“The point is, ladies and gentlemen, greed is out. Integrity is in. And, if you seek success and fulfillment, please accept my advice to hold yourselves to the highest moral standards.” – John “Jack” Bogle
“Paradoxically, the hottest tip that I can give you, mirabile dictu, is to eschew hot tips, by using index funds as the core of your own personal investment programs. The magic of indexing, if such it be, is that it virtually eliminates the usual expenses of investing, such as portfolio transaction costs and investment advisory fees.” – John “Jack” Bogle
“Indeed, over the past quarter-century, fund management and marketing costs have confiscated some 40% of the stock markets cumulative profits, leaving but 60% for the human beings who, after alll, put up 100% of the initial capital and took 100% of the market’s risk. Such an outcome doesn’t comport with my notion of fairness.” – John “Jack” Bogle
“Investing is an act of faith. We trust our capital to corporate stewards with the faith that their efforts will generate high rates of return on our investments…and the faith that the long-term success of our nation’s economy and financial markets alike will continue in the future.” – John “Jack” Bogle
“Serving these new owners of American business, who are contributing to the highest values of our system of capital formation even as they strive to take personal responsibility for the security of their own financial futures, has been a marvelously worthwhile life’s work.” – John “Jack” Bogle
“In the long run, the rewards of investing are determined by the allocation of market returns between fund shareholders and the managers. To help accomplish this vital goal, Vanguard has chosen a corporate structure, unique to the mutual fund industry. It is truly mutual: The fund shareholders own the management company that administers the funds.” – John “Jack” Bogle
“Vanguard has had the marvelous opportunity to test in the real world marketplace the concept that serving is the essential ingredient of true success, and that servant-leaders—and leader-servants—can successfully dedicate their careers to serving the human beings who depend upon their services.” – John “Jack” Bogle
“If a firm achieves low-cost provider status, its bond and money market funds can follow lower-risk strategies and still offer higher yields than their peers.” – John “Jack” Bogle
“I constantly stressed the values that I wanted to distinguish Vanguard—above all, the need to recognize that both we who serve and those whom we serve must be treated as “honest-to-God, down-to-earth human being, with their own hopes, fears, ambitions, and financial goals.” – John “Jack” Bogle
“Finally, my idealistic view—for which I offer no apologies—is that the mutual fund firm should be of the clients, by the clients and for the clients, holding their interests above the financial interests of the manager-entrepreneur; providing a service of stewardship to the human being who place with the firm their assets and their trust alike.” – John “Jack” Bogle
“Nearly one-half of the cumulative return generated by the stock market has been confiscated by the costs incurred by the typical mutual fund.” – John “Jack” Bogle
“For what distinguishes Vanguard from the typical business enterprise is our mission: To place the interest of our investors before our own commercial interests.” – John “Jack” Bogle
“What is really the point of selling past performance that is almost surely unrepeatable?” – John “Jack” Bogle
“Won’t 100 good stock pickers inevitably make their picks at the expense of 100 bad stock pickers?” – John “Jack” Bogle
“Finally, there is not a scintilla—not an iota—of evidence that high-cost funds perform any better than low-cost funds.” – John “Jack” Bogle
“The most fundamental tenet of investing, in my view, is owning businesses and holding them, for the long term, even “forever,” which is said to be Warren Buffett’s favorite holding period.” – John “Jack” Bogle
“I hope that institutional investors and individual investors alike will recognize the folly of applauding corporate managers solely on the basis of evanescent market returns, without due regard for the hard work involved in generating the underlying investment fundamentals that are required to deliver returns that exceed their cost of capital over the long run.” – John “Jack” Bogle
“Your money is at stake and it is high time you demanded it.” – John “Jack” Bogle
“Fidelity’s Peter Lynch was willing to concede, that “most investors would be better off in an index fund.” – John “Jack” Bogle
“In any event, the investor should, without fail, be aware of what portion of his income is consumed by fund expenses.” – John “Jack” Bogle