YouSaid · the spoken record

Jack Brennan

lines on the record: 67
first: 2021-04-26
most recent: 2021-04-26
sittings or episodes: 1
sources: podcast

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“By our total stock market fund. And the differentiation between being willing to be wrong and take risk is the only way you're going to deliver results that are differentiated and valuable to people because the alternative is not hypothetical any longer. The alternative, you can invest any way you want in an indexed portfolio. So it's an affirmation of what I learned early in my career from some tremendously successful portfolio managers. But I wish I was as sure that 30 years ago as I am today.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“In a sense, I think I knew that to produce differentiated results, you really had to be very different from the market. But I obviously know that a lot more soundly today, the statistics, but more valuably the experience. One of my sons runs a long-only investment firm, and his diversified fund has 14 stocks, and his non-diversified fund has nine. And I wouldn't have him invest, not that he asked me, but I wouldn't have him invest in any other way. Because otherwise, if he's going to give you a beta 97 and r squared 98,”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I'm very bullish on the industry I was in. I'm very bullish in the industry you're in. I think they each have tremendous psychic gratifications as well as financial rewards for people. So I'm pitching them all the time to people.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a great profession. It really is a great profession. Our business is one that's so interesting because it changes every minute, every hour, every day. There's something in the newspaper that's going to affect your business and your clients. So for me, I don't think enough people go into investment advisory, frankly, and I hope more and more will because there is a big demand for it. It's very gratifying. It's constantly changing, as I said. And you can really do well for yourself while doing good for your clients. That's a great combo. Last piece I always tell people, find a great firm. Find a great firm. And if you're lucky enough, find a great mentor at a great firm to help you accelerate your learning as you move along.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“What an unbelievable life that is, that much more so than I ever knew. So I find those as two for, you learn about an interesting person. You also learn about the history. But you got to pepper them with some other things. One of the ones I've read recently that's great is called The World Beneath Our Feet. And it's about the race to climb Mount Ephrest. And you learn about geopolitical issues. I probably don't read enough for fun. I read to try to fill in the holes in my knowledge base more than anything. But there's nothing better than sitting down for two hours with a great book, is there?”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I love historical biographies. She's funny. My wife reads fiction all the time, and I haven't read a fiction book in 20 years. So I love historical biographies. I feel like it fills in the gaps of what I didn't learn in high school or college. And I love leaders, interesting leaders, you know, Doris Kearns Goodwin's book, Holy Pulpit about Teddy Roosevelt, the splendor and the vine about Churchill right now on reading long biography by Andrew Roberts about Napoleon and learning a ton. What an unbelievable”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I've talked about Jack. Obviously, that was a great privilege to work with him and learned a ton from him. I had the great fortune of having a father who's one of these great American success stories. His father was a ditch digger and then got a good job as a janitor. And he ended up, as the chairman and CEO and built a great bank in Boston and started as a mutual savings bank, became a public company. And on snow days, you get the day off. He'd say, come on, get in the car. We're going to the office. I grew up in Boston, and he would stand at the front door and greet everybody who made it in on a snow day to the back and thank them for coming. It's those kind of lessons that you can't make up. And so that was a 60-something, I guess, a 50-something”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“But we seem to have become, my wife and I seem to become tremendous fans of British cop shows, you know, things like DCI Banks or Endeavour or Prime Suspects. So if you looked at our Amazon or Netflix accounts, you'd see a lot of those. Podcasts. Kidding and apologize for this. Masters in business is one that's a regular weekly listen. I have to say thank you for doing it. Free economics is another one I find very interesting. It gives you a different point of view and you can't live without wait, weight, don't tell me, which is not as good without the audience, but it's still a great way to spend a, I usually listen to it Sunday afternoon after it's on the radio on Saturday morning where I am. A lot more TV watching turn the pandemic than there has been in the prior 40 years of our marriage, I can assure you.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“They want to win on the field. They're educators. And they have tried to build strong cultures in their programs and from the top down or athletic director Jack Svork is a big proponent of culture. And to watch these kids, what they sacrificed, you know, they sacrificed being a college kid at some level, right, to avoid getting COVID and across the board with our teams. It's been a great outcome. So never been prouder of the student athlete, the coaches, and the people involved in athletics. But the student body broadly as well, the way they've handled adversity, you know, sometimes college kids get a bad rap. They don't deserve it. They're tremendous young people, and you're just proud to be able to try to help them a little bit in a role like being a trustee or a board chair.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“You see these student athletes and across the board. We've had very good results, but it tells you a lot about the character of the kids and coaches. Our coaches at Notre Dame, they will tell you first and foremost they're educators.