YouSaid · the spoken record

Jack Bogle

lines on the record: 103
first: 2016-03-11
most recent: 2016-03-11
sittings or episodes: 1
sources: podcast

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“Well, I'll start with a little anecdote. A little bit. A wonderful guy named Nathan Mos came to visit me in nineteen ninety two right in my office upstairs here at Vanguard, and he said I have a great idea for you. I want to start the first exchange traded mutual fund and have Vanguard as my partner. There I was, I could have not only created the first index mutual fund, but the first ETF. And I said, Nate, no way, because the description that you got from Nathan, or at least their first ads later on, was now you can trade the SP five hundred all day long in real time. And I would say.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And another thing when you mention gold as it brings to mind is everybody used to talk about gold, Forbes magazine highlighted in all their reviews for years and years when they picked the best one. Gold funds, gold funds. And then we had the boom in gold, and then we had the collapse. And nobody started talking about it. Nobody talked about gold. Now we have another boom. And everybody's talking about gold. Then gold collapses last year. Nobody's talking about gold. Now gold is up this year. Everybody, this is metaphorically speaking, everybody's talking about gold. Don't pay any attention to gold. I mean, it would not be stupid. I wouldn't do it, but it would not be stupid to have a very small position in gold as a hedge against worldwide hyperinflation. Maybe five percent. I wouldn't do any more than that. But I don't think you should do that, but it's at least defensible because you're...”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, you may be right, by the way. There's no reason you can't be right, but that just means the other guy is wrong. And you don't know.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So when you buy a unit of gold, why do you buy it? Because you think you can sell it to somebody for a higher price. That is the definition of speculation.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Now take a bond. It has an internal return equal to the interest coupon that you're going to get over the next 10 years or 25 years, whatever the case may be. Commodities have no internal rate of return.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“A stock has an internal rate of return, and it's composed of the earnings growth and the dividend yield when you buy it. It's there, if the stock goes up and down, that return is there. It has an underlying internal rate of return.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then think about this one step further. The index essentially guaranteed the dollar value index essentially guarantees you the return that oil investors share. So that's written stone, etched in stone. Smart beta may do a little better, may do a little worse. What's the point of taking the risk when the guarantee of getting the market return is right at your hand? Why would you speculate? Why would you speculate on maybe this guy can do it better? And believe me, some of these smart beta funds will for short period of times will do it, and some of them won't. I mean, that's the nature of the beast.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And even if you look at absolute returns, it's like 30 basis points better. But when he has essentially the same portfolio as the index fund with different weightings, you can't expect anything to be too different. So I think it's oversold. Jeremy Siegel of WisdomTree described this as the new Copernican view of the world. Everybody had it wrong, and Copernicus said, oh, by God, that sun is in the middle, and the new sun is smart beta. Can't because we're all as a group average. And if there are these smart guys over there, they're dumb guys over there smart and dumb both in court.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“and therefore its sharp ratio of the relationship between risk and reward don't hold me to the numbers, but the sharp ratio of let me just guess here I won't be too far off, the sharp ratio of the five hundred is like 41 on the sharp ratio of Arnott's fund was thirty six. So he lost. He had ten years to prove it. Now maybe he'll prove it the next ten years. Who can say? But why would that be? I mean, where is all the brain power? He's a very smart guy, by the way, one of the smartest guys in this business.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Tell us why. Well, I mean, that's what Nobel laureate Bill Sharp says. I just quoted him, and the reason is just think about this for a minute. It's another form of active management to begin with. But if smart beta is good, and that means it beats the index, Then Dumbeta does even worse than the index, right? So spartan dumb are different, but why are people going to be dumb if it's so easy to be smart? It's just another claim that I can do this better. Now, happily, after Wisdom Tree and Rob Arnot's fund came out a decade ago, his fund is now more than 10 years old. What happened? And the answer is essentially nothing. His fun beat the SP five hundred by, I think, thirty basis points, but it was twenty percent more volatile.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“If you want to have it comfortable retirement, believe me you'll be less bored in your retirement if you got plenty of money. You'll be so on board if you don't do it that you'll have to go back to work.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh yeah, very interesting. We all have our little secrets. And so I think overrated, but Peter Lynch was certainly a good manager. But his principle of, you know, if you see a product you like by the stock makes no rational sense. I'm sorry to say. And Peter Lynch also, at Medellin Funds Heyday, said in words of one syllable, in barons, most investors would be better off in an index fund.