Quote

Capitalism is not a Ponzi scheme. Capitalism is a scheme of free markets.

John C. Bogle

Change background

T
T
T

Change font

TAGS & TOPICS

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
Scheme
Markets
Capitalism
Free

More quotes by John C. Bogle

Image
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
Image
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.
John C. Bogle
Image
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
Image
I believe that the mutual fund industry's biggest shortcoming is too much focus on the momentary price of a stock - an illusion - and too little focus on the intrinsic value of the corporation - the ultimate reality. I'm comforted by the fact that Warren Buffett feels the same way.
John C. Bogle
Image
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
Image
If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks.
John C. Bogle
Image
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
Image
In the long run, investing is not about markets at all. Investing is about enjoying the returns earned by businesses.
John C. Bogle
Image
Index funds eliminate the risks of individual stocks, market sectors, and manager selection. Only stock market risk remains.
John C. Bogle
Image
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
Image
I think it's gone much too far. Most of them are not worth the powder to blow them to hell.
John C. Bogle
Image
The mutual fund industry has been built, in a sense, on witchcraft.
John C. Bogle
Image
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
Image
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
Image
The principal role of the mutual fund is to serve its investors.
John C. Bogle
Image
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.
John C. Bogle
Image
The transfer of Wall Street from private ownership to public ownership has been a big step backward.
John C. Bogle
Image
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
Image
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
Image
The miracle of compounding returns has been overwhelmed by the tyranny of compounding costs.
John C. Bogle