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We decided last May, made it happen, delivered 85% of our classes in person, invited all the students back to campus for both semesters. So it's been tremendously gratifying. You know, my kids are all Notre Dame grads, so it's a privilege to serve the place that affected our family so positively. But it's been a great experience, frankly, to learn in other business as well, try to bring some capabilities, as does our board. We have a wonderful board of trustees with diverse backgrounds and diverse experiences. So you see the value of that outside in Butte look from a board of trustees. But as the board chair, you're more deeply involved and learning a lot about what is a critically important business of this country and a very successful entrant in that business in Notre Dame. So it's been one of the highlights of my professional career, frankly.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, when I first came on the board, I went on the investment committee, as you might imagine, and we've had a tremendously successful endowment management operation there. Man named Scott Malpass led it for 30-ish years. Mike Donovan now runs it today. I would say, and the record has been outstanding over time because they follow the principles of patience and research and so on. So that was a gratifying way to get to know Notre Dame. Being the board chair is a tremendous honor. They have a standing leadership team top to bottom through lots of challenging times. The pandemic, this has been as big a challenge for higher education as anything in a century, really, in many ways.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Has anyone in those channels? So it's been a lot of fun, been tremendous to watch Greg lead this business and kind of peekly attract the clients who have generally much larger brokerage house-based advisory business to come to Rockefeller Capitol. And so far, it's been a terrific success story. Thoroughly enjoyed it, frankly, because it's very different than where I spent my professional life at Vanguard prior to that. So fun to watch and more to come.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's been a great experience. Let me just say that right off the bat. Rockefeller family has been tremendous parts of this three years journey, the Viking, the backing firm has. But Greg Fleming has put together a tremendous leadership team deeply focused on providing advice to high-net worth families. And in a sense, complementary in some ways to the way Vanguard does its business. And so they're very focused on, in a sense, doing one thing while providing advice, Rockefeller Asset Management provides is a niche specialist in ESG investing and the family office and the private wealth management businesses at Rockefeller are deeply focused on their, in a sense, small niches, but they want to be as deep as anyone as expert.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“My own view is it's all good because nobody in this space should be worried about monopoly power because it's just not, there isn't anybody with enough in this relatively fragmented business to create monopoly power.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Advisory firms, boutique investment management firms. And I think that's one of the great parts of the business is the dynamism of the business just forces every firm in an entrenched position to get better. And so whenever I see deals like this happen, I think it's good for the investing public at the end of the day. I do think that obviously I'm a huge fan of Anguard. organic growth is always better than inorganic growth because you do it culturally you don't have integration colleges and so to see what vanguard has accomplished i think it's a tribute on the market says we like that that strategy i mean uh something appropriate couldn't be bolted onto the firm but um you know so there'll be different ways of building businesses uh in the business but sort of generically”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, listen, one of the great assets to the investing public, in my view, is the tremendous sense of competition for all segments of our business, right? And if you just look over time, whether it's the asset management business, the brokerage business, the advice business, the inherent entrepreneurism creates new competitors, whether they're fintechs or whether it's your firm seven years ago in the advice space. Big impact on the financial advisor community scale for the firm. But in the grand scheme of thing, none of us is that big a player, interestingly, when you think about it. So I think we'll continue to watch. We'll see certain areas where scale really matters a lot. Take index fund management, very important in that regard. But there'll be continual growth.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Planning in a way that we haven't experienced in 30 years. I hope I'm wrong. I hope I'm wrong, but my economics training tells me be wary of too much liquidity in a system and the pressure on prices. And whether globalization can offset it again like it has in the past, whether technology can offset it, fair question. But I would worry more about it for the next 15 years than it's been relevant in the prior 15 years.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I have to say, I am a child of inflation. I came out of college in 1976 and stagflation lived through the next five or six years before Chairman Bolker took it on. So I actually have a sort of inherent worry about it. And I do think it's real. I think, you know, I don't believe in modern monetary theory. I think the question of how much money you can pump into the system is a really important one. And I don't think we're going back to the late 60s, early 70s, early 80s from an inflation standpoint. But we've had 30 years of minimal inflation. And I think the noise for me is valuable because even if it proves to be wrong, it educates people to think about it. But I counsel people to factor some inflation into their own financial.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“But that's the way I think about things. And I think most people at 67 should be thinking 20 years. That's long time. That's long term. But get your spending, get the spend, the outgo part of this correct is a critical part for individuals. It's also critical part for institutions. Critical part for institutions.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so that, you know, when people ask me for my best financial advice, I say live below your means. They want something sophisticated. That's what I give them. And I think it's very important today to say that 4% or 5% draw is too much likely from a retirement portfolio. Can you live on three? And if you can live on three, you can probably take some more capital risk to make those assets grow and endure in real terms for the longer term.