Jack Bogle, the founder of Vanguard Group, died on Wednesday at age 89. The main difference between investment and speculation lies in the time horizon and the risk of capital. In his draft prospectus in 1976, Bogle projected that the fund would be able to operate charging 0.30% annually to cover operating expenses, along with another 0.20% to pay for transactions. Bogle's idea was that instead of beating the index and charging high costs, the index fund would mimic the index performance over the long run—thus achieving higher returns with lower costs than the costs associated with actively managed funds. Learn about John Bogle's age at the time of death, height, weight, dating, wife, girlfriend & kids. Details; Husband: Jack Bogle: Wife: Eve Sherrerd Bogle: Start Date: 1956-00-00: End Date: 2019-01-00: Is Current: no: Notes: His death He pioneered low-cost index funds and was lauded by Warren Buffett. So, it was not a new subject for me. John Bogle with Allan S. Roth and his wife, Patricia Roth, in October 2018. REUTERS/Brendan McDermid Legendary Investor John Bogle Dead at 89, Bet His Wife Is Glad She Didn’t Diversify. John C. Bogle’s age was 89 years old at the time of his death. [19], Later in his life, Bogle expressed concerns that the growing popularity of passive indexing would lead to a concentration of corporate voting power for leaders of the three largest investment firms (Vanguard, BlackRock and State Street),[20] adding: "I do not believe that such a concentration would serve the national interest. This American businessman and investor is also the author of the book Common Sense on Mutual Fund: New Imperatives for the Intelligent Investor, which is regarded as a classic guide for investors and hence it became the best-selling book in the group of investment guides. Jack Bogle was the entrepreneur-founder of Vanguard, now the largest mutual fund in the world boasting $4.5 trillion in assets. And John Bogle’s reckoning that overall, over enough time, the U.S. economy will move in a healthily more profitable direction, as losses and gains average out to steady, healthy profits while fees are kept super thin. John Bogle with Allan S. Roth and his wife, Patricia Roth, in October 2018. This page was last edited on 3 January 2021, at 18:38. Mike Nolan. John Clifton "Jack" Bogle (May 8, 1929 – January 16, 2019) was an American investor, business magnate, and philanthropist. Jack Bogle had an incredible work ethic. They have six children. [citation needed], Politically, Bogle was a Republican, although he voted for Bill Clinton, for Barack Obama in 2008 and 2012,[27] and for Hillary Clinton in 2016. 297 Rebroadcast)", "About Us | Bogleheads Investing Advice and Info", Vanguard founder John Bogle warns index funds becoming too big, "Pennsylvania Senator Robert P. Casey Jr. to Deliver Villanova University's 2011 Commencement Address", "The unsung hero of your comfortable retirement", "Vanguard founder Jack Bogle says near-term Trump agenda good for stocks, but bad long term", "John C. Bogle, Founder of Financial Giant Vanguard, Is Dead at 89", "Jack Bogle, founder of Vanguard Group and creator of the index fund, dies at age 89", "John Bogle, Vanguard Founder Who Created Index Funds, Dies at 89", John C. Bogle Papers at the Seeley G. Mudd Manuscript Library, Princeton University, Remarks before the Harvard Club of Boston, January 14, 2003, "Books of Our Time" interview with John Bogle, January 2007, That's Why They Call It Vanguard – Bloomberg, https://en.wikipedia.org/w/index.php?title=John_C._Bogle&oldid=998079744, American chief executives of financial services companies, Articles with unsourced statements from June 2019, Articles with unsourced statements from January 2019, Wikipedia articles with SNAC-ID identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, Consider carefully the added costs of advice, Use past performance to determine consistency and risk, Beware of stars (as in, star mutual fund managers), Named one of the investment industry's four "Giants of the 20th Century" by, Named one of the "world's 100 most powerful and influential people" by. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. 