Jason Zweig

speaker

906 appearances 17 recordings 1 series first heard Jan 2018 last heard Sep 2022

Jason Zweig’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Remembering Vanguard Group Founder Jack Bogle · 18 Jan 2019 podcast

Jack Bogle was well aware of Newton's law that for everything created, something is destroyed. matched

And late in his life, he had a lot of concerns that in a market environment where trading is essentially free, people would trade too much for their own good. matched

And there's no doubt that matched

that many investors, both institutions and individuals alike, do exactly that. matched

And Jack Bogle's great invention, the index mutual fund, is perfect for someone who buys and then holds a widely diversified index indefinitely for decades without ever buying or selling except when the person needs the cash or has extra cash. matched

Yeah, it's important for people to remember that Jack Bogle was born roughly four months before the crash of 1929. matched

And obviously, he just passed away this Wednesday. matched

So he literally saw it all. matched

And one of the most interesting lessons we can all take away from so long a life is not only how much changed between 1929 and 2019, but also how little changed. matched

And Jack Bogle's central message, which he formulated matched

probably around 1975. matched

He never changed in the succeeding four and a half decades, and it served him and Vanguard's millions of investors very well. matched

He was the ultimate executive and entrepreneur. matched

And when Paul Samuelson proposed not just the invention of index funds, which were already underway at the time elsewhere, but the idea of a mutually owned investment company, Jack Bogle had the vision and also the need matched

to jump on that idea. matched

And no one else picked up on it. matched

And in all the intervening years, no one else ever has. matched

And Vanguard has captured that part of the market all to itself. matched

And it's now the second largest asset manager in the world with almost $5 trillion under management. matched

Absolutely. matched

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