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's true, but the one factor you don't have in that equation is what are you drawing off your assets? The best thing you can do is draw as little as possible from your assets. It allows you to take more risk with your assets.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And if all you get is that income growth, you've done well. If you get capital growth to go with it, it's a good trade to take that incremental equity risk today because of the unique period of time we're in, really unique. If you look back, it's a 700-year bull market in bonds. If you look at some charts from England at his 70 year bull market in the United States.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“There are fabulous companies and portfolios of companies that yield the same as a 10-year treasury. And should I be willing to take equity, more equity risk? The same income with a call option on growth by upping my equity exposure today because for the foreseeable future, the traditional role of bonds is going to be unlikely to play out the way it has over very long periods of time. And the question is, when do we get out of this very low yield period? I don't see many very viable alternatives to traditional fixed income assets, frankly. Certainly not high yield bonds, which is a misnomer today. You play it through, there are segments of the equity markets, whether it's REITs or something else that offer a good yield. But it feels strange to say in the midst of a long bull market.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think 60 40 ends up is challenged Barry right now as a matter of strategy because of low going in yields what's likely to be I'd be interested in your view positive correlation to stocks at these low levels and so I encourage and we encourage people in the book to think hard about alternatives. The last chapter in this book is called Where do My Income Go? You know, your income from short-term cash reserves is down 98% four or five years for intermediate for 10 year Treasury it's down 60 or 70% over that same period. And so you come back and I think it's important for investors to take a step back and say if I've got a time horizon of some duration, not next week or next year or four or five years from now, you know,”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Structure and private companies, they can behave differently. And sometimes it's at the margin, but sometimes it's core strategic choices that they can make. And so I believe the markets will be advantaged by companies being able to, I think in a way where today there's just so much noise in the system for them.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That would be my perspective, yeah, actually, because, you know, Wall Street does great research, but they get paid for activity. And what you want as an owner of, if you're a permanent holder of a company, is you want companies to build great businesses, not to facilitate activity. And so if you can have, you know, there'll always be people buying and selling your stocks. It'll be plenty of transparency and liquidity and market clearing exercises to value the company. But the idea that I can talk to seven or eight or nine permanent shareholders, if you will, about strategic choices, whether it's in a crisis like a year ago or it's long term, I think we'll give the good, the best management even more confident to think long term. I think it's a very important thing. And you look at controlled companies or you look at private equity-backed companies depending on the”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The sense that there's too much concentration in voting and so on and so forth. Again, I have a strongly held view, not having anything to do with my former role at Vanguard, that the day the index funds own half the stock and companies, and there'll be more providers who are in that half the stock ownership, it's going to be a great day for the markets because CEOs will have and companies will have permanent shareholders who will be interested in strategy, not the next two week sales volume. I think it will free companies up to think long term in a way that they aren't totally able to do today, right? And so to me, somehow promoting a myth that indexing is anti-competitive or indexing is bad for markets or indexing is a bad investment strategy is just flawed logic and wishful thinking.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, first you still found it, just put it that way. Some of them are the same as came out when AT&T ran the first index fund in 1970 or 69 or when we came out with the first index mutual fund. It's unAmerican. It's Marxist, et cetera. So the data to say that it's anything but a highly successful investment strategy is just plain and correct. And then the idea that now's the time to be active meaning high cost, active is flawed. repeating what's been repeated continually over half a century at this stage. Some of the other academic-ish arguments are just as ill-founded. The antitrust”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's very smart because the only benchmark any one of us has is our goals and objectives, right? How we did it against the S&P or how we did against how Harvard did against Yale in their endowment turns into a headline every year and it's irrelevant. They have different financial situations. So what is Harvard's book and what is Yale's boca is much more important than how they did versus each other? And that's the critical part of this.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's one of the other, right? There's a chapter in the book called I'm in Boca. And the very short story is a guy named Jason Lig from the Wall Street Journal was in Boca, asked a bunch of people whether their investment portfolios had.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Happen, it's absolutely true. And that says good an example as you can find. And, you know, somebody will counter with so-and-so doubled down and then they had twice as much money. But that's a bad risk-reward trade-off, right? But it happens a lot. Happens a lot. You see it with sophisticated pools of capital who make similar mistakes in endowed places. It's why, again, it's a one-word investment governor, if you will, is that word enough. And again, you think you have enough, then you make a conscious decision on which fork you want to take in the road.