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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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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
Emotion
Speculation
Wrong
Whereas
Firsts
Allows
First
Leads
Way
Investment
Emotions
Picture
Gets

More quotes by 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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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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Time is your friend impulse is your enemy.
John C. Bogle
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If your fund doesn't last for the long term, how can you invest for the long term?
John C. Bogle
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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
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The mutual fund industry has been built, in a sense, on witchcraft.
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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If the data do not prove that indexing wins, well, the data are wrong.
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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Fund investors are confident that they can easily select superior fund managers. They are wrong.
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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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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In Las Vegas we all know that it's the croupiers who win. At the race track, it's those who control the handle who win. State lotteries, does anybody think the participants in the lottery win? No. The state wins.
John C. Bogle
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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.
John C. Bogle
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I will create value for society, rather than extract it.
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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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.
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
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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