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Reversion to the mean is the iron rule of the financial markets.
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
Mean
Reversion
Markets
Finance
Iron
Financial
Rule
Business
More quotes by John C. Bogle
The principal role of the mutual fund is to serve its investors.
John C. Bogle
If your fund doesn't last for the long term, how can you invest for the long term?
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Time is your friend impulse is your enemy.
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If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks.
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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.
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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.
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Rely on the ordinary virtues that intelligent, balanced human beings have relied on for centuries: common sense, thrift, realistic expectations, patience, and perseverance.
John C. Bogle
Investing is not nearly as difficult as it looks. Successful investing involves doing a few things right and avoiding serious mistakes.
John C. Bogle
The transfer of Wall Street from private ownership to public ownership has been a big step backward.
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But whatever the consensus on the EMH, I know of no serious academic, professional money manager, trained security analyst, or intelligent individual investor who would disagree with the thrust of EMH: The stock market itself is a demanding taskmaster. It sets a high hurdle that few investors can leap.
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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.
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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!
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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.
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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.
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Fund investors are confident that they can easily select superior fund managers. They are wrong.
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Corporate leaders surely have their problems, I believe that most CEOs are doing their best to hew to the ethical line. The problem is that that line has gotten blurred and that our moral standard seems to be if everybody else is doing it, it's okay. That's not good enough for me.
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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
Hint: money flows into most funds after good performance, and goes out when bad performance follows.
John C. Bogle
The miracle of compounding returns has been overwhelmed by the tyranny of compounding costs.
John C. Bogle
While I haven't read economist Robin Hahnel's work, replacing capitalism would be at the very bottom of my list of priorities - to be considered only after everything else had been tried. Improving our capitalistic system however, is at the top of my list and is of course the major theme of The Battle for the Soul of Capitalism.
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