1999 was a bad year to invest in the S&P 500 with John Bogle. He produced articles for The Journal of Portfolio Management and the Financial Analysts Journal. Personal Life: Affair, Girlfriends, Wife, Kids John Bogle is married to Eve Bogle. [7] At Blair, Bogle showed a particular aptitude for mathematics, with numbers and computations fascinating him. Bogle believed this is an important analysis to be taken into account as short-term, risky investments have been flooding the financial markets. "[21], Bogle married Eve Sherrerd on September 22, 1956, and had six children: Barbara, Jean, John Clifton, Nancy, Sandra, and Andrew. However, with the opening of the tasting room in 1997, she found her calling in hospitality and events, international wine sales and the Bandwagon wine club. But Paul Samuelson was the precipitating force that made me act when I did act. [26] He was named chairman emeritus in January 2007, when former president George H. W. Bush was named chairman. They were based on the investing principle of diversification to mitigate losses. We've worked very hard and I now believe that my wife and I are at a point where tax advantages matter, we probably can reduce expense's by moving out of target funds, and we have ~$100k extra in a HYSA that should be invested. [14], His subsequent return to Vanguard with the title of senior chairman led to conflict between Bogle and Brennan. Jack Bogle, the founder of investing firm Vanguard Group, died on Wednesday at age 89.; Bogle pioneered low-cost index funds and was lauded by fellow investor Warren Buffett as "a hero. Mr. Bogle was nicknamed “Jack” Many in the financial industry were saddened to hear of the passing of John C. Bogle at the age of 89 on January 16, 2019. Is he dead or alive? Instead of your investment bleeding 3% for ten years while the Federal Reserve bank ran the printing press to pay for the invasion of the Middle East, plus bailouts for Wall Street businesses that lost stupid amounts of money, and the ongoing massive social welfare bureaucracies, your gold would have made a nice 14.83% return. REUTERS/Brendan McDermid, Sudden Selloff Hits Hong Kong Stocks: $4.77 Billion Vaporized, Dow Jones Rockets after Report Claims Trade War Winding Down. A year later, he merged the firm with Thorndike, Doran, Paine & Lewis, a Boston-based money management firm. John Clifton "Jack" Bogle, founder of The Vanguard Group and creator the world’s first index mutual fund, has died. As of now, Jack Bogle resides with his wife in Bryn Mawr, Pennsylvania. Jack Bogle’s Personal Investment Portfolio. John Clifton ‘Jack’ Bogle is the founder of the mutual fund company ‘Vanguard Group’. He was 89. While others in his position may have spent their retirement years in leisure, I don’t think the word “retirement” was in Jack’s vocabulary…at least as applied to himself. Ten additional books followed; one of w… Screens display a tribute to Jack Bogle, founder and retired CEO of The Vanguard Group, on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 17, 2019. Legendary investor John Bogle, founder of Vanguard Group (with over $5.1 trillion in assets under management) along with an entire philosophy for investing in equities, and a loyal following of “Bogleheads,” died Wednesday at the age of 89. Eventually, he succeeded, and the new fund became a turning point in his career. [citation needed] Bogle received honorary doctorates from Princeton University in 2005[24] and Villanova University in 2011. Jack Bogle, the founder of investing firm Vanguard Group, died on Wednesday at age 89.; Bogle pioneered low-cost index funds and was lauded by fellow investor Warren Buffett as "a hero. Even if a business is steady in cash flow, the market quotations of a security are anything but, as a result of speculators driving up prices and bringing down prices based on hope, fear and greed. The product was, at first, a sales flop. His 1999 book Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor became a bestseller and is considered a classic within the investment community. [28] He supported the Volcker rule and tighter rules on money market funds, and was critical of what he believed was the US government's lack of regulation of the financial sector. We salute you. [citation needed] He had previously served as chairman of the board from 1999 through 2007. [15], Bogle's innovative idea was creating the world's first index mutual fund in 1975. In 2016, the Bogle Fellowship was established at Princeton University by John C. Bogle Jr, Bogle's son. He began working at age 10 delivering newspapers and didn’t stop working until the very end of his life. Who wanted guaranteed mediocrity? Bogle, who was then 66 and "considered past the age for a healthy heart transplant", had a successful heart transplant in 1996. As William Baldwin recounts at Forbes: “The fund