of who he was and how he wanted to be seen, and he nurtured that vision, and he had it down pat, so every journalist who came to spend some time with Jack would get the same stor…”

“In the case where an LP invests in a NAV lending fund that extends a loan to one of their private equity funds, that investor loses by the fees it pays to both sides, just like Jack Bogle's critique of active management in public equities.”