NEW YORK (Reuters) – America just lost a true giant in investing legend and Vanguard Group founder Jack Bogle.
The creator of the first indexed mutual fund died on Wednesday https://reut.rs/2Cu5i09
in his longtime home of Bryn Mawr, Pennsylvania. He was 89.
Bogle - Billionaire - Times - Vanguard - Proceeds
Bogle could have been a billionaire many times over, but he structured Vanguard so that proceeds would return to shareholders, which tells you all you need to know about the man.
In 2016, I interviewed Bogle for Reuters’ “Life Lessons” http://reut.rs/2dAMG1I
series about what he had learned over the course of his remarkable life.
Problem - Conversation - Case - Jack - Stuff
One problem with that conversation, as was often the case with Jack, was that there was too much good stuff to squeeze into a single article about a man who was often dubbed by the industry as the ‘patron saint’ of the investing business.
Here are some outtakes from that exchange on creating a life of legacy.
Bogle - Depression - Bogle - Age - Pinsetter
Bogle on growing up in the Depression: “There were three of us Bogle boys, and we all started working at the age of 12. I worked as a pinsetter in the bowling alley of the Sea Girt, New Jersey fire department. You put ‘em up, and they knock ‘em down. After six hours of doing that every day, I realized that wasn’t what I wanted to do for my career. Then those automatic pinsetters came along, and I was disrupted out of a job.”
Bogle on wealth: “It takes a long time to get to that point, but you have to handle it with care. Luckily, my wife and I get along very well financially. Many couples are not on the same agenda, and spend too much money. But we always knew exactly how much was coming in and going out every week, even when we weren’t making much at all.”
Bogle on living a...
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