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, the first thing to do is don't chase performance. Don't, if some salesman are you reading the paper for that man are nothing to blame the salesman for this, it says here's a new manager on a new fund and it's really doing great or an old manager and the fund that's doing great and this fund is a great 20 year record turn away from that Goes its next 20 years aren't going to be anywhere near as good as its past 20. There are plenty of examples of that with all due respect to my friends up in Boston. Fidelity's Magellan Fun was a star fund for roughly twenty years, honey.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Ton out of growth and into value. So, you know, sometime, I think we've got to be very aware of creating things that we know investors are going to use badly. No, no, we don't tell them what to use and how to use it, but it happens and it's a responsibility of us, the sponsor, to do that.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. So I also had an idea that growth might do better than value for young people investing on a dollar averaging basis wouldn't be that much riskier. And when they retired, they might want an income fund. So I divided the S&P into two. As soon as the S&P did that, I started to growth index fund half of the S&P and a value index fund, the other half. Didn't work out very well. I mean, it worked out fine from performance standpoint, but we found is the money poured into growth when growth was doing well.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Before we get to that, can I just say one thing? Sure, we also started. In about nineteen. Well, in nineteen eighty seven to broaden our index base from the SP five hundred, we'd started the bond index fund. We then started, I realized that there was a certain attractiveness owning the whole market, so we started something called the extended market index fund.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The one that I happen to use myself is our intermediate intermediate term bond index fund. It's just as volatile or as non-volatile because it has the same duration or average maturity, but it's about 35% governments and is the same. Yield in a bond as a ninety one percent today yield, a ninety one percent correlation with the return you're going to get in the next 10 years. So you might as well take advantage of it, and I'd say particularly, I mean, yes, it's a little riskier, but today people are dying for income, dying for income, and to reach a little bit, I mean, I don't believe in big reaching for yield at all.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“government backed instruments and I think most investors should not have seventy percent in the super safe category. I think something like 30% is pretty good.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, as a group bond managers could not win because they are the market. And so they will, as a group, capture the market return. There's just no question about this. And charging as they do, probably in the mutual fund business, probably 60 basis points, 70 basis points, they just don't have a fighting chance over the bond fund index. Now, that index has some issues, as they say. And I started the first bond index fund, by the way 30 years ago 30 years ago, and it's done just fine. Met the test of competition. But I'm not, I think we can do better in bond indexing than the bond indexed the way it's constructed because it's about 70% treasuries and mortgage-backed, good mortgage-backed”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Buffet and does his he's leaving his wife's estate ninety percent and the vanguard SP five hundred index fund. He has a bet with some hedge fund managers”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, very, very few is a symbol to that answer to that question. You need a broad stock index and you need a broad bond index because I'm convinced that everybody should have a little anchor to windward when these bad times come if for no other reason to protect themselves of getting emotional and behaving badly and selling out their portfolios at market bottoms. So leaving aside the allocation between stocks and bonds, you can buy a bond index fund and you can buy a total stock market index fund and you can buy the standard in Poor's 500 index fund and that's basically 85% of the market. You would think that the total stock market would be a better bet because it's more diversified in the S&P 500 but we're in a time right now and I don't know if this is durable or not. Nobody does where the large companies are doing better than the small companies.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Built into that? Sure. Well, the survivorship bias built into it, but most of all, it ignores the fact of life in this business. It's everywhere reversion to the main. Biblically put, Barry, the last shall be first and the first shall be last. And it happens to hedge funds, it happens to mutual funds. It is basically a fundamental law.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, greed, said The buyer's greed, and perhaps even the manager's greed because those are very high costs, but people are looking for a better way. You know, it's pretty easy. I've done a lot of work on this. You may have read some of it, to forecast what the stock market return is going to be within reasonable magnitudes over time, not year by year, but over decades. And so you know where you're going to be roughly in the stock market. And you say a pension payment, a pension plan is a very heavy part of the hedge fund business because they don't have to worry about the high taxes generated by hedge funds. They say we've got to have more. And someone comes and shows them their past record. And guess what? They put the S&P five hundred to shame. Of course, they wouldn't show you the record if they didn't.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, when you give thee the statement that it's only a cost that matters, I'm inclined to say, as the kids would say, Barry D.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So you put up 100% of the capital. You took the hundred percent of the risk, and you got 33% of the return. And as I say to people, if that strikes you as a good deal, by all means do it.