Jack Bogle died this week after an astonishing career. As a leader in the financial industry Jack Bogle was well off. He started the first truly mutual fund company and created the first index fund. So, why wasn’t he a billionaire? Many leaders of less successful fund companies are. Why not Bogle?
Jack Bogle retired rich but not fabulously wealthy because of how he built Vanguard.
- The owners of Vanguard are the investors in Vanguard funds. That means that instead of trying to get money from the investors they try to get money for the investors.
- The way Vanguard makes money for investors is by seeking to get them the market return minus minimal expenses. Sounds boring, except that it outperforms the self proclaimed geniuses.
Bogle is well worth listening to, and thanks to various Internet repositories, it’s easy to do that. Like a few actors whose every role is in playing himself or herself, Bogle had one topic, but he was endlessly interesting in it. His description of the organizational jiu-jitsu he used after being fired, to come back and run the company is astounding and hilarious. His endless decency and honor become clear when it really dawns on you what he did.
John Bogle did his considerable best to give us to the opportunity to achieve our financial goals. By putting us ahead of himself he never became a billionaire–because our success was more important to him.
The post Jack Bogle wants you to be a millionaire appeared first on Intentional Investor.
