Jack Bogle delivered a landmark speech before the Boston Security Analyst Society on May 17, 2013.
In this speech, he chronicles, and decries, the radical change in the mutual fund industry’s culture over the span of his long career–from a profession with elements of a business to a business with elements of a profession.
The speech also tells the stories of two dates that will live in infamy:
1) April 7, 1958–the date the federal courts, despite opposition from the SEC, opened the floodgates to allow mutual fund management companies to go public, a date that will live in infamy for mutual fund shareholders.
2) December 31, 1975–the date the first index fund was founded, a date that will live in infamy for mutual fund managers.
Please enjoy Big Money in Boston–The Commercialization of the ‘Mutual’ Fund Industry.