Our leader is gone, but his mission continues
Jack Bogle recently passed away. His writings changed my view of investing and markets. I ask every client to read The Little Book of Common Sense Investing by Jack Bogle. This quick read tells them the truth about investing. Bogle’s book requires one to engage with the material thoughtfully as it stands in contrast to just about every personal banker or insurance salesman.
Bogle was called a fool by the mutual fund industry when he first introduced his index fund in 1976. It was known as ‘Bogle’s Folly’. 2019 may be the year where total assets under management of indexed products exceed those of active products. While I wish he were alive to see that victory, I’m pretty sure he knew that crossover point would come as customers continue to wake up to the foolishness of high fees. We can all be grateful for Jack Bogle’s commitment to the truth, even when it was not as profitable for him personally.