Quotes

Quotes by John Bogle

(20)
(114) "If the data do not prove that indexing wins, well, the data are wrong."
2007
- The Little Book of Common Sense Investing, p. 28
(116) "Hint: money flows into most funds after good performance, and goes out when bad performance follows."
2007
- The Little Book of Common Sense Investing, p. 50
(123) "Surprise! The returns reported by mutual funds aren't actually earned by mutual fund investors."
2007
- The Little Book of Common Sense Investing
(125) "We need a mutual fund industry with both vision and values; a vision of fiduciary duty and shareholder service, and values rooted in the proven principles of long-term investing and of trusteeship that demands integrity in serving our clients."
2010
- Enough: True Measures of Money, Business, and Life
(278) But whatever the consensus on the EMH, I know of no serious academic, professional money manager, trained security analyst, or intelligent individual investor who would disagree with the thrust of EMH:  The stock market itself is a demanding taskmaster.  It sets a high hurdle that few investors can leap. 
13-Apr-04
- Bogle Financial Markets Research Center
(279) While the apostles of the new so-called “behavioral” theory present ample evidence of how often human beings make irrational financial decisions, it remains to be seen whether these decisions lead to predictable errors that create systematic mispricings upon which rational investors can readily (and economically) capitalize.
13-Apr-04
- Bogle Financial Markets Research Center
(115) "It's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it."
2007
- The Little Book of Common Sense Investing
(118) "If your fund doesn't last for the long term, how can you invest for the long term?" "Note: over 36 years, 80% of the original 355 funds went out of existence."
2007
- The Little Book of Common Sense Investing p. 79-80
(111) "Fund investors are confident that they can easily select superior fund managers. They are wrong."
2007
- The Little Book of Common Sense Investing
(119) "If the data do not prove that indexing wins, well, the data are wrong."
2007
- The Little Book of Common Sense Investing, p. 28
(110) "The miracle of compounding returns�is overwhelmed by the tyranny of compounding costs."
2007
- The Little Book of Common Sense Investing
(117) "Managed funds are astonishingly tax-inefficient."
2007
- The Little Book of Common Sense Investing, p. 61
(120) "It's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it."
2007
- The Little Book of Common Sense Investing
(121) "The general systems of money management [today] require people to pretend to do something they can't do and like something they don't. [It's] a funny business because on a net basis, the whole investment management business together gives no value added to all buyers combined. That's the way it has to work. Mutual funds charge two percent per year and then brokers switch people between funds, costing another three to four percentage points. The poor guy in the general public is getting a terrible product from the professionals. I think it's disgusting. It's much better to be part of a system that delivers value to the people who buy the product."
2007
(122) "The general systems of money management [today] require people to pretend to do something they can't do and like something they don't. [It's] a funny business because on a net basis, the whole investment management business together gives no value added to all buyers combined. That's the way it has to work. Mutual funds charge two percent per year and then brokers switch people between funds, costing another three to four percentage points. The poor guy in the general public is getting a terrible product from the professionals. I think it's disgusting. It's much better to be part of a system that delivers value to the people who buy the product."
2007
(124) "The multiple failings of our flawed financial sector are jeopardizing, not only the retirement security of our nation's savers but the economy in which our entire society participates."
24-Feb-09
- founder and former chief executive of The Vanguard Group, before the Committee on Education and Labor, U.S. House of Representatives, Washington, DC, Strengthening Worker Retirement Security
(113) "Index funds eliminate the risks of individual stocks, market sectors, and manager selection. Only stock market risk remains."
2007
- The Little Book of Common Sense Investing
(291) [On the proliferation of ETFs], I think it's gone much too far. Most of them are not worth the powder to blow them to hell.
9-Dec-13
- Money Management Executive Magazine
(292) It's 1450 out of 1500 ETF funds that I just wouldn't touch because they're not diversified enough. Or they have some huge speculative twist to them that if you can guess the markets right you will do very well for a day or two but who can do that? Nobody.
9-Dec-13
- Money Management Executive Magazine
(293) "Now you can trade the S&P 500 Index in real time" was the slogan in the newspapers for the first ETF. What kind of nut would do that?
9-Dec-13
- Money Management Executive Magazine