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“A wise older gentleman many, many years ago. And I continue to talk to people about it. And it's a question you should ask yourself regularly because enough may change and maybe greater or less than you thought it was at a different point in time. But it's the perfect time to then reassess your ability to take risk or your willingness to take risk.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“You have enough in bucket A, bucket B can be a more aggressive portfolio than somebody might recommend for you at a certain age. You know, 529 plan accounts are a great example of this where you accumulate money up to a point in time and then the glide path takes it down to very conservative positioning when the kid turns 18 because you know there's a time certain you're going to need that money. So I think that's a metaphor for the way all of us, whether an institution or an individual should think about assets and how those assets, what those assets need to fund for us. And you've seen some universities make the mistake of being overly aggressive even when they were particularly well endowed, paying a big price and then playing catch up. And that's a shame. That's a shame because that's real money affecting real students' ability to go to that university. So I learned this from...”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's such an important concept because it will determine how much risk you want to or. Can take in your investment portfolio. And again, not defining enough plays out tragically in so many different ways. Either somebody thinks I've done really well, boy, I can do even better. And it's at an inappropriate time or inappropriately executed. they wake up saying boy if I had a million dollars and that's what I needed. Perhaps I should have been far more conservative. Just take that as an example because a million dollars is going to serve me well for the rest of my life. But instead you double down and you end up with half a million. Bad decisions, right? Alternatively, somebody say, I have a million dollars and my time horizon is perpetual because I'm going to my estate is going to go to charity.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Noise looking at the headlines and reading it. And again, I think as long as using your term, it's packaged as entertainment, it is what it is. You certainly hope that people won't put trading accounts into 401k plans where most young people will do their first investing. As long as those plans stay in a sensible mode, I think you're going to segregate investment and financial security from entertainment and high profile trading.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's the interesting phraseology. Is it entertainment or is it investment? And as long as you think of it as entertainment, I guess it's no different than slot machines or going to a casino. But it is not investing. And again, I think the question is how and when do you learn that lesson? And free is absolutely one of the things that abets this no question. But listen, momentum is another part of it. And, you know, in a sense, everybody's smart in a momentum market if you're in the right sectors, but momentum investing has never proven to be a long-term viable strategy, right? Substantive value is how people make money. I actually don't worry much about it. It's a classic place where iTune out there.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, my own view is it's just another cycle that is no different than when discount brokerage came in in the late eighties and it was a bull market and, oh boy, I can trade cheaply now, right? You know, it was the dot com phenomenon at the end of the 20th century. It was house flipping, right? You were tall in 2006-7. It inevitably makes for great hard lessons learned for people. And, you know, my hope, frankly, is that people aren't doing this, the headline-making stuff with a serious money, to be blunt, Barry. I think it's, you know, somebody who wants to play around at the edges trading stocks, trading Bitcoin, do whatever they want to do, that's fine. But serious money needs to be treated seriously.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And say, let's go back. Let me go back and test how I think about things against this template. Not saying that this is, you know, this is truth. This is my experience based on lots of exposure to people. But I hope it hits both those cohorts. The last book, we still get requests from people in other countries to translate the first book. And so we've deferred them a bit and we'll have them. We'll get them to translate this one.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“You up with lots of different ways you can think about investing, obvious one being UTFs and how important they are, how low cost our tax efficient. So lots had changed. The market said, you know, it's pretty frenzied in a sense. It's not the market necessarily, but the chatter around the market. So it felt like a good time to do it. First book I wrote in the foreword that I was writing it for my kids who were in their late teens, early 20s. And I hope that they and their cohorts would get something from this interesting part is how many people now my age who said, this is just what I needed because it helps me think about my future in a different stage in life. And frankly, I hope it's the same Cagre that get some value out of this book as well. People who are emerging investors and then people who look and are”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Fantastic. You can buy a Robo advice. You get advice from a robo advisor or a robo advisor plus a human being. Or you can have a wealth manager in a family office. And everything in between, but it's all much lower cost than it was 20 years ago. And frankly, there's this whole cohort of people, baby boomers, who really, my own view, need to make a conscious decision to do it yourself in retirement or find an advisor. And today you can do that in the variety of ways. It's a fantastic thing. We provide advice in the book about how to do that best. The second thing is, you know, even 20 years ago, Vanguard was a bit of an anomaly around cost, and we preached it, and it's a very important part of culture. But if you look at the cost of investing, total cost of ownership, if you will, for individuals today and how it's changed in 20 years, it freaks...”