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The mutual fund industry has been built, in a sense, on witchcraft.

John C. Bogle

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John C. Bogle
Age: 89 †
Born: 1929
Born: May 8
Died: 2019
Died: January 16
Economist
Financier
Investor
Montclair Township
John Clifton Jack Bogle
Jack Bogle
Witchcraft
Fund
Mutual
Built
Industry
Sense

More quotes by John C. Bogle

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On balance, the financial system subracts value from society
John C. Bogle
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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.
John C. Bogle
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The courage to press on regardless - regardless of whether we face calm seas or rough seas, and especially when the market storms howl around us - is the quintessential attribute of the successful investor.
John C. Bogle
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Among my greatest disappointments about the mutual fund industry - in addition to excessive costs and excessive focus on the short-term - is that fund managers have been passive participants in corporate governance.
John C. Bogle
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I will create value for society, rather than extract it.
John C. Bogle
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Speculation leads you the wrong way. It allows you to put your emotions first, whereas investment gets emotions out of the picture.
John C. Bogle
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I think we all ought to be careful about too much generalization on this issue, even as I confess to painting with a pretty broad brush myself!
John C. Bogle
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I think it's gone much too far. Most of them are not worth the powder to blow them to hell.
John C. Bogle
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If it is hard to imagine that 20% of losses on the stock market, you should never participate
John C. Bogle
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I believe that the behavior of too many of our corporations investment bankers and fund managers has jeopardized some of the trust that investors have had. It's not the economic engine that we need to focus on, but the need to make sure that our investors receive their fair share of the returns that that great economic system produces.
John C. Bogle
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Yes, the investor is often his own worst enemy. Yes, the marketing colossus known as the mutual fund industry provides the weaponry which enables investors to indulge their suicidal instincts. No, the fund industry was hardly an innocent bystander in the market boom and the subsequent carnage. We have met the enemy and he is us... all of us.
John C. Bogle
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If you're very talented and keep winning, you'll do just fine. It may take a while. But the talent is hard to identify and talent is hard to tell from luck. There's an awful lot of luck in this business. Past performance is not helpful in judging future performance.
John C. Bogle
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In the long run, investing is not about markets at all. Investing is about enjoying the returns earned by businesses.
John C. Bogle
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The transfer of Wall Street from private ownership to public ownership has been a big step backward.
John C. Bogle
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It's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it.
John C. Bogle
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Income earned by the sweat of your brow should be taxed at the lowest rates, not the highest. Capital gains should be taxed at a higher rate.
John C. Bogle
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The principal role of the mutual fund is to serve its investors.
John C. Bogle
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Hint: money flows into most funds after good performance, and goes out when bad performance follows.
John C. Bogle
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Capitalism is not a Ponzi scheme. Capitalism is a scheme of free markets.
John C. Bogle
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Your success in investing will depend in part on your character and guts, and in part on your ability to realize at the height of ebullience and the depth of despair alike that this too shall pass.
John C. Bogle