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The index does not, it continues to give you your share of the market return. And when you look at the numbers, one of my favorite constructions is the index fund gives you the advantage of long term compounding of returns while eliminating the tyranny of long-term compounding of costs. So think about it this way. Let's assume the stock market gives a 7% return over 30 years or over 50 years. If you get the 7%, each dollar goes up thirty times. If you get five percent, that would be seven percent less the industry's typical two percent all in cost. You get ten dollars. So $10 versus $30.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, exactly. So the down markets do help that, but it's also this wave of, you know, there's not an economics course, there's not an MBA course in investing or finance that doesn't say basically indexing is the way. It's the data that matters. It's the data, and it's going to sew instead of usually if you look back and see a fund that's done well, you can pretty much conclude it will not do well in the future. Everything reverts to the mean.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you're certainly right in a sense it's not easy to read, but what happens when the market goes way down and went down fifty to roughly fifty percent in twenty seven to twenty oh nine? And all these managers it says we'll manage your money for you. The shareholder is kind of led to expect that they will anticipate this and not let it happen to them. They may not directly communicate that. But if someone says, well, I'm, you know, I'm pretty smart, I'm a smart manager, you would expect that in the down market, they would do a good bit better than the market. Well, of course, to begin with, they can't, because some do and some don't, and they're all averaged together.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And also, I don't think this is self serving, have the bully pulpit that we have. You know, imagine Fidelity coming into this business. I describe that as drag kicking and screaming to the business. So here we have kicking and screaming over here. And here we have missionary zeal, the bullied pulpit, buying, this is the way. This is the new way.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“100 some That is really inexpensive, but that's because we have a mutual company owned by its shareholders and don't have to deliver profits and think about this for a minute, Perry, that the profit margins in this business can easily run to be fifty percent. So if you've got a 1% expense ratio, you're making 50 basis points on the top. So you're actually operating at 50, which is probably not too bad because very few people have the scale that we have developed, have the technology that we have developed, have the efficiencies that we've developed.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's pretty clear to me that passive indexing is the more important because I'm going to define cost in a couple of different ways here. One is the expense ratio. And our funds, index funds, probably average about ten basis points, our managed funds probably average about thirty five. So there's not that big a difference. The industry is up around $120 on an unweighted basis.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, T row price is a good example. They have a hidden index fund. They don't talk much about it. It's kind of expensive, 20, 25 basis points relative to our five. And it's a kind of a sideball thing so they can get into the retirement market. This has become a marketing business. And right now, we're seeing this tremendous change in people realizing the importance of low cost and a long-term focus. And if you just keep those two things in mind, you will never do anything but own a broad market index and hold it forever.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's a problem and eventually the big guys had to fidelity had to have. They were dragged kicking and screaming and indexing. And they have to be competitive on price. They can still make all the money they want. And it's an awful lot on the actively managed funds. So it's kind of a loss leader for Fidelity.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, the answer is so simple index funds have a real problem. All the damn money goes to the investors. Managers can't take anything. There's not managing.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“All four underwriters and their lawyers and our lawyer are singular. We only had one on those days. They're all good people. And we all do our best in this life in very different ways of work. So it worked out well. It had to start, and it did start.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I'd say pretty much that way, although we did a couple of years ago for one of the fun's anniversaries, we all got together with the underwriters.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It should have, except when the client buys this fund it's to be held forever. They don't trade it, and the fund doesn't do any trading. There's no brokerage business generated by the fund. So this was not a happy moment for Wall Street. And they looked at it, I think, as some kind of the beginning of a communicable disease. And it had to be stamped out. The Center for Disease Control had to come in.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Less than 10%. And they came in to see me when the underwriting was over and said, I said to them, look, we can't even buy round lots of all 500 stocks. And they said, well, why don't we just give everybody their money back and pull it? And I said, are you kidding me? We have the world's first index fund. And it's the world's first index fund, period. You don't have to say retail with a lot of institutional holdings at the beginning. It's the world's first index mutual fund. No question about that.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And that means Wall Street couldn't make any money out of index funds. And so Wall Street didn't like it. We had an initial public offering. I went all over New York so many times to try and find underwriters and finally got the four largest retail underwriters, Page, Dean Whitter, Reynolds, forget who the other one was.