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Writing the first book was just after the NASDAQ bubble, but lots of lessons to affirm there. And this one felt like it felt like a good time to do it. So I literally started it right around, frankly, when you made a quite present call that said, don't assume the bull market is over because of a pandemic. It's right around then we started working on this. The other important part of it, frankly, is a bunch has changed importantly that's made this to be a fantastic time to be an investor. I'll give you just two examples. One, the advent of the variety of advice choices today at different price points is staggering.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, with respect to the why now, a few things. I've been asked a lot over the years, would you do another version of this? And frankly, the environment is what prompts it. And if you take out last March, we have an 11-year bull market. The headlines are, you know, you read the headlines about investing and speculation is very prominent, again. The headlines are somebody made a lot of money on GameStop. You don't read a lot about those who got killed and so on and so forth. Your trading is the new thing. You can, oh, I saw an ad on TV. You can start a trading account with as little as $5. I almost fell out of my chair. So it was catalyst to say, you know what? It feels a lot like when I...”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And the difference, the important thing that gets back to your question on what you consume from an education standpoint or an information standpoint, back when I started at Vanguard, the activity level with small changes in the stock of bond market was frenetic. Today, and Vanguard's just a microcosm of the market more broadly, serious people generally don't panic and you don't see that at Vanguard. I assume it's true at a fidelity and it's euro price that you don't see panic where before they had a chance to get experience and educated, my generation of baby boomers would react. So do nothing should be your default option during a bear market. And if you can... Dollar cost average down. Even better, but don't pass.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm not going to do anything about it. And the answer for most people is do nothing in a bear market. It really is because most people have a long-term time horizon. I was talking to Tim Buckley, who's CEO, great CEO at Vanguard the other day. He said they calculated that by not panicking, Vanguard investors saved a trillion dollars.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have a whole chapter on bear markets for a reason, and it's because they're an inevitable part of investing if you're investing over a career in a 401k plan or over a lifetime. So one, you recognize they're going to happen and then your question is spot on. You say, so what should we do? Well, one, you should on a strategic basis know what your risk tolerance is. And be prepared and test that risk tolerance against your portfolio structure, your diversification, your balance to say, am I going to be able to sleep at night if the market drops 20 or 30 percent? Fair question, and you should know it. And by the way, if you've only been investing in this century, you've had a chance to test that. How did you think, what did you think about in October of 2008? What did you think about it?”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I find certain writers on Blueberg valuable to me, and I'm going to follow them because they provide me with information I find valuable as an investor. But zigging and bagging from this hot topic to that hot topic or this influencer to that prognosticator is just damaging to your financial well-being. It has proven to be, and I suspect there always will be because this isn't a game. And it's not how the Red Sox do last night, right? Kyle Red Sox did last night actually matters this year to their chances to make the playoffs. But what happened in the markets today matters to almost nobody who you and I know because they have long-term time horizons, right? And they're not traders managing a book at a Wall Street firm. They're people thinking about 10 and 20 and 40 years from now. So what happens today is insignificant.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“One of the best things that's happened in my career since the early 80s today is the ability for individuals, in particular, but all of us, to learn, whether in the early days it was Money Magazine and today it's just obviously the ubiquity of information through online media. It's so different than it was a long time ago. The downside to that, if it's like everything, too much of a good thing is a So, there's too much information too readily available, too broadly covered, that it's a distraction and distraction will lead to other emotions, Barry. And that is, I think, the core challenge and why people really need to say,”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“One word and it's emotions. And whether it's fear or greed, whether it's competitive juices that your sister-in-law beta killing in some stock, whether it's overconfidence, whether it's an institution saying, I've got a huxle or I'm going to get fired by an institutional client. Emotion is an incredible headwind to success in building and maintaining financial security through the markets. The story that's played out again and again and again over time. And so you need to understand that simple, I will be my own worst enemy unless I take a motion out of the equation. Hard to do. It's easier with experience, but that's the simple answer to it, Barry.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So that's the motivation of it. And for me personally, I had the privilege of knowing Walter Morgan, who founded Wellington Fund in 1929. So in a sense, I've had live tutorial from Mr. Morgan to Jack. Now I'm the old guy and had hired tens of advisors and advisory firms, have observed millions of investors, and you come back to core character traits that define success, as you know. In the end, there's two character traits that matter. One is humility and the other is discipline. And then there's some practices that matter. And if you find that package in yourself or in your advisor or in the firm you hire to manage assets for you, you're going to be successful. And if you don't, the Are you will not, and you will look jealously at people who follow these old school practices and old school behaviors and have won the game.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source