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.
Video of the discussion between Jack Bogle and Paul Volcker, moderated by Kathleen Hays, host of The Hays Advantage on Bloomberg Radio, from the January 31, 2012 John C. Bogle Legacy Forum at the Museum of American Finance in New York.
Below is a link to Mr. Bogle’s appearance on the CBS Evening News. Mr. Bogle participated in a forum focused on America’s economic problems and what needs to be done to address them.