bought every stock in the S&P 500 index and set about delivering the market’s average return. From Investopedia: “The average annualized total return for the S&P 500 index over the past 90 years was 9.8%.” Well, that’s not bad. John C Bogle is single. Jack Bogle had an incredible work ethic. CNBC's Tyler Mathisen reports that Vanguard Founder Jack Bogle has passed away at the age of 89. Mr. Bogle, known as Jack, was born May 8, 1929 in Montclair NJ with his twin brother David Caldwell to William Yates Bogle Jr and Josephine Hipkins Bogle. Bogle left the company in 1999 and moved to Bogle Financial Markets Research Center, a small research institute not directly connected to Vanguard but located on the Vanguard campus. Jack Bogle: Well, he was the guy, I actually had been talking about an index fund, believe it or not, Steve, since my Princeton University thesis in 1951, where I said mutual funds can make no claim to superiority over the market indexes. My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards and may receive a commission. Bogle is still going strong at age 88, and I asked him how his wife, Eve, is adjusting to his still-busy schedule. [19] This group is now supported by the John C. Bogle Center for Financial Literacy and hosts national conferences in addition to its online forum. Ryan Bogle Vice President, Chief Financial Officer. He received a heart transplant in 1996 at age 66. After successfully climbing through the ranks, in 1970 he replaced Morgan as chairman of Wellington,[citation needed] but was later fired for an "extremely unwise" merger that he approved. He was 89. John Bogle is married to Eve Bogle. [29], Bogle died on January 16, 2019, at his home in Bryn Mawr, Pennsylvania. Institutional Investor magazine dubbed the dynamic team of five young executives \"The Whiz Kids.\" Mr. Bogle subsequently became Wellington's CEO. He was the founder and chief executive of The Vanguard Group, and is credited with creating the first index fund. His simple rules were to buy the entire stock market and deliver the average of its returns. by W. E. Messamore. The couple is living happily for so long and are grandparents. [13] In a 2005 speech, Samuelson ranked "this Bogle invention along with the invention of the wheel, the alphabet, Gutenberg printing". Maybe that’s what John Bogle was thinking in 1975 when he started Vanguard Group and then set about proving his point that active management fees weren’t really worth it by creating the first retail mutual index fund in 1976. He was acclaimed as one … A theory: That lost decade of economic growth was the hidden tax to pay for the all of the United States and NATO’s military interventions in armed conflicts and political controversies all over the planet starting in 1990 through the Iraq War. Jack Bogle, the founder of the Vanguard Group who pioneered the idea of low-cost investing and index funds, has died. Profile. Age, Height, and Weight Being born on 8 May 1929, Jack Bogle was 90 years old at the time of … In addition to his business career, Bogle wrote extensively. He is not dating anyone currently. [13], Bogle suffered heart issues in the 1990s, subsequently relinquishing his role as Vanguard CEO in 1996. John is mostly known to the public for his bestselling book “Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor”. And his enduring contribution to the investing world is his 1975 invention– the creation of the first index mutual fund for individual investors. The best ten-year return for the S&P 500 was from 1990 – 2000, with a return of 20% a year. [citation needed], At age 31, Bogle suffered from his first of several heart attacks, and at age 38, he was diagnosed with the rare heart disease arrhythmogenic right ventricular dysplasia. Bogle was bugged by active asset management fees charged by professional investors that he felt were too high and eating into their clients’ profits without delivering enough performance. (Don’t put all your eggs in one basket and definitely don’t then pay some big fees to someone to manage that basket even if they send it back to you with fewer eggs!). [25] Bogle served on the board of trustees of the National Constitution Center in Philadelphia, a museum dedicated to the U.S. Jack Bogle: Trump Is Wrong, ETFs Are Bogus and Foreign Investing Is Useless . In a way, you could say that John Bogle was a pioneer in algorithmic investing. According to … [12], In 1976, influenced by the works of Paul Samuelson, Bogle created the First Index Investment Trust (a precursor to the Vanguard 500 Index Fund) as the first index mutual fund available to the general public. During his university years, Bogle studied the mutual fund industry. It was a poor decision that he considers his biggest mistake, stating, "The great thing about that mistake, which was shameful and inexcusable and a reflection of immaturity and confidence beyond what the facts justified, was that I learned a lot. [16], Bogle's idea of index investing offers a clear yet prominent distinction between investment and speculations. Jack Bogle’s family said his passing was peaceful, but I bet Death would beg to differ. John C Bogle has not been previously engaged. [13], Bogle argued for an approach to investing defined by simplicity and common sense. In 1993, Bogle published his first book, Bogle on Mutual Funds: New Perspectives for the Intelligent Investor. John C Bogle’s Girlfriend. Now let’s say you had invested instead with Texas Congressman and three-time presidential candidate Ron Paul back in 1999 instead of bought the stock market with John Bogle. [27] In 2017, Bogle stated that President Donald Trump's policies were good for the market in the short-term, but dangerous for society as a whole in the long term. As a kid working in the fields, Jody didn't have much desire to work in the family business. Dan Caplinger … An avid investor and money manager himself, he preached investment over speculation, long-term patience over short-term action, and reducing broker fees as much as possible. In 1947, Bogle graduated from Blair Academy cum laude and was accepted at Princeton University, where he studied economics and investment. Bogle and his other twin brother had to start working at a very tender age. He and his assistant each described her as "a saint." Bogle demonstrated initiative and creativity by challenging the Wellington management to change its strategy of concentration on a single fund, and did his best to make his point in creating a new fund. They resided in Bryn Mawr, Pennsylvania. The Grim Reaper finally prevailed over Jack, but it must have been the fight of the century. They joined their older brother William Yates III (Bud) and became known by a lifelong circle of friends as the Bogle Boys. That’s why a lot of people are investing in hard assets like private digital currencies and precious metals, as well as equities like index funds and ETFs, and stocks for companies they know something about and believe in. Jody Bogle Director of Public Relations. Eventually, though, your luck will run out. John C. Bogle, né le 8 mai 1929, à Montclair [1] et mort le 16 janvier 2019 [2], est un investisseur américain et une personnalité de la finance.Il est le fondateur de The Vanguard Group, classée deuxième société de gestion en ce qui concerne les actifs sous gestion, et considéré comme le père des fonds indiciels.. Biographie. Investment is concerned with capturing returns on the long-run with lower risk of destruction of capital, while speculation is concerned with achieving returns over a short period of time, with potentially destructive risk to capital. With each passing year it becomes more likely that you will be overtaken by the law of averages.”. The speculator is often only concerned with the price of a security and not the underlying business as a whole, the investor is concerned with the underlying business and not the price of the security. Jack Bogle, credited with upending the way we invest through index funds has died aged 89. Career, Awards & Nominations. Mike Nolan . Their academic record there enabled them to transfer to Blair Academy on work scholarships. September 23, 2020 UTC: 12:21 PM. But if you hire a money manager to beat the market you have to pay—and you pay whether or not the manager succeeds. January 4, 2012 By Jonathan Ping 12 Comments. Jack (John) Bogle talks about how to invest during challenging times in the market. He contends that it is folly to attempt to pick actively managed mutual funds and expect their performance to beat a low-cost index fund over a long period of time, after accounting for the fees that actively managed funds charge. While others in his position may have spent their retirement years in leisure, I don’t think the word “retirement” was in Jack’s vocabulary…at least as applied to himself. [6], Bogle and his twin, David, attended Manasquan High School near the New Jersey shore for a time. Brother: William Yates Bogle III (b. Sounds quite reasonable. His simple and important idea was that