Interview with Vanguard Founder, Jack Bogle (Full Version)

[@vimalalwaysrocks]

Jack Bogle was kind enough to let Vanguard become co-operative and owned by the public. He never wanted ownership of the Fund he founded. He died with a paltry net worth of 180 million$. In comparison, Fidelity founder, Edward Johnson made 8.2 billion or (8200 million$) by owning Fidelity. We are all forever indebted to Jack Bogle. Thank you sir! You can see him referring to this @27:09

[@edjonatchick]

A good man who lived a good life. Life is better for many because of him. Thank you Mr. Bogle, rest in peace.

[@Discovery_and_Change]

1:09 You've got to be kind of blind and kind of stupid (when things are going downhill and you're trying to turn it around) 1:23 Everybody condemned the index fund 3:01 You had to know (believe) you were right in the long-run 3:22 We're all indexers (that is, all stock market participants are investing in the index, indirectly) 3:33 (People who buy individual company stocks) own the index, but one at a time 3:43 You either own it as a unity (the stock market index), or you own little chunks of it (in the form of individual company stocks) and somebody else owns the rest 4:00 (People who try to beat the market) Try to outpace them (the index funds), which can't be true, then they pay their little helpers and lose (because of transaction costs, fees, and taxes) 4:13 Any time you try to introduce a new idea it goes from (people saying) it'll never work, to it'll only work for a while, to the guy's lucky, to, finally, he's right 5:16 We now have ETFs which is a way of trading the index funds all day long...what kind of a nut would do that? 6:39 (both of them trying to talk at same time) 6:51 Do we really need the market to turnover 250% a year? When I grew up in this business, the turnover was 25% 7:08 "Liquidity is the last refuge of the scoundrel" - Samuel Johnson 7:46 We're all average 8:50 Above-average is a tough standard to meet (in terms of beating the stock market) 9:32 This has become a great, big marketing business (funds claiming to beat the stock market) 9:46 In the long-run I'd bet on someone who is trying to be a professional investor, not a trader 10:21 "A fat wallet is the enemy of superior returns" - Warren Buffet 13:28 (By owning an index) You'll get better returns than your neighbors and sleep better 13:40 Will a value-weighted index or dividend-index do better? Maybe some of the time, but not in the long run 14:15 If (for example) a value-weighted index does better than the market-weighted, people will take their money out of the market-weighted and put it into the value-weighted and then the opportunity (and large gains) will vanish 14:33 I know what I can get, I can do better than my neighbors by owning the whole market 14:44 Should I give up the certainty of relative returns (by owning the whole stock market) to the uncertainty of one of the latest schemes? 15:05 Don't let the past data impress you 15:14 What comes out of the lab is seldom reflected in the real world 15:28 All you need is one index fund 15:30 The Vanguard Balanced Index fund: 60% total stock market and 40% total bond market (both U.S.), and that's fine 16:10 If you're younger, go 80% to 85% equities (that is, stocks) 16:22 If you're older, go 25% equities and 75% bonds 17:16 Stop looking at the silly stock market every day and instead look at the cash flow you get 17:44 For stocks, buy a high-yield dividend index (in your older years, for cash flow) 18:01 The dividend stream goes up, up, up 18:05 There have only been two significant dividend cuts since 1925 (one was from 1929-1932 and 2007-2009) 18:59 Nothing is a lead-pipe cinch in this world 25:39 (Generally, conservatively) With the overall stock market you can expect a 2% dividend yield along with 5% growth, bringing total to 7% (a year) 32:35 The worst thing of all, is not investing at all (even though I'm down $2,500 these past two weeks because of the Omicron news and low November jobs report) 34:45 (Put money in a stock-market index) And don't look at it...don't look at it for 50 years (and be surprised by how much it grew, when you finally look) 35:07 We have a gambling culture in this country 35:33 The croupier wins (the dealers, house, financial institutions) 37:02 Reversion to the mean (when stocks drop back down after highs) 37:32 Looks like the Himalaya Mountains (the way the stock charts look) 37:35 Reversion to the mean is a constant pattern 38:01 There's a lot of phoniness in this business 41:51 We'll have a bad year (from time to time) because that's the nature of the (stock) business 43:47 The past is not prologue 45:11 Speculation vs long-term investment 45:44 "No man can serve two masters" - Bible Quote, Matthew 6:24 45:56 "He will hate the one and love the other" 48:18 Hire nice people 48:52 We try to get people you can work with and who can work well with others and who will try not to make the same mistakes you did 49:42 (Index funds) Guaranteed to give you your fair share of whatever returns the stock and bond market are generous enough to give us, or mean enough to take away from us 53:04 You have to be optimistic 53:13 Anything can happen in this world when you get human beings involved (because of our fallibility) 53:32 You've got to keep your mind on the mission 55:28 It's kind of liberating (to admit your mistakes) 55:40 Owning the market and getting your fair share, has worked and will work 57:19 Speak out with honesty. I'm not going to agree with something I don't agree with

[@ipr0907]

Legend!

[@KumarRoy82]

amazing interview. such a privilege.

[@HeritageWealthPlanning]

at 16:51 is probably the best financial advice there is.

[@markm7101]

Zero mental degradation at 85-87 impressive.

[@starmorpheus]

Yeah if this was audio only I would have thought Jack was in his 50s

[@markevans7244]

He was sharp right up to his death.

[@martinforster7625]

Jack plays with Warren in one and the same league. Just great. Love Vanguard.

[@robertspencer5219]

Love Jack!

[@easternhair]

What A Legendary Person!

[@vimalalwaysrocks]

Another point worth noting.. After being motivated by Warren Buffet, many people start picking stocks (instead of index funds). Jack answers this @36:07.. No wonder JL Collins says the same thing. All of us are not Warren Buffet.

[@eikoGoldstein]

We are pulled forward by a few giants. Jack was a giant. The rest of us are pygmies. Thank you!

[@GeoffMaxwell]

superb

[@HeritageWealthPlanning]

Jack Bogle, "common sense on mutual funds" is a must read!

[@kokalti]

I went back 7-8 years and since then the SP-500 did 150%, way above Jack's prediction. Does to show you there is no preasthood in investing. Think for yourselves

[@jonnes__4657]

When was the interview? Why no information? .

[@zakUSDedelman]

😻😻😻

[@chakstandsup]

Investopia + Robinhood + Indicies - The future of millennial finance?

[@starmorpheus]

Lol

[@alexandermanuel6460]

You came keep Your. Education loans. Do need one never ask for one i never need One in my. Life so. I never ask. U guys for. Know Education. Subscribe. Keep them. For yourself. Sir. By the way i never in my life time. Sign agreements with you of know else. Sir. That real talked From Alex Manuel that. Know know