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I knew a company that was an administrative company was not going to be anything for me. I mean, I like the administration. I know how well it has to be done. Shareholder record keeping and all that. But that's just not the kind of challenge I was looking for. And any company that's going to succeed is going to have to control the kind of funds he wants they want to run. The kind of distribution they want to have, who will buy the funds, who will sell them, things of that nature. So we have a company that's just in this little administrative box, and I'm thinking, let's do something. So at the very first board meeting of the new company after we gotten organized, I say we got to start an index fund. And the directors say, you're not allowed to get new investment management. And I say, this fund isn't managed. And believe it or not,”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Be patient. Okay. So we were not allowed to go into distribution because that was Wellington's function too. So we had this little administrative company looking over, however, at the legal responsibility and the board responsibility to look over the advisor and distributor. So we were in charge.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we put a name in the company because we had, I think in those days, maybe a dozen funds and we didn't want a dozen separate companies to match. So we had to have a core or central company. that would pool resources of all the funds and provide all the services. And we had allocation methods between the funds. And it was all good until we decided to take over distribution. which was our let me I'm a little bit ahead of myself let me let me go back and say to the first thing we were not allowed to go into the business of investment management that was theirs we were not allowed to go into the business that was theirs being willing That was theirs. So the”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, yes, I think that's a fair statement, but from a technical standpoint, I'd been the chairman of the Wellington Fund all along. So I have the same old continuity that I had going back to 1990. Just post murder.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, the idea was that the funds would create a new company that they owned, they would capitalize capitalization was very small. I'm going to guess maybe $250,000. This was a very small company at that point. Actually, the total assets of the funds were down at around. So we capitalized the fund, and Wellington Management Company had to take it because the directors of the funds were in charge of the contracts with Wellington. So you're going to”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“A little administrative company, and I wanted to glamorous name, so I found the name Vanguard, one of my first learned about we go from Wellington, the land battles of Napoleonic Wars, the Duke of Wellington, the naval battles of the Napoleonic War, And there's Lord Nelson. At the Battle of the Nile, one of the most complete, the most complete naval victory in history to this day, and he writes at this dispatch that I see from the deck of HMS Vanguard, his flagship.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I was out of a job. So what could I do? I could go try and work for another firm. I had a young family living here. I didn't want to move. I was very angry about what happened, of course. But, you know, what is, is and so I decided my best chance was to talk to the directors of the Wellington Fund. This fund so badly hurt the diamond in our crown and say, look, the management company has fired me. But you, you're a slightly different group, can keep me, and we'll tell the management company what to do. We will be in charge of the administration of the fund and ain't necessary to make it work, and we'll be in charge of appraising the advisor and taking whatever steps we want, we'll be independent of the advisor, and I wanted to take over distribution too, but the directors wouldn't go along with that.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, well, let's start with the fact that in doing this merger, which I was eager to do, I gave up too many votes in the company. And so when everything fell apart, the market went down and so on. Right as the market was going down in 1974, it would be a 50% decline. The happy partners fragmented. And there were four of them and there was one of me. and they had packed the board of directors. I was never very political, and they fired me, the guys that had caused this catastrophe, fired the one that was trying to avoid it.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I had to do something. And Mr. Morgan told me, do it. And I talked to a couple of firms about merging. And then I came across this firm and Boston that had a fund called iVest Fund, one of the Go-Go funds of the day. They had some apparently bright young managers that I had kind of common cause with, and they had a pension business. So we got the new managers that would save Wellington Fund. We got the GoGo Fund that we needed to stay in business. And we got into a new business that we thought we could be very successful in. It was in words of one syllable, two syllables, brilliant.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“This was the Go Go era. Yep. And the go-goes came, and the go goes win. But if you're in the Bago business and nobody is buying bagels and the balance fund share of industry sales actually dropped to 1%. Wow.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, well, let me save my first job, and I was 35 years old, and Mr. Morgan, the founder of Walter L. Morgan, the founder of Wellington. Call me into his office. Wellington was in trouble, Wellington Fun was in trouble, its performance was slipping, and Wellington management company was in trouble because we were basically a one product, if you will, company, a conservative balanced fund. We were, for the want of a better metaphor, the bagel of the mutual fund industry. The hard, not sweet, nutritious, safe choice in the biggest balance fund in the industry. And people stopped buying bagels and started buying, if you will, doughnuts. We came into the go go era, and all these fancy growth funds high powered high. Buying stocks that had no investment, no intrinsic investment merit at all.”
2016-03-11 · Masters in Business · Interview With Jack Bogle: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source