Interview with Vanguard Founder, Jack Bogle (Full Version)
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- เผยแพร่เมื่อ 18 พ.ค. 2017
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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
A good man who lived a good life. Life is better for many because of him. Thank you Mr. Bogle, rest in peace.
amazing interview. such a privilege.
at 16:51 is probably the best financial advice there is.
Zero mental degradation at 85-87 impressive.
Yeah if this was audio only I would have thought Jack was in his 50s
He was sharp right up to his death.
Jack plays with Warren in one and the same league. Just great. Love Vanguard.
Love Jack!
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
Legend!
What A Legendary Person!
superb
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.
When was the interview? Why no information?
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Jack Bogle, "common sense on mutual funds" is a must read!
You have to be more aggressive when you have a small pot, no question. I wouldn't add bonds if you are just starting out.
😻😻😻
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