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John Bogle has passed away

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A true friend of the investor. He will be missed. His knowledge, honesty, and wisdom will live on.  I am very sad at the moment and don't have much more to say. 

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I was too very grateful that I not only met Jack at a Boglehead reunion but that he lived during our time, and help millions and millions of people. His contributions to the insane financial industry were just incredible. Jack did everything with about as much ethics, compassion, transparency, foresight, intelligence, and tenacity that any human could have accomplished. He alone changed the perverse incentives, massive conflicts of interest, aggressive marketing and sales, and pure profit motive foundation of the entire financial industry to a more democratic, ethical, altruistic, fiduciary and downright simple. He created Vanguard that was so simple to invest that millions of people could now become do-it-yourselfers. And save a ton of money in costs.

RIP Jack.

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That’s really awful news. He is the only person in the investment industry that I admire. I guess all we can do is to keep passing on everything he taught us.

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Very few people go into financial services with the goal of improving society.  Fewer still are such lucid and effective teachers as Jack Bogle.  

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One of my favorite books of all, not just financial but for life wisdoms too, was Bogle's Book "Enough".

Here is a review I wrote. It not only explains Jack's philosophy that supersedes all of the perverse incentives everywhere on Wall Street, but his indexing foresight and subsequently constructing a very simple portfolio that avoids all of the costly and greedy shenanigans everywhere on Wall Street. His idea will go down as one of the greatest contributions to society in the 20th century, and continues to develop in the 21st. 

http://latebloomerwealth.com/enough-by-john-bogle-a-review-by-two-late-bloomer-millionaire-educators/  

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The tributes to this great man are pouring in: 

  1. Allan Roth: https://www.financial-planning.com/opinion/vanguard-founder-father-of-index-investing-jack-bogles-impact-on-finance?utm_campaign=alert-c-Jan 16 2019&utm_medium=email&utm_source=newsletter&eid=869b561341484b12b3e1dd8017d6f271 
  2. Rick Ferri: https://www.forbes.com/sites/rickferri/2019/01/16/the-worth-of-a-man-a-tribute-to-john-c-bogle/#5af133386451 
  3. https://theconcourse.deadspin.com/a-salute-to-john-bogle-a-real--peoples-hero-1786003350 
  4. Larry Swedroe: https://www.etf.com/sections/index-investor-corner/bogle 
  5. https://retirementincomejournal.com/article/jack-bogles-spirit-lives-on/
  6.  Saint Jack from Jonathan Clements
  7. John C. Bogle, Vanguard’s Founder and Index Fund Pioneer, Dies at 89 (video obituary from Jason Zweig)

  8. Jack Bogle Was Proud He Wasn’t a Billionaire from Jeff Sommer

  9. John Bogle, Who Founded Vanguard and Revolutionized Retirement Savings, Dies at 89 from Art Carey and Erin Arvedlund

  10.  Relentless: Remembering Jack Bogle from Jeffrey Ptak

  11. https://www.forbes.com/sites/baldwin/2019/01/16/jack-bogle-is-gone-but-hes-still-saving-investors-100-billion-a-year/#5c4c0f70795c 

    1. Bogle legacy will not be over for a long time perhaps forever. Because of him, the investing world has changed for the good of us regular investors! St. Jack will continue to save investors 100 billion a year in excessive and ripoff fees from now on into Infinitum. Once the "cat is out of the bag" there is no going back to the 20th century model of expensive financial advisers/brokers/insurance annuity agents and their worthless and ill-advised speculations: 1. actively managed funds, 2. individual stocks, and 3. annuity contracts. 

  12. Morningstar.com https://www.morningstar.com//908201/morningstars-tribute-to-jack-bogle.html

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And more from Barrons: https://www.barrons.com/articles/jack-bogle-legendary-index-fund-inventor-dies-at-89-51547679373?mod=article_inline&mod=article_inline 

Bogle's ethics for others best financial interests poured out of every cell of his body 24/7 for 89 years. 

Love this quote: Jack Bogle is the biggest undercover philanthropist of all time by Morgan Housel. Because he saved billions in costs for us ordinary stiffs at Vanguard, but when you add on all of the other mutual fund companies lowering their costs BECAUSE OF VANGUARD and this GIANT MAN, he might have saved us trillions from all indexes in hundreds of mutual fund companies. Somebody somewhere has the data.  

If anybody hears about a memorial service, please post it here. 

Below is a picture of Jack I took at a  Boglehead reunion in 2013. When I chatted with him and I started with the 403(b), he interrupted nicely and said: "DON'T GET ME STARTED ON THE 403(B)!"  

Jack.JPG

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A week ago today, January 16, 2019, a date which will live in honor of this great man. This giant who changed the entire financial industry: from individual investing, retirement planning, FI and FIRE movements, and to the eventual 403(b) reform will have all originated in some way from Jack Bogle. 

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