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Friday, January 18, 2019

Mourning Bogle

Reported by Neil Anderson, Managing Editor

The investment industry is in mourning after Vanguard [profile] founder Jack Bogle died on Wednesday. Below is a sampling of the memories and praises being shared by fundsters, investors, and journalists.

Bogle History 101


In the Philadelphia Inquirer, John Duchneskie lays out a timeline of Bogle's career, while Art Carey and Erin Arvedlund shared a long obituary breaking the news of the fallen fundster's death.

On CNBC, Veronika Kero highlights Bogle's famous Princeton senior thesis.

Former U.S. Senator Peter Fitzgerald (R-Illinois) reminds Barron's that Bogle was his "star witness" in 2003 when Fitzgerald held hearings on the mutual fund industry market timing scandals.

In Napa-Net, Ted Godbout recalls Bogle's 1987 speech in which he told fundsters, "We are more than a mere industry."

The Morningstar team shares links back to their numerous Bogle interviews: two in 2008 and at least six each year since.

What Bogle Did For Investors


On CBNC, Kathleen Elkins describes how "Bogle taught a generation how to invest for the long term."

On Barron's, Lewis Braham ponders "How Jack Bogle Changed Investing."

On ETF.com, Dave Nadig recalls Bogle arguing that simplicity, not complexity, is the key to investing (and that "sometimes boring and forgetful is the best thing you can be").

Also on Barron's, Daren Fonda, lauds Bogle as "a relentless ally and advocate of investors," and Leslie P. Norton ponders how Bogle "forever changed the way Americans would invest and, quite possibly, forever changed how the market functions."

"Jack taught millions of Americans the advantages of low cost investing," states Matt Fink, former president of the ICI. "He brought the idea of indexing from the pension world into the mutual fund industry."

"Jack helped build the modern mutual fund industry, which today is the largest financial industry in the world," Fink adds. "Many of the industry's top executives — Jack Brennan, Paul Haaga, Jim Riepe, and Duncan McFarland — got their starts under Jack Bogle."

Bogle Predicts and Warns


In Investor's Business Daily, Paul Katzeff recalls Bogle's 2014 remark that "mutual funds will survive the master or whatever you want to call me."

In ThinkAdvisor, Melanie Waddell shares Bogle's take (from a June 2018 meeting) on the SEC's planned successor to the DoL's fiduciary rule.

On CNBC, Jeff Cox reminds us of Bogle's concerns about ETFs (and the frequent trading they're equipped for). In CIO, Larry Light made a similar point.

Also in Barron's, Alex Eule shares Bogle's "last warning to investors before he died."

Bogle's Money


In Bloomberg, Nir Kaissar estimates that Bogle was worth $80 million, not the billions he might have been worth if Vanguard were structured differently.

In the New York Times, Jeff Sommers notes that Bogle "was proud he wasn't a billionaire."

Tributes


Mohamed El-Erian, chief economic adviser at Allianz, praises Bogle as "a caring and thoughtful innovator and an investment giant."

On CNBC, Bob Pisani recalls when and why he "became a Jack Bogle disciple."

On MarketWatch, Mitch Tuchman recalls how Berkshire Hathaway's Warren Buffett once called for a statue to be erected to Bogle. Similarly, on CNBC, Liz Moyers hearkens back to a Buffett tribute to Bogle.

Morningstar's Jeffrey Ptak remembers an in-person interview he had with Bogle just three months ago. Ptak describes Bogle as being defined, above all else, by "his sheer determination."

AQR founder Cliff Asness, talking to Barron's, remembers Bogle as "such a force for good ... [with] such vitality."

"He was one of the last heroes and one of the last old-school gentlemen," Asness reportedly says. "Put simply, no single person has ever done more for investors while asking less for himself. Nobody comes within a mile. We won't see his like again."

Morningstar managing director Don Phillips tells Barron's about a favorite memory of when Bogle meeting a Boglehead at the condo he bought thanks to his investments in Vanguard funds.

"He truly lived a wonderful life, a modern day Frank Capra story that we were blessed to witness," Phillips reportedly says.

"Our world would be much better off with 1,000 more people like Jack Bogle," Michael Nolan, an analyst at the Bogle Financial Markets Research Center, tells Barron's. "Unfortunately for the rest of us, the mold was broken when Jack came along."

In Morningstar, Dan Culloton and Alec Lucas remember Bogle as "a man of irreproachable integrity and inexhaustible energy."

In MarketWatch, Jonathan Burton calls Bogle "an outspoken, iconoclastic, in-your-face champion for low-cost, buy-and-hold investing."

In the Financial Times, Robin Wigglesworth contends that Bogle "leaves an unassailable legacy as the pioneer and leading advocate of the $10tn index investment universe."

In Bloomberg, Ben Steverman and Melissa Karsh describe how Bogle "turned investing upside down."

The editorial board of the Wall Street Journal
notes that, while "most ... readers are too young to remember, but investing used to be expensive," and credits Bogle as a big part of that change.

Also in the WSJ, Jason Zweig and Sarah Krouse classify Bogle as part of "a U.S. tradition of iconoclastic discounters."

Paul Schott Stevens, current president and CEO of the ICI, states that Bogle "had a truly profound influence on the shape of the modern fund industry, and was tireless in his commitment to fund investors."

Other coverage:

-"Vanguard founder and index funder pioneer Jack Bogle dies aged 89", Vicky Ge Huang on Citywire;

-"Vanguard founder John C. Bogle dies", Danielle Walker on Pensions & Investments;

-"John Bogle, Vanguard Founder Who Urged Low Fees, Dies at 89", Christopher Condon, on Bloomberg;

-"John Bogle's Impact On Investors Lives On After His Death", Gary Mishuris on Forbes;

-the Associated Press;

-
"Jack Bogle, mutual-fund industry agitator, got the last laugh", Mark Hulbert on MarketWatch;

-"Jack Bogle, Father Of Simpler Investing, Dies At 89", Avie Schneider and Chris Arnold on NPR;

-"'Bogleheads' Mourn the Loss of Their Leader Jack Bogle", Nicholas Jasinski on Barron's;

-"What I, and millions of others, owe Jack Bogle", Allan S. Roth on Financial Planning;

-"Jack Bogle, founder of Vanguard Group and creator of the index fund, dies at age 89", Marty Steinberg on CNBC;

-"Vanguard's John Bogle dies at 89. Father of the index fund, be brought investing to the masses", Jeanne Sahadi on CNN;

-"John C. Bogle, Founder of Financial Giant Vanguard, Is Dead at 89", Edward Wyatt in the New York Times;

-"Mission accomplished, Jack Bogle dies at 89 and it's still way too soon, but his legacy looms larger than ever", Brooke Southall on RIABiz;

-"John Bogle, Vanguard founder and low-cost investing pioneer, dies at 89", Ross Kerber on Reuters; and

-"John Bogle, Vanguard founder, dies at 89", Elizabeth MacBride on InvestmentNews

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