“New ideas that fly in the face of the conventional wisdom of the day are always greeted with doubt and scorn. The great investors did this in some form or fashion, and Bogle is no exception. He is a hero to them and to me.” -Warren BuffettĪ theme that is emerging from my reading is the importance of challenging the conventional wisdom.
Today, however, he has the satisfaction of knowing that he helped millions of investors realize far better returns on their savings than they otherwise would have earned. “In his early years, Jack was frequently mocked by the investment-management industry. Ridiculed as "un-American" and "a sure path to mediocrity," the fund collected a mere $11 million during its initial underwriting. Bogle brought index investing to the individual investor in 1976 when Vanguard introduced the First Index Investment Trust. Individually, each of these speeches delivers a powerful lesson in investing taken together, Bogle's lifelong themes ring loud and clear. John Bogle on Investing is a compilation of the best speeches ever delivered by one of the 20th century's towering financial giants. Like many innovators before him, Bogle had to go against-the-grain to make his mark. Get fifty years of industry-defining expertise in a single volume. Given the current popularity of indexing, I found it interesting to learn about how the idea was met with disdain from the investing community.
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