The Man in the Arena: Vanguard Founder John C. Bogle and His Lifelong Battle to Serve Investors First

摘要

Active investment managers wish they lived in Lake Wobegon, a world in which they would all perform above average. Sadly, that world does not exist for their investor clients, whose actively managed funds have earned, on average, below-benchmark returns. John C. Bogle, the founder of the Vanguard Group, has been at the forefront of the revolution that has democratized the investment landscape by first creating a mutual organization, a company owned by its investor clients. He has tirelessly imparted the message that investors would be far wealthier if they invested in low-cost index funds. In a recent article, Bogle observed that relative to actively managed funds, low-cost index funds create additional wealth of 65% for retirees over time. Partly owing to his efforts, investors pulled $460 billion from actively managed funds and invested $560 billion in index funds between 2008 and 2012. By 2013, about 27% of equity mutual fund assets were invested in index funds.