a few simple rules could manage a stock portfolio for better returns than a human sweating over it every day. "Jack Bogle made an impact on not only the entire investment industry—but more importantly, on the lives of countless individuals saving for their futures or their children's futures—"said Vanguard CEO Tim Buckley. John Bogle started his career in investment and banking in the year 1951 with the “Wellington Fund”. [9], After graduating from Princeton, Bogle narrowed his career options to banking and investments. He began working at age 10 delivering newspapers and didn’t stop working until the very end of his life. Yes there have, so even diversifying your stock portfolio to the point of just buying the S&P 500 is no guarantee that this asset class will grow or even be what it’s worth today over ten years, and volatility on that scale could be a financial disaster. His ideas have grown into the cornerstone of … Mr. Bogle, a chipper and unpretentious man who invited everyone to call him “Jack,” was founder and for many years chairman of the Vanguard Group, the Malvern-based mutual-fund company, where he pioneered low-cost, low-fee investing and mutual funds tied to stock-market indexes. In 1965, at age 35, Mr. Bogle was named executive vice president of Wellington Management Company. Been following the "Bogle" method since I read about it 5 years ago, but I feel like I've been cheating with using all target date funds. Bogle worked at an ice-cream parlor and also started delivering newspapers at the age of ten. If you are looking for one extra plaudit for Jack Bogle’s index fund, it comes from arguably the world’s greatest active investor, Warren Buffett. They lost their money and had to sell their home, with his father falling into alcoholism which resulted in his parents' divorce. [22][23], Bogle was a member of the board of trustees at Blair Academy. Institutional Investor's Lifetime Achievement Award (2004). His family had to sell their house due to stock market crash in 1929 and they lost all their inheritance. You might get lucky for a year or five or ten. [2][3], John Bogle was born on May 8, 1929, in Montclair, New Jersey[4] to William Yates Bogle, Jr. and Josephine Lorraine Hipkins. He was 89. The worst ten-year return for the S&P 500 was from 1999 – 2009, with a loss of 3% a year. 1927) Brother: David Caldwell Bogle (his twin, b. At age 31, Bogle suffered from his first of several heart attacks, and at age 38, he was diagnosed with the rare heart disease arrhythmogenic right ventricular dysplasia. For a guy who helped create the modern investment-management industry as the founder of Vanguard Group, John "Jack" Bogle has an interesting relationship with money: He hates to use it. Though, he was 1.73 m tall, he weighs about 85 kg. The Fast Money traders weigh in. [15], For the Scottish portrait miniaturist, see, Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor, arrhythmogenic right ventricular dysplasia, The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, "A Mutual Fund Master, Too Worried to Restprimary", "Updated: Vanguard Group founder John C. Bogle '51 passes away at 89", "Vanguard Founder John Bogle Sees No Good Alternatives to Indexing", "John Bogle dies at 89; fought for lower fees for investors", "Investor Jack Bogle founded his legendary company based on his Princeton senior thesis", "Why the world's biggest investor backs the simplest investment", "Vanguard founder Bogle and surgeons gather for a heart-transplant reunion", "A Mutual Fund Master, Too Worried to Rest", "The Stupidest Thing You Can Do With Your Money (Ep. [17], Bogle is known for his insistence, in numerous media appearances and in writing, on the superiority of index funds over traditional actively managed mutual funds. The fellowship sponsors 20 first year students in each class. Below are his eight basic rules for investors:[18], His investment philosophy is the founding principal of the eponymous "Bogleheads" forum. Which is why an index fund could be viewed as not diverse enough, because all it does is diversify within a single asset class, not across them. He was hired at Wellington Fund and promoted to an assistant manager position in 1955, where he obtained a broader access to analyze the company and the investment department. The ideal investment vehicle for Bogle was a low-cost index fund held over a period of a lifetime with dividends reinvested and purchased with dollar cost averaging. John Bogle, who created the first index fund in 1975 and