John Clifton "Jack" Bogle (born May 8, 1929) is an American investor, business magnate, and philanthropist. He is the founder and retired chief executive of The Vanguard Group.
The relationship between executive CEO pay, stock performance is tenuous and not easily unscrambled, just one of myriad factors that affect the price of a stock.
Time is your friend; impulse is your enemy.
I'm not an expert on Islam, but I think there are lots of noble religions whose basic principles could stand considerably more observation in the world of business.
The mutual fund industry has been built, in a sense, on witchcraft.
So the misplaced assumption is that we have this whole new institutional element where these [financial] institutions are looking after their own financial interests before the financial interests of the principals, princi-pals whose interests they are really bound to observe first.
If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks.
On balance, the financial system subracts value from society
It's 1450 out of 1500 ETF funds that I just wouldn't touch because they're not diversified enough. Or they have some huge speculative twist to them that if you can guess the markets right you will do very well for a day or two but who can do that? Nobody.
Ask yourself: Am I an investor, or am I a speculator? An investor is a person who owns business and holds it forever and enjoys the returns that U. S. businesses, and to some extent global businesses, have earned since the beginning of time. Speculation is betting on price. Speculation has no place in the portfolio or the kit of the typical investor.
The miracle of compounding returns has been overwhelmed by the tyranny of compounding costs.
Managed funds are astonishingly tax-inefficient.
Reversion to the mean is the iron rule of the financial markets.
Hint: money flows into most funds after good performance, and goes out when bad performance follows.
If it is hard to imagine that 20% of losses on the stock market, you should never participate
The idea that a bell rings to signal when investors should get into or out of the stock market is simply not credible. After nearly fifty years in this business, I do not know of anybody who has done it successfully and consistently. I don't even know anybody who knows anybody who has done it successfully and consistently. Yet market timing appears to be increasingly embraced by mutual fund investors and the professional managers of fund portfolios alike.
I think it's fairly easy to provide a moral defense of capitalism. It has been - over the last 200 years - the underlying basis for enormous increases in productivity and human welfare and rising living standards, particularly in the United States, and in the industrialized nations but in fact, in most parts of the world.
I believe - deeply and profoundly - that speculation is a loser's game.
Successful investing is about owning businesses and reaping the huge rewards provided by the dividends and earnings growth of our nation's - and, for that matter, the world's - corporations.
Sure there are some companies at the margins of our society that probably do that and I think we all have the responsibility as consumers and as investors to avoid them like the plague. If we do, they won't last very long. Doing what's right is the only possible formula for long-term - I emphasize long term - business success.
The mistakes we make as investors is when the market's going up, we think it's going to go up forever. When the market goes down, we think it's going to go down forever. Neither of those things actually happen. Doesn't do anything forever. It's by the moment.