Bogle on CNBC
Mike - Oct 30, 2013


Morningstar Interview at 2013 Bogleheads Conference
Mike - Oct 24, 2013

Bogle’s Expectations for Stocks and Bonds

Be Sensible About Rebalancing

Indexing Always Pays Off


A Memo from John C. Bogle
Mike - Oct 22, 2013

 October 21, 2013

 To Veterans and Principals,

             The press reports mentioning Vanguard just keep pouring in! Here are a few that may be of special interest.

             WSJ-1: “Give me a B . . .Monday, October 7, 2013. An impressive piece about the Bogleheads coming to visit to our campus. A capacity crowd of 209 Bogleheads joined us on October 16-18, representing a “fan club” that now includes 37,000(!) members.

             WSJ-2: A Nobel for the Random Walk . . . Tuesday, October 15, 2013. This op-ed piece claimed that “one beneficiary of Mr. Fama’s insight [on the ‘Efficient Market Hypothesis’] was John Bogle.” Alas, wrong on two counts: (1) I have never accepted the EMH and don’t today. (2) It was Nobel Laureate Paul Samuelson who was the major inspiration for the creation of the first index fund. So . . .

             WSJ-3: Eugene Fama and Efficient Financial Market Theory. Saturday, October 19, 2013. My “no-punches-pulled” response to that op-ed, reaffirming my own CMH (look it up!) and its supremacy. I quickly received an apologetic note from the author of the original piece, reading simply, “I blew it.”

             WSJ-4: Should You Invest for the Fun of It? Saturday, October 19, 2013. A long piece of journalism, with numerous quotes from former Vanguard director Burton Malkiel and me. To sum up: funny money” should amount to no more than 5% of your investments . . .

             NYT-1: The Erosive Effect of Expenses . . . Wednesday, October 16, 2013. From a special Times section on WEALTH, some of my comments on why investors must consider not only the drag of fund expense ratios on their long-term investment returns, but also the “hidden” costs of fund portfolio transactions, cash drag, and sales loads and fees for distribution and advice.

             M*01: Bogle, Buffett, Dad: Readers’ Top Investment Influences. Sunday, October 6, 2013. From Morningstar’s Christine Benz, yet another poll, this one citing the opinions of investors naming the individuals who’ve had the biggest influence on their investment philosophies. You’ll have to read this short piece to see who it was that edged out the great Buffett for the top spot.

 MF-1: Investing Legend . . . Wednesday, October 2, 2013. A nice piece that honors Vanguard’s recent 39th birthday, and provides some welcome perspective on index funds, and on staying the course. “The trick to what I’ve done in investing is I don’t do anything. I look, and watch, and observe, and laugh.”

             Whether we should wish it to or not, the spate of positive mentions of our firm and our philosophy seems unlikely to slow down. Phew!

             Best to all,

                                     Jack


This Week in the Boardroom
Mike - Oct 17, 2013

Jack was recently interviewed by TK Kerstetter for the web series This Week in the Boardroom.


A Memo from Jack Bogle
Mike - Oct 17, 2013

October 10, 2013

 To: Veterans and Principals

 From: John C. Bogle

             I’m back on the speaking circuit a bit (more to come on that later this month). I wasn’t sure whether or not to circulate “Financial Management: Profession or Business?”, the keynote speech I delivered on September 25 at the 70th Anniversary of the Philadelphia CFA Society (Chartered Financial Analyst).

            But when the SRO audience at the National Constitution Center gave me a huge ovation for my efforts, and Philadelphia Inquirer columnist Joe DiStefano described the speech as a “stem-winder.” (His column is also attached.) I decided it was better for you at least to have the opportunity to peruse it.

            Funny thing: audiences (especially this one) seem to like being critiqued, and inspired to lofty goals.

            Think about it.

                                                                                     Best,

                                                                                    Jack


6 tips from Jack Bogle on teaching your kids how to invest
Mike - Oct 17, 2013

Jack was interviewed by Elizabeth MacBride for this article on CNBC.com about teaching your children how to invest.