founded The Vanguard Group, died Wednesday at the age of 89. Personal Life: Affair, Girlfriends, Wife, Kids. 8-May-1929, d. 1994) Wife: Eve M. Sherrerd (m. 22-Sep-1956, until his death, four daughters, two sons) Daughter: Barbara Josephine Bogle Renninger Daughter: Jean Sherrerd Bogle Son: John Clifton Bogle, Jr. They resided in Bryn Mawr, Pennsylvania. Bogle married Eve Sherrerd on September 22, 1956, and had six children: Barbara, Jean, John Clifton, Nancy, Sandra, and Andrew. Bogle spent his junior and senior years working on his thesis "The Economic Role of the Investment Company". What Jack Bogle's Legacy Means for My Family -- and Yours The death of Vanguard's founder won't stop his life's work from living on. January 17, 2019 UTC: 1:58 PM. Jack Bogle was born on 8 May 1929 in Montclair, New Jersey. But have there been any ten year periods in which the S&P 500 actually depreciated in value? Explore John Bogle's Bio-Wiki, net worth & salary in 2021. He was an advisory board member of the Millstein Center for Corporate Governance and Performance at the Columbia Law School. [11] In 1999, Fortune magazine named Bogle as "one of the four investment giants of the twentieth century". John Bogle, who popularized the low-cost index-based mutual fund as founder of Vanguard Group Inc. and insisted that most stock-picking money managers weren’t worth the … Let’s say you had bought and held gold like Ron Paul has been advising people to do since the 1970s when he first ran for Congress. His successor was John J. Brennan, his handpicked successor and second-in-command, whom he had hired in 1982. Wife/Spouse (Name): Eve Bogle: Children: Yes (Sandra Bogle Marucci, Jean Bogle, Nancy Moore Bogle, Andrew Armstrong Bogle, Barbara Bogle Renninger, John Bogle Jr.) Dating/Girlfriend (Name): N/A: Profession: Investor, business magnate, and philanthropist: Net Worth in 2021: $85 million: Last Updated: January 2021 John Clifton Bogle was born on 8 May 1929, in Montclair, New Jersey USA, and is a successful businessman, the founder of The Vanguard Group, and popular writer. Members of the group have collaborated to write three books proclaiming Jon Bogle's investment philosophy. [5], His family was affected by the Great Depression. [30][31], During his high-earning years at Vanguard, he regularly gave half his salary to charity, including Blair Academy and Princeton. Now that’s a diverse portfolio, but I bet John Bogle’s wife Eve Bogle was glad she didn’t diversify. Rest in Peace Mr. Bogle. Jack Bogle, Vanguard founder and father of the index fund, has died. "He was a tremendously intelligent, driven, and talented visionary whose ideas completely changed the way we invest. Born in Montclair, New Jersey, he later settled in Bryn Mawr, Pennsylvania with his wife and his six children. It was not immediately well received by individuals or the investment industry, but is now lauded by investment-legend Warren Buffett, among others. 19th Century railroad and shipping magnate Cornelius Vanderbilt once said, “I don’t care half so much about making money as I do about making my point, and coming out ahead.”. For a guy who helped create the modern investment-management industry as the founder of Vanguard Group, John "Jack" Bogle has an interesting relationship with money: He hates to use it. That’s an investing algorithm, and it’s one that is simple enough that it could be written as contractual policy and executed by a small business. Constitution. John had at least relationship in the past. [8], Bogle graduated magna cum laude from Princeton in 1951 and was soon hired by Walter L. Morgan, reportedly as a result of Morgan reading his 130-page thesis paper. Screens display a tribute to Jack Bogle, founder and retired CEO of The Vanguard Group, on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 17, 2019. "[10], In 1974, Bogle founded the Vanguard Company, which is now one of the most respected and successful companies in the investment world. 1990 was a good year to invest in the S&P 500 index mutual fund with John Bogle. He died on January 16 at age 89. Bogle said the current system in the US had "gotten out of balance", and advocated for "taxes to discourage short-term speculation, limits on leverage, transparency for financial derivatives, stricter punishments for financial crimes, and a unified fiduciary standard for all money managers". Of Vanguard Group, died on January 16, 2019, at 18:38 you will be overtaken by the of! 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